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The Monetary Transmission Mechanism in the Euro Area : Has It Changed with the EMU? A VAR Approach, with Fiscal Policy and Financial Stress Considerations
Afonso, António - 2014
We study whether the adoption of the Euro and a single monetary policy have brought about a change in the monetary transmission mechanism and between the interactions of monetary policy, fiscal policy and financial stress in the Euro area. We find that the stylized facts of monetary transmission...
Persistent link: https://www.econbiz.de/10013050644
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Three essays on economic policy in developing countries
Braun, Miguel - 2001
Persistent link: https://www.econbiz.de/10001717900
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The relevance of Haavelmo's macroeconomic theorizing for contemporary macro policy making
Chand, Sheetal K. - 2012 - Publisert 27. feb. 2012 09:34 - Sist endret 27. feb. 2012 10:49
the current predicament. -- financial crisis ; investment ; monetary and fiscal policies …
Persistent link: https://www.econbiz.de/10009501890
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Fiscal policy and the monetary transmission mechanism
Caramp, Nicolas - 2020
I study the role of fiscal policy in the monetary transmission mechanism. I present a novel decomposition of the equilibrium that links the wealth effect, i.e. the revaluation of households’ financial and human wealth, to the fiscal response to monetary policy. When monetary policy has fiscal...
Persistent link: https://www.econbiz.de/10012154539
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Future of the Economic and Monetary Union
Gortsos, Christos V. - 2022
crisis have affected the conduct of monetary policy by the European Central Bank (ECB) within the Eurosystem, have led to the …
Persistent link: https://www.econbiz.de/10014077291
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Macrofinancial Analysis in the World Economy : A Panel Dynamic Stochastic General Equilibrium Approach
Vitek, Francis - 2016
This paper develops a structural macroeconometric model of the world economy,disaggregated into forty national economies. This panel dynamic stochastic generalequilibrium model features a range of nominal and real rigidities, extensivemacrofinancial linkages, and diverse spillover transmission...
Persistent link: https://www.econbiz.de/10013002153
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Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014
an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting … sovereign bond purchases on secondary markets, a stable relationship between bank lending rates and government bond rates is of … this relationship by focusing on the reaction of bank lending rates to movements in government bond rates over the period …
Persistent link: https://www.econbiz.de/10010246072
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Unconventional Monetary Policy in a Financially Heterogeneous Monetary union
Schwanebeck, Benjamin - 2017
interbank market seems to be very sensitive to the type of shock and the interbank market size. Hence, the central bank should …
Persistent link: https://www.econbiz.de/10011773490
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Estimating US fiscal and monetary interactions in a time varying VAR
Gerba, Eddie; Hauzenberger, Klemens - 2013
We contribute to the growing empirical literature on monetary and fiscal interactions by applying a sign restriction identification scheme to a structural TVP-VAR in order to disentangle and evaluate the policy shocks and policy transmissions. This in turn allows us to study the Great Recession...
Persistent link: https://www.econbiz.de/10009722854
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Addressing household indebtedness : monetary, fiscal or macroprudential policy?
Alpanda, Sami; Zubairy, Sarah - 2014
In this paper, we build a dynamic stochastic general-equilibrium model with housing and household debt, and compare the effectiveness of monetary policy, housing-related fiscal policy, and macroprudential regulations in reducing household indebtedness. The model features long-term fixed-rate...
Persistent link: https://www.econbiz.de/10010457935