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Assessment of the impact of fiscal policy on the current account : the twin deficit hypothesis in the case of Macedonian economy

Stojcevska, Vesna; Miteski, Mite - Narodna Banka na Republika Makedonija - 2016

For a small open economy with fixed exchange rate regime, the twin deficit hypothesis is always an interesting and relevant research topic. The aim of this research is to evaluate the effects of the government budget shocks on the current account movement in the case of the Macedonian economy,...

Persistent link: https://www.econbiz.de/10011623579

The Russian economy amidst the war and sanctions

Astrov, Vasily; Kochnev, Artem; Stamer, Vincent; Teti, … - 2024

The marked turnaround in Russia's foreign trade in 2023 exerted strong downward pressure on the Russian rouble, which lost around 30% of its value. Global oil prices were declining in the first half of the year, the EU import embargo on Russian oil depressed prices even further; and on top of...

Persistent link: https://www.econbiz.de/10015065596

Budget-neutral fiscal rules targeting inflation differentials

Brede, Maren - 2016

In light of persistent in ation dispersion and rising debt levels in the EMU, this paper investigates the welfare implications of budget-neutral scal policies that counteract in ation di erentials. In a two-country DSGE model of a monetary union with traded and non-traded goods a national scal...

Persistent link: https://www.econbiz.de/10011437921

Profits, markups and entry : fiscal policy in an open economy

Coto-Martínez, Javier; Dixon, Huw - 2001

In this paper we develop a general model of an imperfectly competitive small open economy. There is a traded and non-traded sector, whose outputs are combined in order to produce a single final good that can be either consumed or invested. We make general assumptions about preferences and...

Persistent link: https://www.econbiz.de/10011399714

Identifying shocks via time-varying volatility

Lewis, Daniel J. - 2018

An n-variable structural vector auto-regression (SVAR) can be identified (up to shock order) from the evolution of the residual covariance across time if the structural shocks exhibit heteroskedasticity (Rigobon (2003), Sentana and Fiorentini (2001)). However, the path of residual covariances is...

Persistent link: https://www.econbiz.de/10011926201

A temporary VAT cut as unconventional fiscal policy

Bachmann, Ruediger; Born, Benjamin; Goldfayn-Frank, Olga; … - 2021

We exploit the unexpected announcement of an immediate, temporary VAT cut in Germany in the second half of 2020 as a natural experiment to study the spending response to unconventional fiscal policy. We use survey and scanner data on households' consumption expenditures and their perceived...

Persistent link: https://www.econbiz.de/10012668478

House prices, increasing returns, and the effects of government spending shocks

Larsen, Rasmus Bisgaard; Ravn, Søren Hove; Santoro, … - 2021

productivity to increase in the face of a fiscal expansion, thus overcoming the negative wealth effect. As a result, the response … between house prices, business formation and productivity finds strong support in both regional and aggregate data. …

Persistent link: https://www.econbiz.de/10012795842

Fiscal policy and inflation : accounting for non-linearities in government debt

Checherita-Westphal, Cristina; Pesso, Tom - 2024

This paper investigates the interplay between discretionary fiscal policy and inflation in the euro area, emphasizing … on inflation is non-linear, with debt levels significantly affecting the inflationary outcome of fiscal measures. High … debt levels tend to amplify the inflation response to fiscal expansions, a finding that holds under multiple analytical …

Persistent link: https://www.econbiz.de/10015178622

Government debt and inflation : a cross-country investigation of the fiscal theory of the price level

Weber, Philipp; Feld, Lars P. - 2025

In the early 2020s sharp surge of inflation, unprecedentedly high levels of government debt and deficits fueled … attention for the Fiscal Theory of the Price Level (FTPL). This theoretical framework for fiscally induced inflation is well …

Persistent link: https://www.econbiz.de/10015374640

Fiscal sustainability and policy interactions

Bianchi, Francesco; Callegari, Giovanni; Hitaj, Ermal; … - 2024

inflationary pressure. In this case, default and inflation risks can reinforce each other. …

Persistent link: https://www.econbiz.de/10015149612