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This paper attempts to gauge the effects of various fiscal and monetary policy rules on macroeconomic outcomes in the euro area. It consists of two major parts - a historical assessment and an assessment based on an extended scenario until 2030 - and it builds on the ECB-BASE -a semistructural...
Persistent link: https://www.econbiz.de/10012819037
In this paper an anti-cyclical fiscal policy rule is introduced into a dynamic stochastic general equilibrium model with New-Keynesian features. The rule allows the deficit to deviate from target in proportion to the impact of automatic stabilisers while any additional impact on the deficit, for...
Persistent link: https://www.econbiz.de/10010295662
Persistent link: https://www.econbiz.de/10012014957
Persistent link: https://www.econbiz.de/10012016353
This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future … counter-cyclical in Central and Eastern European countries than in members of the eurozone. The main differences arise from … the revenue side. Differences in the formation of fiscal policy between current and future eurozone countries decrease …
Persistent link: https://www.econbiz.de/10010264080
In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three distinct monetary/fiscal regimes in France and Italy: a...
Persistent link: https://www.econbiz.de/10014543672
This paper shows that the fiscal multiplier for purchases of durable and investment goods is very small - much smaller than the multiplier for nondurable goods. Standard models predict small durables multipliers because private sector purchases of durable goods are highly intertemporally...
Persistent link: https://www.econbiz.de/10011584943
in the eurozone, have relied on the same arguments Keynes and others raised against the (British) Treasury View developed …
Persistent link: https://www.econbiz.de/10014363333
We analyze fiscal consolidations using a New Keynesian model where agents have heterogeneous expectations and are uncertain about the composition of consolidations. We look at spending-based and tax-based consolidations and analyze their effects separately. We find that the effects of...
Persistent link: https://www.econbiz.de/10011779504
We propose a novel identification design to estimate the causal effects of systematic monetary policy on the propagation of macroeconomic shocks. The design combines (i) a time-varying measure of systematic monetary policy based on the historical composition of hawks and doves in the Federal...
Persistent link: https://www.econbiz.de/10014543651