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The Eurozone in crisis : a Kaleckian macroeconomic regime and policy perspective

Hein, Eckhard; Martschin, Judith - 2020

The current Covid-19 Crisis 2020 has hit the Eurozone in a highly fragile situation, with a weak and asymmetric … recovery from the Great Financial Crisis, the Great Recession and the following Eurozone Crisis. These crises have also … revealed the weaknesses of the macroeconomic policy institutions and strategies of the Eurozone based on New Consensus …

Persistent link: https://www.econbiz.de/10012239654

Independence of the Central Bank, Growth and Coalitions in a Monetary Union

Hellier, Joël - 2012

Within a Monetary Union, we assume that the policy of a hard-nosed central bank results in a real appreciation of the Union currency, which is in contradiction with the growth targets of several countries. These countries may join together to question the policy of the bank. As a consequence,...

Persistent link: https://www.econbiz.de/10013101879

Did fiscal consolidation cause the double dip recession in the euro area?

Heimberger, Philipp - 2015

This paper analyses the short-run effects of fiscal consolidation measures on economic activity in the euro area during the euro crisis. It presents new econometric estimates on the link between cumulative GDP growth and fiscal austerity measures during 2011-2013. The main empirical finding is...

Persistent link: https://www.econbiz.de/10011778844

The Euro Crisis and Economic Growth : A Novel Counterfactual Approach

Terzi, Alessio - 2019

warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone's specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …

Persistent link: https://www.econbiz.de/10012866042

The euro crisis and economic growth : a novel counterfactual approach

Terzi, Alessio - 2019 - This Draft: 25 June 2019

warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone’s specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …

Persistent link: https://www.econbiz.de/10012033212

Tracking growth in the euro area subject to a dimensionality problem

Comunale, Mariarosaria; Mongelli, Francesco Paolo - 2021

We investigate which variables have supported growth in the euro area over the last 30 years. This is a challenging task due to dimensionality problems: a large set of potential determinants, limited data, and the prospect that some variables could be non-stationary. We assemble a set of 35...

Persistent link: https://www.econbiz.de/10012625874

Power of many : assessing the economic impact of the global fiscal stimulus

De Resende, Carlos; Lalonde, René; Snudden, Stephen - 2010

The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and...

Persistent link: https://www.econbiz.de/10003933262

Germany's post-2000 stagnation in the European context - a lesson in macroeconomic mismanagement

Hein, Eckhard; Truger, Achim - 2006

In the present paper we question the mainstream diagnosis of Germany's post-2000 stagnation as well as the prescribed remedies. We show that the "institutional sclerosis" view of Germany's stagnation is unfounded and that therefore the political measures proposed and actually taken are...

Persistent link: https://www.econbiz.de/10003744530

Countries in Transition and Monetary Policy : A Framework for Policy Development

Salvary, Stanley C.W. - 2007

While economies in transition are not devoid of monetary policy, changes desired in the functioning of these economies may necessitate innovations to administer monetary policy consistent with newly established goals. Although some goals may essentially be the same (e.g., full employment or...

Persistent link: https://www.econbiz.de/10012776500

Monetary Union and Economic Growth

Vickers, John - 2010

This paper discusses possible links between monetary arrangements in particular monetary union and economic growth. It is stressed that growth depends ultimately on how the real economy works: there is no monetary magic that can conjure up growth. But monetary policy can contribute to conditions...

Persistent link: https://www.econbiz.de/10013136285