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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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Monetary policy and macroeconomic factors : Japan versus the US and the euro area
Siklos, Pierre L. - In: Asia and the global economy : AGE 3 (2023) 2, pp. 1-8
Narratives that portray macroeconomic policies in Japan as unlike ones pursued in other large economies persist. I revisit how several factors, including monetary, fiscal, and demographic factors impact Japan, the US, and the euro area. Panel VARs driven by factors or observed macroeconomic...
Persistent link: https://www.econbiz.de/10014447638
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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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Global policy at the zero lower bound in a large-scale DSGE model
Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo - 2010
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...
Persistent link: https://www.econbiz.de/10008688538
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Fiscal stabilization in the United States : lessons for monetary unions
Nikolov, Plamen; Pasimeni, Paolo - 2019
The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances...
Persistent link: https://www.econbiz.de/10011999069
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U.S. And Euro Area Monetary and Fiscal Interactions During the Pandemic : A Structural Analysis
Hodge, Andrew; Jakab, Zoltan; Lindé, Jesper; Nguyen, … - 2022
This paper employs a two-country New Keynesian DSGE model to assess the macroeconomic impact of the changes in monetary policy frameworks and the fiscal support in the U.S. and euro area during the pandemic. Moving from a previous target of “below, but close to 2 percent” to a formal...
Persistent link: https://www.econbiz.de/10014237881
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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 … Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Ergebnis ist, dass der restriktivere Mix aus Geld- und Fiskalpolitik in der Eurozone die im Vergleich zu den USA und …
Persistent link: https://www.econbiz.de/10012100198
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The fiscal-monetary policy mix in the Euro area : challenges at the zero lower bound
Orphanides, Athanasios - 2017
This paper explores the reasons for the suboptimal fiscal-monetary policy mix in the euro area in the aftermath of the global financial crisis and ways in which the status quo can be improved. A comparison of fiscal and monetary policies and of economic outcomes in the euro area and the United...
Persistent link: https://www.econbiz.de/10011749436
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Global policy at the zero lower bound in a large-scale DSGE model
Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo; … - 2010
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...
Persistent link: https://www.econbiz.de/10011605300
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U.S. Monetary-Fiscal Regime Changes in the Presence of Endogenous Feedback in Policy Rules
Chang, Yoosoon - 2017
We investigate U.S. monetary and fiscal policy regime interactions in a model, where regimes are determined by latent autoregressive policy factors with endogenous feedback. Policy regimes interact strongly: shocks that switch one policy from active to passive tend to induce the other policy to...
Persistent link: https://www.econbiz.de/10012942192