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Has integration promoted business cycle synchronization in the enlarged EU?
Antonakakis, Nikolaos; Tondl, Gabriele - 2011
specializations and economic policy coordination, contributed to the synchronization of business cycles in the enlarged EU. We … synchronization, specifically between incumbent and new EU members. More coordinated fiscal policies and, particularly in EU 15, the … alignment of monetary policies promoted synchronization. Nevertheless, flexible exchange rates remained important adjustment …
Persistent link: https://www.econbiz.de/10011346443
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The United States-Euro area growth gap puzzle
Breuss, Fritz - 2017
Ten years ago, the global financial crisis started to unwind in the USA and triggered the greatest recession since World War II. Although the crisis of 2007-08 was caused in the USA, their economy was not hit so hard in the Great Recession of 2009 as in Europe, and in particular in the Euro...
Persistent link: https://www.econbiz.de/10011720515
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Regional integration and the euro crisis : problems and solutions
Pessoa, Argentino - 2013
Along time the European Union (EU) has been pointed as the most succeeded example of regional integration. Now, this example has been cruelly shaken by the EZ (Euro Zone) crisis, originating increasing doubts about the integration process. It is evident that the proposed solutions for attacking...
Persistent link: https://www.econbiz.de/10011515832
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The Global Economic Polycrisis and the Korean Economy
Kang, Duyong - 2023
Today the global economy is facing down the threat of a multifaceted crisis. Sustained by ultra-low interest rates and unprecedented levels of quantitative easing since the last global financial crisis, the global economy is taking a sharp turn toward tighter monetary policy as it experiences...
Persistent link: https://www.econbiz.de/10014257291
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The output effects of tax changes : narrative evidence from Spain
Gil, Paula; Martí, Francisco; Morris, Richard; Pérez, … - In: SERIEs : Journal of the Spanish Economic Association 10 (2019) 1, pp. 1-23
This paper analyses the level of inequality in Spain and how it evolved over the course of the past crisis and the early stages of the current recovery. To this end, it first introduces the various dimensions of wage, income, consumption and wealth inequality, and studies how they have...
Persistent link: https://www.econbiz.de/10012033371
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Learning about fiscal multipliers during the European sovereign debt crisis : evidence from a quasi-natural experiment
Gόrnicka, Lucyna; Kamps, Christophe; Koester, Gerrit; … - 2018
Identifying fiscal multipliers is usually constrained by the absence of a counterfactual scenario. Our new data set allows overcoming this problem by making use of the fact that recommendations under the EU's excessive deficit procedure (EDP) provide both a baseline no-policy-change scenario and...
Persistent link: https://www.econbiz.de/10011856496
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Did Fiscal Stimulus Lift Developing Asia Out of the Global Crisis? An Empirical Investigation
Hur, Seok-Kyun - 2018
The substantial slowdown of economic growth since the global financial crisis of 2008-2009 is rekindling debate on whether developing Asia should use fiscal expansion to boost aggregate demand. A key factor in the debate is the effectiveness of countercyclical fiscal policy in the region. The...
Persistent link: https://www.econbiz.de/10012923470
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The Impact of Fiscal Consolidations on Growth in Sub-Saharan Africa
Arizala, Francisco - 2018
This paper examines the output effects of changes in public expenditure and revenue in sub-Saharan African countries during 1990-2016. Fiscal multipliers in sub-Saharan Africa are somewhat smaller than those in advanced and emerging economies. The effect of changes in fiscal policy on output...
Persistent link: https://www.econbiz.de/10012929927
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Learning About Fiscal Multipliers During the European Sovereign Debt Crisis : Evidence from a Quasi-Natural Experiment
Górnicka, Lucyna - 2018
Identifying fiscal multipliers is usually constrained by the absence of a counterfactual scenario. Our new data set allows overcoming this problem by making use of the fact that recommendations under the EU's excessive deficit procedure (EDP) provide both a baseline no-policy-change scenario and...
Persistent link: https://www.econbiz.de/10012917733
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Government deficit shocks and Okun's coefficient volatility : new insights on the austerity versus growth debate
Binh Thai Pham; Sala, Hector - 2019
This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...
Persistent link: https://www.econbiz.de/10012054782