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We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment and a complex international structure. We use the model...
Persistent link: https://www.econbiz.de/10010516561
Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...
Persistent link: https://www.econbiz.de/10011546743
Persistent link: https://www.econbiz.de/10011643119
This paper develops a small open economy model to investigate the impact of rising sovereign bond market spreads on the real economy. One key element of the model is a “sovereign risk channel” through which tensions in the sovereign bond market tend to spill over into private credit markets....
Persistent link: https://www.econbiz.de/10012985874
We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment and a complex international structure. We use the model...
Persistent link: https://www.econbiz.de/10012988698
Persistent link: https://www.econbiz.de/10012016752
Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...
Persistent link: https://www.econbiz.de/10012980703
Persistent link: https://www.econbiz.de/10009523253
In der aktuellen Debatte über die Target2-Salden im Eurosystem wurde zu deren Abbau das Ausgleichsverfahren der Federal Reserve in den USA vorgeschlagen. Der dortige Ausgleichsmechanismus ist jedoch rein bilanzieller Natur und führt lediglich zu einer Neuaufteilung der Aktivseite des...
Persistent link: https://www.econbiz.de/10009532549
Persistent link: https://www.econbiz.de/10010510540