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The risk of adopting the bond yield as the anchor for the EU fiscal framework
Andersson, Fredrik N. G.; Jonung, Lars - 2022
Persistent link: https://www.econbiz.de/10012815880
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Monetary/fiscal policy regimes in post-war Europe
Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria - 2023
inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three …
Persistent link: https://www.econbiz.de/10014482924
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Sovereign risk and belief-driven fluctuations in the euro area
Corsetti, Giancarlo; Küster, Keith; Meier, André; … - In: Journal of monetary economics 61 (2014), pp. 53-73
Persistent link: https://www.econbiz.de/10010381449
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Monetary-fiscal policy interactions in the euro area
2021
The last review of the ECB’s monetary policy strategy in 2003 followed a period of predominantly upside risks to price stability. Experience following the 2008 financial crisis has focused renewed attention on the question of how monetary and fiscal policy should best interact, in particular...
Persistent link: https://www.econbiz.de/10012650770
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Fiscal policy in a currency union at the zero lower bound
Cook, David; Devereux, Michael B. - 2018 - Revised, November 2017
When monetary policy is constrained by the zero lower bound, fiscal policy can be used to achieve macro stabilization objectives. At the same time, fiscal policy is also a key policy variable within a single currency area that allow policy-makers to respond to regional demand asymmetries. How do...
Persistent link: https://www.econbiz.de/10011786683
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Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic
Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021 - This version: June 2021
We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU fiscal level - has been more crucial for the stabilization of...
Persistent link: https://www.econbiz.de/10012534642
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Real exchange rate adjustment, wage-setting institutions, and fiscal stabilization policy : lessons of the eurozone's first decade
Carlin, Wendy - In: CESifo economic studies : CESifo, a joint initiative of … 59 (2013) 3, pp. 489-519
In terms of macroeconomic performance, the Eurozone’s first decade is a story of successful inflation-targeting by the … member countries. A related second departure from the NK model was the transmission of non-rational inflation expectations to … the real interest rate, propagating easy credit conditions in countries with inflation above target. Problems of real …
Persistent link: https://www.econbiz.de/10009793391
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Monetary and fiscal policy interaction in the Euro area with different assumptions on the Phillips curve
Bofinger, Peter; Mayer, Eric - 2003 - Revised
In this paper we carry over a static version of a New Keynesian Macro Model developed in previous papers (see Bofinger, Mayer, and Wollmershäuser 2002) to a monetary union. For a similar approach see (Uhlig 2002). We will show in particular that a harmonious functioning of a monetary union...
Persistent link: https://www.econbiz.de/10010498975
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How to starve the beast: fiscal and monetary policy rules
Martin, Fernando M. - 2019
, effective revenue ceilings induce an increase in deficit, debt and inflation. Under many scenarios, including recurrent adverse …
Persistent link: https://www.econbiz.de/10012137093
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Mutualizing Euro Area debt without a fiscal union
Krause, Stefan - In: Revista de ciencias económicas 36 (2018) 2, pp. 23-43
Persistent link: https://www.econbiz.de/10012491032