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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
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Spillovers from tax shocks to the euro area
Mierzwa, Sascha - 2021 - This version: 07 September 2021
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 smallest effects on Eurozone countries' real GDP and UK tax changes to exert the …
Persistent link: https://www.econbiz.de/10012649097
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Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik
Heimberger, Philipp - 2016
Finanzkrise im Vergleich von Eurozone, USA und Großbritannien. Die Eurozone erholte sich seit 2010 deutlich schleppender als die … Ergebnis ist, dass der restriktivere Mix aus Geld- und Fiskalpolitik in der Eurozone die im Vergleich zu den USA und … institutionellen Rahmenbedingungen in der Eurozone hatte die Austeritätspolitik ab den Jahren 2010/2011 ausgeprägt negative Effekte auf …
Persistent link: https://www.econbiz.de/10012100198
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The Policy Mix in the US and EMU : Evidence from a SVAR Analysis
Afonso, António - 2018
We use a SVAR approach to the effects of fiscal and monetary policies, as well as their interactions (policy mix) for the US and the Euro Area (EMU). Overall, our results show that these two cases are different from each other. First, while in the case of the US there is evidence of Keynesian...
Persistent link: https://www.econbiz.de/10012928380
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Futures contract rates as monetary policy forecasts
Ferrero, Giuseppe; Nobili, Andrea - 2008
The prices of futures contracts on short-term interest rates are commonly used by central banks to gauge market expectations concerning monetary policy decisions. Excess returns - the difference between futures rates and the realized rates - are positive, on average, and statistically...
Persistent link: https://www.econbiz.de/10011605025
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Futures contract rates as monetary policy forecasts
Ferrero, Giuseppe; Nobili, Andrea - 2008
The prices of futures contracts on short-term interest rates are commonly used by central banks to gauge market expectations concerning monetary policy decisions. Excess returns - the difference between futures rates and the realized rates - are positive, on average, and statistically...
Persistent link: https://www.econbiz.de/10003826011
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The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound : A Cross-Country Analysis
Gambacorta, Leonardo - 2014
This paper assesses the macroeconomic effects of unconventional monetary policies by estimating a panel VAR with monthly data from eight advanced economies over a sample spanning the period since the onset of the global finanancial crisis. It finds that an exogenous increase in central bank...
Persistent link: https://www.econbiz.de/10013065515
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Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?
Bulíř, Aleš - 2014
We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, and Sveriges Riksbank using the Flesch-Kincaid grade level, a standard readability...
Persistent link: https://www.econbiz.de/10013045263
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Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?
Bulíř, Aleš - 2014
We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, and Sveriges Riksbank using the Flesch-Kincaid grade level, a standard readability...
Persistent link: https://www.econbiz.de/10013046714
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What are the Spill-Overs from Fiscal Shocks in Europe? An Empirical Analysis
Giuliodori, Massimo; Beetsma, Roel M. W. J. - 2021
, France and Italy lead to significant increases in imports from a number of European countries. In order to mimic the case of …
Persistent link: https://www.econbiz.de/10013319390