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Public finance reform in Hungary: light at the end of the tunnel?
Jankovics, László - 2008
The dominance of electoral considerations in determining budgetary outcomes has been evident in Hungary over the last 15 years, with government deficits reaching their highest levels in election years (1994, 1998, 2002 and 2006). This deterioration of public finances has largely been possible...
Persistent link: https://www.econbiz.de/10009641089
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Macroeconomic modelling of monetary policy
Klaeffling, Matt - 2003
This paper proposes a new paradigm for the analysis of monetary policy. From an econometric point of view this new approach is just as easy to implement as reduced form analysis, but is robust to the Lucas critique. It requires no explicit prior theory and yet it encompasses all standard DSGE...
Persistent link: https://www.econbiz.de/10009635920
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Poland's policy mix: fiscal or monetary leadership?
Darnaut, Nathalie; Kutos, Paul - 2005
Persistent link: https://www.econbiz.de/10009686312
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How does the ECB allot liquidity in its weekly main refinancing operations?
Ejerskov, Steen; Moss, Clara Martin; Stracca, Livio - 2003
This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to … understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been … deviations of the overnight rate from the main refinancing rate. Moreover the paper finds that liquidity has affected the …
Persistent link: https://www.econbiz.de/10009635957
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ECFIN Economic Briefs
Europäische Kommission / Generaldirektion Wirtschaft … - 2009
Persistent link: https://www.econbiz.de/10011291901
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Monetary and fiscal interactions in open economies
Lombardo, Giovanni; Sutherland, Alan - 2003
A two-country sticky-price model is used to analyse the interactions between fiscal and monetary policy. The role of an u0091activistu0092 fiscal policy as a stabilisation tool is considered and a measure of the welfare gains from international fiscal policy cooperation is derived. It is found...
Persistent link: https://www.econbiz.de/10009635884
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Inflation targets and the liquidity trap
Klaeffling, Matt; Perez, Victor Lopez - 2003
The presence of a lower bound of zero on nominal interest rates has important implications for the conduct of optimal monetary policy. Standard rational expectations models can have alternative steady states as well as non-unique laws of motion, i.e. there can be possible sunspot equilibria....
Persistent link: https://www.econbiz.de/10009635903
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What are the spill-overs from fiscal shocks in Europe?
Giuliodori, Massimo; Beetsma, Roel - 2004
We use a Vector Auto Regression (VAR) analysis to explore the (spill-over) effects of fiscal policy shocks in Europe. To enhance comparability with the existing literature, we first analyse the effects of these shocks at the national level. Here, we employ identification based on Choleski...
Persistent link: https://www.econbiz.de/10009636548
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Human capital externalities and proximity evidence from repeated cross-sectional data
Canton, Erik - 2009
Does schooling generate social returns in excess of the private returns captured by the individual who makes the human capital investment? As a strategy to detect human capital externalities I use Dutch survey data to estimate the impact of the average human capital stock in a region on...
Persistent link: https://www.econbiz.de/10009640175