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Macroeconomic and fiscal challenges faced by the Southern and Eastern Mediterranean region

Dąbrowski, Marek - 2014

The current fiscal imbalances and fragilities in the Southern and Eastern Mediterranean countries (SEMC) are the result of decades of instability, but have become more visible since 2008, when a combination of adverse economic and political shocks (the global and European financial crises, Arab...

Persistent link: https://www.econbiz.de/10010337694

Secular stagnation : insights from a new Keynesian model with hysteresis effects

Aarle, Bas van - 2016

To analyse the most important aspects of the Secular Stagnation hypothesis, this paper considers the effects of hysteresis in potential output in a New-Keynesian model that is extended with endogenous potential output. To do so, a number of simulations of relevant scenarios is undertaken. It is...

Persistent link: https://www.econbiz.de/10011444072

Euro area periphery countries' fiscal policy and monetary policy surprises

Hülsewig, Oliver; Rottmann, Horst - 2021

In this study, we explore how fiscal policy in euro area periphery countries responds to monetary policy surprises that lower sovereign bond yields. In particular, we assess whether the disciplining effect of financial markets on public finances is undermined by the ability of monetary policy to...

Persistent link: https://www.econbiz.de/10012549740

The economic and monetary union : past, present and future

Dąbrowski, Marek - 2019

Twenty years of euro history confirms the euro's stability and position as the second global currency. It also enjoys the support of majority of the euro area population and is seen as a good thing for the European Union. The European Central Bank has been successful in keeping inflation at a...

Persistent link: https://www.econbiz.de/10012029380

Economic stabilisation and performance in West Africa : the role of fiscal and monetary policy

Mesagan, Ekundayo P.; Yusuf, Ismaila A. - 2019

The study examines the impact of fiscal and monetary policy on economic performance and stabilisation in Nigeria … proxy economic performance and economic stabilisation respectively while fiscal policy is captured with deficit finance and … confirms that monetary policy significantly drives economic stabilisation in Nigeria and the Gambia, but insignificantly in …

Persistent link: https://www.econbiz.de/10012137607

Inflation dynamics under fiscal deficit regime switching in Mexico

Ramos-Francia, Manuel; García-Verdú, Santiago; … - 2018

We explore the dynamics of inflation, inflation expectations, and seigniorage-financed fiscal deficits in Mexico. To do so, we estimate the model in Sargent, Williams, and Zha (2009) using Mexican CPI inflation data. This model features dual expected inflation equilibriums and regime switching...

Persistent link: https://www.econbiz.de/10012165948

The scarring effects of major economic downturns : the role of fiscal policy and government investment

Larch, Martin; Claeys, Peter; Van Der Wielen, Wouter - 2022

stabilisation tool. At the same time, there is ample evidence that major economic downturns produce lasting effects on real GDP in … fiscal expansion, and (ii) find the right time to pivot from short-term stabilisation to fiscal consolidation while …

Persistent link: https://www.econbiz.de/10013448651

Monetary-fiscal policy relations in the euro area : the impact on the primary balance

Dascher-Preising, Fabienne; Greiner, Alfred - 2022

With this paper, our objective is to empirically study public debt sustainability by estimating a fiscal reaction function where the primary balance relative to GDP is assumed to be a function of the public debt to GDP ratio of the previous year and of other macroeconomic variables. In...

Persistent link: https://www.econbiz.de/10013335018

Fiscal sustainability in developing Asia

Adams, Charles; Ferrarini, Benno; Park, Donghyun - 2010

The central objective of this paper is to empirically examine the issue of fiscal sustainability in developing Asia. To do so, we first diagnose the region's public finances by analyzing the evolution of key fiscal indicators over time and across subregions. We then estimate fiscal policy...

Persistent link: https://www.econbiz.de/10003984753

Fiscal and monetary policy determinants of the Eurozone crisis and its resolution

Dąbrowski, Marek - 2012

Unlike the crisis years of 2007-2009 (when the insolvency of large banks was a major problem), the current round of the global financial crisis has fiscal origins. Almost all developed countries suffer from an excessive public debt burden that has been built up over the last two decades or more....

Persistent link: https://www.econbiz.de/10009572988

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