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Changing Patterns of Domestic and Cross-Border Fiscal Policy Multipliers in Europe and the US
Bénassy-Quéré, Agnès - 2007
This paper documents time variation in domestic fiscal policy multipliers in Germany, the UK and the US, and in cross-border fiscal spillovers from Germany to the seven largest European Union economies. We propose two VAR models which incorporate three quot;global factorsquot; representing...
Persistent link: https://www.econbiz.de/10012730000
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It takes two to tango : a reply to our MMT critics
Drumetz, Françoise; Pfister, Christian - In: European journal of economics and economic policies : … 20 (2023) 1, pp. 78-89
We reply to the critics who contributed the other papers in the same issue of this journal. In the first part of the article, we indicate those remarks addressed to us, which we deem inappropriate to answer. The second part deals with the remarks we find useful to answer, which relate to money,...
Persistent link: https://www.econbiz.de/10014433718
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Financial Crisis and Public Policy
Gokhale, Jagadeesh - 2009
shock in housing initiated the financial crisis. Declines in stock values are intensifying that shock, threatening to deepen …
Persistent link: https://www.econbiz.de/10013156705
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Fiscal policy after the crisis : what role for fiscal policy in times of crisis, low interest rates and high public debts?
Heise, Arne - 2022
In 2009, just before the full outbreak of the global financial crisis, Olivier Blanchard (2009) published an article giving a favourable appraisal of the state of macroeconomics. He came to this verdict on the basis that, after a long period of fierce theoretical debate, the discipline had...
Persistent link: https://www.econbiz.de/10012990275
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Financial Fragility and the Fiscal Multiplier
van der Kwaak, Christiaan; van Wijnbergen, Sweder - 2017
We investigate the effectiveness of fiscal stimuli when banks are undercapitalized and have large holdings of government bonds subject to sovereign default risk. Deficit-financed government purchases then crowd out private expenditure and fiscal multipliers can turn negative. Crowding out...
Persistent link: https://www.econbiz.de/10014150178
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Fiscal developments and financial stress : a threshold VAR analysis
Afonso, António; Baxa, Jaromír; Slavík, Michal - 2011
.K., Germany and Italy, for the period 1980:4-2009:4, encompassing macro, fiscal and financial variables. The results show that (i … economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than …
Persistent link: https://www.econbiz.de/10009152600
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Financial fragility, sovereign default risk and the limits to commercial bank bail-outs
Wijnbergen, Sweder van; Kwaak, Christiaan van der - 2013
We analyse the poisonous interaction between bank rescues, financial fragility and sovereign debt discounts. In our model balance sheet constrained financial intermediaries finance both capital expenditure of intermediate goods producers and government deficits. The financial intermediaries face...
Persistent link: https://www.econbiz.de/10010224776
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Financial fragility and the fiscal multiplier
Wijnbergen, Sweder van; Kwaak, Christiaan van der - 2014
We investigate the effectiveness of "Keynesian" fiscal stimuli when government deficits and debt rollovers are (possibly partially) financed by balance sheet constrained financial intermediaries. Because financial intermediaries operate under a leverage constraint, deficit financing of fiscal...
Persistent link: https://www.econbiz.de/10010226967
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Fiscal policy directions of small enterprises and anti-crisis measures on modern stage : during the transformation of Georgia to the EU
Abuselidze, George - 2018
The paper is aimed to determine the optimality of taxation, that can be used to plan and implement effective anti-crisis measures. Objective is not to define or diagnose crisis and suggest strategies, but to offer methodologies, that can be used to determine the influence of formal and informal...
Persistent link: https://www.econbiz.de/10011989348
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Financial cycles and fiscal multipliers
Gechert, Sebastian; Mentges, Rafael - 2017
We show that fiscal multiplier estimations may be biased by movements in asset and credit markets, as they facilitate spurious correlations of changes in cyclically adjusted revenues and spending with GDP growth via an identification bias and an omitted variable bias, thus overstating episodes...
Persistent link: https://www.econbiz.de/10011919730