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The spread of Keynesian economics: a comparison of the Belgian and Italian experiences
Maes, Ivo - 2007
Keynesian economics dominated economic thought and macroeconomic policy-making in the 1950s and 1960s. However, the diffusion of Keynesian economics has been uneven. In this paper, we compare the spread of Keynesian economics in two continental European countries: Belgium and Italy. We focus on...
Persistent link: https://www.econbiz.de/10011506634
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Keynesian government spending multipliers and spillovers in the euro area
Cwik, Tobias; Wieland, Volker - 2010
The global financial crisis has lead to a renewed interest in discretionary fiscal stimulus. Advocates of discretionary measures emphasize that government spending can stimulate additional private spending — the Keynesian multiplier effect. Thus, we investigate whether the spending package...
Persistent link: https://www.econbiz.de/10011605313
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Keynesian government spending multipliers and spillovers in the Euro area
Cwik, Tobias J.; Wieland, Volker - 2009
The global financial crisis has lead to a renewed interest in discretionary fiscal stimulus. Advocates of discretionary measures emphasize that government spending can stimulate additional private spending the so-called Keynesian multiplier effect. Thus, we investigate whether the discretionary...
Persistent link: https://www.econbiz.de/10010303706
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The "Keynesian moment" in policymaking, the perils ahead, and a flow-of-funds interpretation of fiscal policy
Terzi, Andrea - 2010
With the global crisis, the policy stance around the world has been shaken by massive government and central bank efforts to prevent the meltdown of markets, banks, and the economy. Fiscal packages, in varied sizes, have been adopted throughout the world after years of proclaimed fiscal...
Persistent link: https://www.econbiz.de/10010286562
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Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory
Palley, Thomas I. - 2013
This paper excavates the set of ideas known as modern monetary theory (MMT). The principal conclusion is that the macroeconomics of MMT is a restatement of elementary well-understood Keynesian macroeconomics. There is nothing new in MMT's construction of monetary macroeconomics that warrants the...
Persistent link: https://www.econbiz.de/10010460532
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Neglecting Demand and Cycle in the Euro Area
Marterbauer, Markus; Walterskirchen, Ewald - 2006
The stagnation of the economy in the Euro area since 2000 is closely connected to the dominance of purely long-run supply-side oriented policies in the Euro area. While exports and profits soared, domestic demand has been weak. The neglect of cyclical and demand factors appears to be the major...
Persistent link: https://www.econbiz.de/10011435181
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Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik
Heimberger, Philipp - 2016
theoretischen und empirischen Fachliteratur zum Einfluss von Fiskalpolitik auf die wirtschaftliche Entwicklung. Das zentrale … Ergebnis ist, dass der restriktivere Mix aus Geld- und Fiskalpolitik in der Eurozone die im Vergleich zu den USA und … und Großbritannien verfolgten eine expansivere Mischung aus Geld- und Fiskalpolitik als die Eurozone; und dies führte seit …
Persistent link: https://www.econbiz.de/10012100198
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10011605002
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Fiscal policy, housing and stock prices
Afonso, António; Sousa, Ricardo M. - 2009
This paper investigates the link between fiscal policy shocks and movements in asset markets using a Fully Simultaneous System approach in a Bayesian framework. Building on the works of Blanchard and Perotti (2002), Leeper and Zha (2003), and Sims and Zha (1999, 2006), the empirical evidence for...
Persistent link: https://www.econbiz.de/10011605036
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The macroeconomic effects of fiscal policy
Afonso, António; Sousa, Ricardo M. - 2009
We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression approach. We build on a recursive identification scheme, but we: (i) include the feedback from government debt (ii); look at the impact on the composition of output; (iii) assess the...
Persistent link: https://www.econbiz.de/10011605037