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Macroeconomic policy making and current account imbalances in the euro area

Murai, Taiki; Schnabl, Gunther - 2021

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10012550195

The size of fiscal multipliers and the stance of monetary policy in developing economies

Ojeda-Joya, Jair N.; Guzman, Oscar E. - 2017 - This version: February 2017

In this paper we estimate the effect of government consumption shocks on GDP using a panel of 21 developing economies … consumption shocks are usually followed by monetary policy tightening in developing economies with flexible regimes. Our … hand, we find that government consumption shocks have better multipliers in developing economies during fixed regimes …

Persistent link: https://www.econbiz.de/10011620815

The size of fiscal multipliers and the stance of monetary policy in developing economies

Ojeda-Joya, Jair N.; Guzman, Oscar E. - 2017 - This version: May 2017

In this paper we estimate the effect of government consumption shocks on GDP using a panel of 21 developing economies … consumption shocks are usually followed by monetary policy tightening in developing economies with flexible regimes. Our … hand, we find that government consumption shocks imply higher multipliers in developing economies during fixed regimes …

Persistent link: https://www.econbiz.de/10011659285

Topics in fiscal policy : evidence from a representative survey of the German population

Hayo, Bernd; Neumeier, Florian; Uhl, Matthias - 2014 - This version: 13 February 2014

of tax changes on consumption and savings; and 4) the effect of tax changes on labour market activities. …

Persistent link: https://www.econbiz.de/10010242079

Using a temporary indirect tax cut as a fiscal stimulus : evidence from the UK

Crossley, Thomas F.; Low, Hamish; Sleeman, Cath - 2014

This paper evaluates a novel form of fiscal stimulus: a temporary cut in the rate of Value Added Tax (VAT). In December 2008, the UK cut the standard rate of VAT by 2.5 percentage points for 13 months in an effort to stimulate spending. We estimate the effect of the cut on prices and spending...

Persistent link: https://www.econbiz.de/10010381367

High-frequency spending responses to government transfer payments

Cooper, Daniel; Olivei, Giovanni P. - 2021 - This version: November 2021

This paper evaluates the marginal propensity to consume (MPC) out of the 2020 fiscal stimulus payments using high-frequency, transaction-level data for a sample of low-income cardholders, many of whom are unbanked. Consumers' MPC out of non-stimulus income and their MPC out of tax refunds are...

Persistent link: https://www.econbiz.de/10012705045

(Non-)Keynesian effects of fiscal austerity : new evidence from a large sample

Afonso, António; Alves, José; Huart, Florence - 2021

We empirically assess whether a usually expected negative response of private consumption and private investment to a … HP-based; and iii) the Hamilton (2018)-based. We find that: i) increases in government consumption have a Keynesian … effect on real per capita private consumption; ii) there is a positive effect of tax increases on private consumption when …

Persistent link: https://www.econbiz.de/10012504460

Great recession, slow recovery and muted fiscal policies in the US

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...

Persistent link: https://www.econbiz.de/10011434680

In search of the Euro area fiscal stance

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

the assumption of non-separability between public and private consumption, obtain a large public consumption multiplier, a …

Persistent link: https://www.econbiz.de/10011529025

A behavioral heterogeneous agent New Keynesian model

Pfäuti, Oliver; Seyrich, Fabian - 2022

We propose a behavioral heterogeneous agent New Keynesian model in which monetary policy is amplified through indirect general equilibrium effects, fiscal multipliers can be larger than one and which delivers empirically-realistic intertemporal marginal propensities to consume. Simultaneously,...

Persistent link: https://www.econbiz.de/10012815994