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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
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Monetary policy surprise shocks under different fiscal regimes : a panel analysis of the Euro Area
Afonso, António; Alves, José; Ionta, Serena - 2023
response the debt is more important in the effect of monetary policy, for prices, the "Ricardian" nature of fiscal policy … appears to be far more crucial. However, regarding inflation targeting, monetary policy is most effective in the low debt …
Persistent link: https://www.econbiz.de/10014336399
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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 … simulations reveal that the PM/AF regime in France led to price volatility and debt stabilisation, while the AM/PF regime resulted … in disinflation and rising debt trajectory. Meanwhile, Italy's procyclical fiscal policy in downturns contributed to …
Persistent link: https://www.econbiz.de/10014482924
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Rakenteellinen budjettitasapaino
Virkola, Tuomo - 2013
Euro Area member states have agreed to introduce a structural budget balance target to their national legislation (Treaty on Stability, Coordination and Governance). However, there exists no commonly agreed methodology to calculate this macroeconomic indicator. This report presents the...
Persistent link: https://www.econbiz.de/10012037631
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Fiscal Federalism in Crisis: Lessons for Europe from the US
Darvas, Zsolt - 2010
The euro area is facing crisis, while the US is not, though the overall fiscal situation and outlook is better in the euro area than in the US, and though the US faces serious state-level fiscal crises. A higher level of fiscal federalism would strengthen the euro area, but is not inevitable....
Persistent link: https://www.econbiz.de/10010494443
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Bildung einer Fiskalunion: Ein wirkungsvolles Instrument zur Stabilisierung der Eurozone?
Blankart, Charles B.; Gnath, Katharina; Haas, Jörg; … - In: ifo Schnelldienst 68 (2015) 20, pp. 3-16
Im Juni 2015 legten Jean-Claude Juncker, Donald Tusk, Jeroen Dijsselbloem, Mario Draghi und Martin Schulz Vorschläge zur »langfristigen Stärkung der Währungsunion« vor. Sie sehen unter anderem auch die Einsetzung eines beratenden Europäischen Fiskalausschusses vor, der die Arbeit der...
Persistent link: https://www.econbiz.de/10011693880
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Die Zukunft der EU-Finanzen: Neue Wege der Finanzierung und der Verteilung?
Büttner, Thiess; Broer, Michael; Fuest, Clemens; … - In: ifo Schnelldienst 70 (2017) 06, pp. 3-25
Nicht zuletzt im Zusammenhang mit dem geplanten Austritt Großbritanniens aus der EU stellt sich die Frage nach neuen Wegen bei der Finanzierung des EU-Budgets und der Verwendung der Mittel. Für Thiess Büttner, Universität Erlangen-Nürnberg, erscheint es sinnvoll, die obsoleten...
Persistent link: https://www.econbiz.de/10011694117
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Rules and risk in the euro area
Iara, Anna; Wolff, Guntram B. - 2011
With a unique data set summarizing the quality of rules-based fiscal governance in EU member states, we show that stronger fiscal rules in euro area members reduce sovereign risk premia, in particular in times of market stress. To do so, we develop a model of sovereign spreads that are...
Persistent link: https://www.econbiz.de/10010317343
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Fiscal federalism in crisis : lessons for Europe from the US
Darvas, Zsolt M. - 2010
The euro area is facing crisis, while the US is not, though the overall fiscal situation and outlook is better in the euro area than in the US, and though the US faces serious state-level fiscal crises. A higher level of fiscal federalism would strengthen the euro area, but is not inevitable....
Persistent link: https://www.econbiz.de/10008668706
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Estimating the effects of coordinated fiscal actions in the euro area
Hebous, Shafik; Zimmermann, Tom - 2012
We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a similar size area-wide shock expressed as a weighted...
Persistent link: https://www.econbiz.de/10009581972