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Does austerity pay off? : conference paper
Born, Benjamin; Müller, Gernot J.; Pfeifer, Johannes - 2014
Austerity measures are frequently enacted when the sustainability of public finances is in doubt. Such doubts are reflected in high sovereign yield spreads and put further strain on government finances. Is austerity successful in restoring market confidence, bringing about a reduction in yield...
Persistent link: https://www.econbiz.de/10010481328
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Real Effects of Sovereign Bond Market Spillovers in the Euro Area
Gadatsch, Niklas - 2016
these countries, up to 0.8 percentage points (PP) Portugal and Ireland, 0.3 PP in Italy and 0.2 PP in Spain …
Persistent link: https://www.econbiz.de/10012985874
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Monetary Policy and COVID-19
Brzoza-Brzezina, Michal; Kolasa, Marcin; Makarski, Krzysztof - 2022
We study the macroeconomic effects of the COVID-19 epidemic in a quantitative dynamic general equilibrium setup with nominal rigidities. We evaluate various containment policies and show that they allow to dramatically reduce the welfare cost of the disease. Then we investigate the role that...
Persistent link: https://www.econbiz.de/10013298753
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Growth-friendly fiscal rules? : safeguarding public investment from budget cuts through fiscal rule design
Ardanaz, Martín; Cavallo, Eduardo A.; Izquierdo, Alejandro - 2020
. Past research has found that fiscal adjustment episodes coincide with large public investment cuts, a pattern we also … investment during fiscal consolidations differs significantly depending on fiscal rule design. Fiscal rules can be flexible …-defined escape clauses, and differential treatment of investment expenditures) or rigid, meaning they establish numerical limits on …
Persistent link: https://www.econbiz.de/10012167402
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Negative interest rates, COVID-19, and the finances of listed euro firms
Eije, Johan H. von - In: Central European review of economics and management : CEREM 5 (2021) 4, pp. 117-143
Aim: The paper measures the impact of negative interest rates on listed firms in the original euro zone countries. It also measures the impact of the first COVID-19 year. Design / research methods: The paper uses panel data to measure the influence of the short-term ECB deposit rate and the...
Persistent link: https://www.econbiz.de/10013202353
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ECB vs Bundesbank : diverging tones and policy effectiveness
Tillmann, Peter; Walter, Andreas - 2018
The present paper studies the consequences of conflicting narratives for the transmission of monetary policy shocks. We focus on conflict between the presidents of the ECB and the Bundesbank, the main protagonists of monetary policy in the euro area, who often disagreed on policy over the past...
Persistent link: https://www.econbiz.de/10011858943
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Real effects of sovereign bond market spillovers in the euro area
Gadatsch, Niklas - 2015
these countries, up to 0.8 percentage points (PP) Portugal and Ireland, 0.3 PP in Italy and 0.2 PP in Spain. …
Persistent link: https://www.econbiz.de/10010512139
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Austerity measures amplified crisis in Spain, Portugal, and Italy
Engler, Philipp; Klein, Mathias - In: DIW economic bulletin 7 (2017) 8, pp. 89-93
The fiscal consolidation efforts of Spain, Italy, and Portugal from 2010 to 2014 did not achieve their goal of reducing …. The sharp decrease in private household debt played a key role, especially in Spain. It weakened private consumption, and …, mild austerity measures, and if possible, budget reallocation in favor of investment. …
Persistent link: https://www.econbiz.de/10011607711
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The ECB's policy, the recovery fund and the importance of trust : the case of Greece
Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; … - 2021
This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to...
Persistent link: https://www.econbiz.de/10012650611
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The impact of seven macroprudential policy instruments on financial stability in six euro area economies
Lorenčič, Eva; Festić, Mejra - In: Národohospodářský obzor : časopis věnovaný … 21 (2021) 3, pp. 259-290
euro area econo-mies (Austria, Finland, Germany, Italy, Netherlands and Spain) during time span 2010 Q3 to 2018 Q4 …
Persistent link: https://www.econbiz.de/10012651338