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Spillovers from tax shocks to the euro area

Mierzwa, Sascha - 2021 - This version: 07 September 2021

I study the spill-over effects of legislated discretionary tax changes in the United States, Germany, and the United Kingdom to 11 Eurozone countries for the period 1980Q1-2018Q4 employing Local Projections (Jordà, 2005). In general, I find spillovers from US tax legislation to have the...

Persistent link: https://www.econbiz.de/10012649097

Fiscal policy in the macroeconomic policy mix : a critique of the new consensus model and a comparison of macroeconomic policies in France, Germany, the UK and Sweden from a post-K...

Hein, Eckhard; Truger, Achim - 2008

ausschließlichen Konzentration auf die Geldpolitik als Stabilisierungsinstrument, wegen seiner mangelhaften Berücksichtigung der Rolle … von Löhnen und der Lohnpolitik und wegen seiner kompletten Vernachlässigung der stabilisierenden Rolle der Finanzpolitik …. Aus Post-Keynesianischer Sicht wird gezeigt, dass die Finanzpolitik eine wichtige Rolle für die makroökonomische …

Persistent link: https://www.econbiz.de/10003744540

Completing the monetary union of Europe as mid-term solution of the Euro crisis

Fischer, Justina A. V.; Pastore, Francesco - 2015

This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....

Persistent link: https://www.econbiz.de/10011308548

The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn's (1998) approach through Schlicht's (2003)...

Persistent link: https://www.econbiz.de/10014313459

Global policy at the zero lower bound in a large-scale DSGE model

Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo - 2010

The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...

Persistent link: https://www.econbiz.de/10008688538

How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area

Batini, Nicoletta - 2020

This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the...

Persistent link: https://www.econbiz.de/10012828229

Das Public Kapital : How Much Would Higher German Public Investment Help Germany and the Euro Area?

Elekdag, Selim Ali - 2015

Given the backdrop of pressing infrastructure needs, this paper argues that higher German public investment would not only stimulate domestic demand in the near term and reduce the current account surplus, but would also raise output over the longer-run as well as generate beneficial regional...

Persistent link: https://www.econbiz.de/10013028678

ECB vs Bundesbank : diverging tones and policy effectiveness

Tillmann, Peter; Walter, Andreas - 2018

The present paper studies the consequences of conflicting narratives for the transmission of monetary policy shocks. We focus on conflict between the presidents of the ECB and the Bundesbank, the main protagonists of monetary policy in the euro area, who often disagreed on policy over the past...

Persistent link: https://www.econbiz.de/10011858943

Monetary policy and the resilience of the German banking system : from Deutsche Bundesbank to ECB

Sepp, Tim Florian; Israel, Karl-Friedrich; Treitz, Benjamin - 2024

The resilience of the German banking system is studied on the semiaggregated level from 1968 to 2022. We distinguish between Large Banks, Regional Banks, Landesbanken, Sparkassen and Credit Unions and study their z-scores as a measure of resilience in response to the monetary policy stances of...

Persistent link: https://www.econbiz.de/10014471868

On the Franco-German euro contradiction and ultimate euro battleground

Bibow, Jörg - 2013

Highlighting that France and Germany held largely contradicting hopes and aspirations for Europe's common currency, this paper analyzes how the resulting euro contradiction conditioned the ongoing euro crisis as well as current strategies to resolve it. While Germany generally prevailed in...

Persistent link: https://www.econbiz.de/10009732260

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