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Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic
Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021 - This version: June 2021
bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU … fiscal level - has been more crucial for the stabilization of euro sovereign bond markets in the crisis environment of the … rising public debt levels as so far, the stabilization of sovereign bond markets appears to hinge largely on the Eurosystem …
Persistent link: https://www.econbiz.de/10012534642
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The Euro area periphery sovereigns' fiscal positions and unconventional monetary policy
Hülsewig, Oliver; Scharler, Johann - 2020
We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...
Persistent link: https://www.econbiz.de/10012154910
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The Euro Area Periphery Sovereigns' Fiscal Positions and Unconventional Monetary Policy
Hülsewig, Oliver - 2020
We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...
Persistent link: https://www.econbiz.de/10012843420
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The Effects of Macroeconomic, Fiscal and Monetary Policy Announcements on Sovereign Bond Spreads : An Event Study from the EMU
Afonso, António; Jalles, João Tovar; Kazemi, Mina - 2019
sovereign bond yield spreads (relative to Germany) of the 10 EMU countries during the period 01:1999 - 07:2016. Implementing … interest rates together with the longer-term refinancing operations (LTROs) and the first covered bond purchase programme (CBPP …
Persistent link: https://www.econbiz.de/10014108277
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Dispelling the Shadow of Fiscal Dominance? Fiscal and Monetary Announcement Effects for Euro Area Sovereign Spreads in the Corona Pandemic
Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021
bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players – the ECB or the EU … fiscal level – has been more crucial for the stabilization of euro sovereign bond markets in the crisis environment of the … rising public debt levels as so far, the stabilization of sovereign bond markets appears to hinge largely on the Eurosystem …
Persistent link: https://www.econbiz.de/10013221648
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Capital flows, long term bond yields and fiscal stance : the Eurozone policy trilemma
Canale, Rosaria Rita - In: Portuguese economic journal 14 (2015) 1/3, pp. 31-44
Persistent link: https://www.econbiz.de/10011446091
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Fiscal policy announcements of Italian governments and spread reaction during the sovereign debt crisis
Falagiarda, Matteo; Gregori, Wildmer Daniel - 2014
-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an …
Persistent link: https://www.econbiz.de/10011729077
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Fiscal Policy Announcements of Italian Governments and Spread Reaction during the Sovereign Debt Crisis
Falagiarda, Matteo - 2014
-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an …
Persistent link: https://www.econbiz.de/10013047985
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Sovereign risk premia : the link between fiscal rules and stability culture ; conference paper
Heinemann, Friedrich; Osterloh, Steffen; Kalb, Alexander - 2013
politicians and voters. In our analysis of European bond spreads, we shed light on this issue by employing several types of …
Persistent link: https://www.econbiz.de/10010336738
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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/10009315724