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Fiscal Consequences of Central Bank Losses

Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024

In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...

Persistent link: https://www.econbiz.de/10014544756

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

Can Contractionary Fiscal Policy Be Expansionary? : Consolidation, Sustainability and Fiscal Policy Impact in Britain in the 1930s

Middleton, Roger - 2012

This paper offer a guide to how the British experience of 1929–39 may provide useful macroeconomic lessons for the present once due regard is made for historical contingency and context. It re-examines the forces that shaped policy and what we know about policy impact, focusing on, first, the...

Persistent link: https://www.econbiz.de/10013102790

Fiscal Austerity and Quantitative Easing : A Modern Monetary Critique of the Mainstream Neoclassical View

Pugh, Trevor - 2014

Only by having a proper understanding of the function of money and finance in the economy can we hope to correctly inform decision making in monetary and fiscal policy. This paper will argue that neoclassical economics fails to do this, which results in suboptimal decision making from...

Persistent link: https://www.econbiz.de/10013052398

The Fiscal Consequences of Missing an Inflation Target

Andreolli, Michele; Rey, Hélène - National Bureau of Economic Research - 2023

The European Central Bank is unique in setting monetary policy for several sovereign states with heterogeneous debt levels and different maturity structures. The monetary-fiscal nexus is central to the functioning of the euro area. We focus on one particular aspect of that nexus, the effect the...

Persistent link: https://www.econbiz.de/10013537713

Monetary-Fiscal Policy Interaction and Fiscal Inflation : A Tale of Three Countries

Kliem, Martin - 2016

We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...

Persistent link: https://www.econbiz.de/10012988663

Monetary-Fiscal Policy Interaction and Fiscal Inflation : A Tale of Three Countries

Kliem, Martin - 2016

We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using cross-country data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...

Persistent link: https://www.econbiz.de/10013001755

Fiscal policy in the macroeconomic policy mix : a critique of the new consensus model and a comparison of macroeconomic policies in France, Germany, the UK and Sweden from a post-K...

Hein, Eckhard; Truger, Achim - 2008

ausschließlichen Konzentration auf die Geldpolitik als Stabilisierungsinstrument, wegen seiner mangelhaften Berücksichtigung der Rolle … von Löhnen und der Lohnpolitik und wegen seiner kompletten Vernachlässigung der stabilisierenden Rolle der Finanzpolitik …. Aus Post-Keynesianischer Sicht wird gezeigt, dass die Finanzpolitik eine wichtige Rolle für die makroökonomische …

Persistent link: https://www.econbiz.de/10003744540

The Effects of Fiscal Policy at the Effective Lower Bound

Bonam, Dennis - 2017

We estimate the effects of government consumption and investment shocks during prolonged episodes of low interest rates, which we consider as proxy for the effective lower bound. Using a panel VAR model for 17 advanced countries, in which we include real government spending, output, inflation,...

Persistent link: https://www.econbiz.de/10012950278

Central banks in parliaments : a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve

Fraccaroli, Nicolò; Giovannini, Alessandro; Jamet, … - 2020

As the role of central banks expanded, demand for public scrutiny of their actions increased. This paper investigates whether parliamentary hearings, the main tool to hold central banks accountable, are fit for this purpose. Using text analysis, it detects the topics and sentiments in...

Persistent link: https://www.econbiz.de/10012241292

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