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The scarring effects of major economic downturns : the role of fiscal policy and government investment
Larch, Martin; Claeys, Peter; Van Der Wielen, Wouter - 2022
Long shunned as slow and ill timed, the response to the Covid-19 pandemic initiated a reassessment of fiscal policy as stabilisation tool. At the same time, there is ample evidence that major economic downturns produce lasting effects on real GDP in spite of active fiscal policy interventions....
Persistent link: https://www.econbiz.de/10013448651
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Implementing the golden rule for public investment in Europe : safeguarding public investment and supporting the recovery
Truger, Achim - 2015
Most parts of the Euro area have seen seven years of deep economic crisis. The strategy of tightening the fiscal constraints of the SGP has driven many member states into austerity. In contrast, the golden rule of public investment proposed in this study would be one important element of the...
Persistent link: https://www.econbiz.de/10011336549
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The Macroeconomic Effects of Fiscal Policy in Portugal : A Bayesian SVAR Analysis
Afonso, António - 2009
In the last twenty years Portugal struggled to keep public finances under control, notably in containing primary …
Persistent link: https://www.econbiz.de/10012719436
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Changes in the Response of Fiscal Policy to Monetary Policy in the EMU
Arora, Sanchit; Boeing-Reicher, Claire - 2014
We study the evolution of the response of fiscal policy to monetary policy shocks in the EMU in the light of two important events: the signing of the Maastricht treaty in 1992 and the introduction of the EMU in 1999. Based on impulse responses from a panel VAR, we find that fiscal and monetary...
Persistent link: https://www.econbiz.de/10010362160
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Temporary VAT reduction during the lockdown
Clemens, Marius; Röger, Werner - 2021
This paper evaluates the temporary VAT reduction introduced by the German government over the third and fourth quarter of 2020 as most controversial part of the COVID-19 stimulus package. Critics argue that VAT reductions are ineffective because of limited pass-through of temporary measures to...
Persistent link: https://www.econbiz.de/10012510323
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Temporary VAT reduction during the lockdown : evidence from Germany
Clemens, Marius; Röger, Werner - 2021
This paper evaluates the temporary VAT reduction invoked by the German government over the third and fourth quarter of 2020 as part of the COVID-19 stimulus package. There is considerable controversy. Critics argue that VAT reductions are ineffective in the presence of lockdown measures in place...
Persistent link: https://www.econbiz.de/10013341661
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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
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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
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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
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 … Entwicklung spielt, wenngleich immer auch der gesamte makroökonomische Politik-Mix aus Geld-, Lohn- und Finanzpolitik sowie die …
Persistent link: https://www.econbiz.de/10003744540
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The role of fiscal policy in Britain's great inflation
Fan, Jingwen; Minford, Patrick; Ou, Zhirong - 2014
We investigate whether the Fiscal Theory of the Price Level (FTPL) can explain UK inflation in the 1970s. We confront the identification problem involved by setting up the FTPL as a structural model for the episode and pitting it against an alternative Orthodox model; the models have a reduced...
Persistent link: https://www.econbiz.de/10010413736