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This paper investigates the in inflationary effects of fscal policy in an optimizing general equilibrium monetary model with capital accumulation, exible prices and wealth effects. The model is calibrated to Euro Area quarterly data. Simulation results show that government defcits, high debt...
Persistent link: https://www.econbiz.de/10009635879
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
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
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
In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic u0093growth rate of around 3 percent as a realistic prospect for the coming yearsu0094 and assigns public finances an important role in the process of achieving this goal. This paper addresses...
Persistent link: https://www.econbiz.de/10009635955
Women’s labour market participation is known to be responsive to fiscal (dis)incen-tives. The effects of different fiscal policies can be seen in increased hours worked, income earned or labour force participation rates for women. For potential entrants the effects can be seen in increased...
Persistent link: https://www.econbiz.de/10011624801
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A report of the Activities of the European Union in the tax field in 2002.
Persistent link: https://www.econbiz.de/10009636821