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Monetary policy and wandering overinvestment cycles in East Asia and Europe
Schnabl, Gunther - 2017
The paper analyses the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan,...
Persistent link: https://www.econbiz.de/10011655779
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The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626
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Spillovers from tax shocks to the euro area
Mierzwa, Sascha - 2021 - This version: 07 September 2021
I study the spill-over effects of legislated discretionary tax changes in the United States, Germany, and the United Kingdom to 11 Eurozone countries for the period 1980Q1-2018Q4 employing Local Projections (Jordà, 2005). In general, I find spillovers from US tax legislation to have the...
Persistent link: https://www.econbiz.de/10012649097
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Independent or Coordinated? Monetary and Fiscal Policy in Emu
Lambertini, Luca; Rovelli, Riccardo - 2002
We examine, in a suitable theoretical framework, the relations between monetary and fiscal policies within the European Economic and Monetary Union (EMU). Our stylized setup of EMU includes the following political agents, each endowed with an objective function: (i) A central authority (EC),...
Persistent link: https://www.econbiz.de/10014123763
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The Impact of Fiscal and Monetary Policy on Unemployment Rate in Nigeria
Onwuka, Chinonye Emmanuel - 2021
This study empirically examined the impact of fiscal and monetary policy on unemployment rate using data between the … percent variations in the unemployment rate were explained by the independent variables. Also, its adjusted counterpart is 0 ….602 and its shows that about 60 percent growth in unemployment rate can be explained by the independent variables. The unit …
Persistent link: https://www.econbiz.de/10013312655
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Monetary and Fiscal Unification in the EU : A Stylized Analysis
Huart, Florence; Van Aarle, Bas - 2020
The Economic and Monetary Union (EMU) implies a considerable change in monetary and fiscal policy design in the European Union. With the aid of a two-country version of the Alesina and Tabellini (1987) model, this paper provides a stylized analysis of monetary and fiscal policy interaction in...
Persistent link: https://www.econbiz.de/10014070254
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COVID-19 and public support for the euro
Roth, Felix; Jonung, Lars; Most, Aisada - 2023
application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary …
Persistent link: https://www.econbiz.de/10013541792
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COVID-19 and public support for the euro
Roth, Felix; Jonung, Lars; Most, Aisada - 2022
application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary …
Persistent link: https://www.econbiz.de/10013455597
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Labor market institutions and the business cycle Unemployment rigidities vs. real wage rigidities
Abbritti, Mirko; Weber, Sebastian - 2010
This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the … Unemployment Rigidities (UR) and those that cause Real Wage Rigidities (RWR). The two types of institutions have opposite effects … and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with …
Persistent link: https://www.econbiz.de/10011605229
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The inflation-output tradeoff: which type of labor market rigidity is to be blamed?
Merkl, Christian - 2009
In the standard New Keynesian sticky price model the central bank faces no contradiction between the stabilization of inflation and the stabilization of the welfare relevant output gap after a productivity shock hits the economy. When the standard model is enhanced by real wage rigidities or...
Persistent link: https://www.econbiz.de/10010277953