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Macroeconomic aspects of European integration : fiscal policy, trade integration and the European business cycle
Crespo Cuaresma, Jesús; Pfaffermayr, Michael; Amador, … - 2011
We analyze the role of fiscal policy and intra-European trade in business cycle synchronization in the EU for the … between trade integration and cyclical synchronization are subject to endogeneity problems. We instrument fiscal budget … trade integration are important determinants of cyclical synchronization. We can conclude that once a high degree of trade …
Persistent link: https://www.econbiz.de/10011392349
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Booms, Crises, and Recoveries : A New Paradigm of the Business Cycle and its Policy Implications
Cerra, Valerie - 2018
All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new paradigm of the business cycle needs to account for...
Persistent link: https://www.econbiz.de/10012928622
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Business Cycles and Fiscal Policy in an Open Economy
Andersen, Torben M.; Holden, Steinar - 2010
The role of demand management policy is considered in a two-sector open economy model with price-taking firms and imperfect competition in the labor market. Demand management policies are shown to affect the equilibrium distribution of prices and hence output in the case of both supply...
Persistent link: https://www.econbiz.de/10014223672
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Heckscher-Ohlin Business Cycles
Cunat, Alejandro; Maffezzoli, Marco - 2002
This paper introduces Heckscher-Ohlin trade features into a two-country DSGE model, and studies how productivity shocks propagate through trade in goods. In comparison with standard models, (i) transitory shocks to productivity have permanent effects on country-level aggregate variables; (ii)...
Persistent link: https://www.econbiz.de/10014113462
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The effect of asymmetries in fiscal policy conducts on business cycle correlation in the EU
Rozmahel, Petr; Grochová, Ladislava Issever; Litzman, Marek - 2014
The paper examines the effects of asymmetries in fiscal policy conduct upon the correlation of business cycles in the European Union. In particular the paper estimates the effects of fiscal indiscipline and dissimilarity on business cycle correlation in the period 1996-2012 using a panel of 27...
Persistent link: https://www.econbiz.de/10010429842
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Has the non-oil sector decoupled from oil sector? A case study of Gulf Cooperation Council Countries
Basher, Syed Abul - Volkswirtschaftliche Fakultät, … - 2010
the determinants of business cycle synchronization is also provided. …
Persistent link: https://www.econbiz.de/10008583550
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Disinflation, External Vulnerability, and Fiscal Intransigence : Some Unpleasant Mundellian Arithmetic
Tanner, Evan - 2017
This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell's (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly...
Persistent link: https://www.econbiz.de/10012955173
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Exchange Rate Misalignments and Crises
Stein, Jerome L.; Paladino, Giovanna - 2021
The problem is to evaluate the likelihood that a country will face a currency or balance of payments crisis over a given horizon. When is it rational for market participants to expect a depreciation of the currency? On the basis of considerable empirical studies we know that in both banking and...
Persistent link: https://www.econbiz.de/10013320946
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Using Fiscal Policy to Target the Exchange Rate
Worrell, DeLisle - 2018
This paper proposes an approach to macroeconomic policy which equips the authorities in small, open, financially-integrated economies (SOFIEs) to target the exchange rate by influencing the volumes of trade in goods and services to achieve equilibrium at the target rate. This is achieved by the...
Persistent link: https://www.econbiz.de/10012915820
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Economic growth with constraints on tax revenues and public debt : implications for fiscal policy and cross-country differences
Aizenman, Joshua; Kletzer, Kenneth; Pinto, Brian - 2007
This paper evaluates optimal public investment and fiscal policy for countries characterized by limited tax and debt capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process, in countries where distortions and limited...
Persistent link: https://www.econbiz.de/10003854944