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Assessing the Fiscal-Monetary Policy Mix in the Euro Area

Bańkowski, Krzysztof; Christoffel, Kai Philipp; Faria, … - 2021

This paper attempts to gauge the effects of various fiscal and monetary policy rules on macroeconomic outcomes in the euro area. It consists of two major parts – a historical assessment and an assessment based on an extended scenario until 2030 – and it builds on the ECB-BASE –a...

Persistent link: https://www.econbiz.de/10013312080

Monetary/fiscal policy regimes in post-war Europe

Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria - 2023

In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three distinct monetary/fiscal regimes in France and Italy: a...

Persistent link: https://www.econbiz.de/10014482924

Choosing the European fiscal rule

Buss, Ginters; Grüning, Patrick; Tkačevs, Oļegs - In: Baltic journal of economics 24 (2024) 1, pp. 116-144

In order to quantitatively assess the potential effects from the ongoing transformation of the fiscal framework of the European Union, we evaluate the economic and public finance stabilization properties of two benchmark fiscal rules using a New Keynesian small open economy model. If these...

Persistent link: https://www.econbiz.de/10015065544

The implementation of monetary and fiscal rules in the EMU : a welfare-based analysis

Argentiero, Amedeo - 2009

This paper implements a methodology to evaluate the desiderability of monetary and fiscal rules within the context of the EMU using a DSGE model within a New Keynesian framework with sticky prices. The approach adopted is a welfare-based criterion that measures the welfare losses associated with...

Persistent link: https://www.econbiz.de/10011373511

Addressing systemic risk in Europe during Covid-19 : the role of regulation and the policy mix

Dotta, Vitor - 2022

lessons learned in the global financial crises and the Eurozone debt crises, there's an increasing role of macroprudential …

Persistent link: https://www.econbiz.de/10013188926

The Macroeconomic Policy Mix in a Monetary Union with Flexible Inflation Targeting

Andersen, Torben M. - 2003

Policy mix problems may arise in a monetary union with centralized monetary policy and decentralized fiscal policy. A consequence of this may be an inappropriate stabilization of shocks. This paper addresses how policy coordination problems are affected by the objectives of the monetary...

Persistent link: https://www.econbiz.de/10014094279

Fiscal policy and macroeconomic performance in the Euro area : lessons for the future

Hein, Eckhard; Truger, Achim - 2006

Seit dem Begin der Europäischen Währungsunion (EWU) steht die Finanzpolitik in den Staaten des Euroraums ganz im … der Finanzpolitik für den Zeitraum von 2001 bis 2005 im Euroraum und seinen einzelnen Mitgliedsstaaten und vergleicht sie … mit denen der Finanzpolitik in den USA. Während die US-Finanzpolitik aktiv anti-zyklisch dem Abschwung entgegengewirkt hat …

Persistent link: https://www.econbiz.de/10003744534

Passive monetary policy and active fiscal policy in a monetary union

Maćkowiak, Bartosz; Schmidt, Sebastian - 2023

How is the price level determined in a monetary union when the common monetary policy pegs the nominal interest rate? How are the price levels in the member countries determined? We extend the fiscal theory of the price level to the case of a heterogenous monetary union. Price level determinacy...

Persistent link: https://www.econbiz.de/10013553440

Potential output and fiscal rules in a monetary union under asymmetric information - 2nd ed

Marattin, Luigi; Meraglia, Simone - 2016 - 2nd edition

We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states' potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states' output gap. In the presence of asymmetric...

Persistent link: https://www.econbiz.de/10011705510

Potential output and fiscal rules in a monetary union under asymmetric information

Marattin, Luigi; Meraglia, Simone - 2015

We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information about member states' potential output and, therefore, output gap and (ii) bail-out among member states. In our framework, bail-out lowers the scope for signalling (discrimination) by member states...

Persistent link: https://www.econbiz.de/10011714310

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