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Fiscal policy in the semi-structural model ECB-BASE
Bańkowski, Krzysztof - 2023
a well-suited macroeconomic model for analysing fiscal policy at a central bank is of primary importance. This paper … documents the fiscal block of the ECB-BASE, which is a semi-structural model for the euro area developed at the ECB for … links to the quarterly fiscal accounts. Thanks to this design, it is possible to simulate the model with a wide range of …
Persistent link: https://www.econbiz.de/10014278636
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Introducing ECB-BASE : the blueprint of the new ECB semi-structural model for the euro area
Angelini, Elena; Bokan, Nikola; Christoffel, Kai; … - 2019
This paper presents the blueprint of a new ECB multi-country model. The version documented in the following pages is … model mechanisms, enlarge the suite of area wide tools, and provide a tool for a top down approach between euro area and … country modelling. The model converges to a well-defined steady state and its properties are in line with macroeconomic theory …
Persistent link: https://www.econbiz.de/10012098167
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Public debt as private wealth : some equilibrium considerations
Schlicht, Ekkehart - 2004
Government bonds are interest-bearing assets. Increasing public debt increases income, wealth, and consumption demand. The smaller government expenditure is, the larger consumption demand must be in equilibrium, and the larger must be public debt. Conversely, lower public debt implies higher...
Persistent link: https://www.econbiz.de/10010440451
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Unexpected consequences of Ricardian expectations
Schlicht, Ekkehart - 2013
this note a surprising finding is established. Assuming that the agents in a standard infinite horizon growth model hold …
Persistent link: https://www.econbiz.de/10010441506
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A case where Barro expectations are not rational
Schlicht, Ekkehart - 2012
The paper generalizes Feldstein's criticism (Perceived Wealth in Bonds and Social Security, 1976) of Barro's analysis (Are Government Bonds Real Net Wealth?, 1974) for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents...
Persistent link: https://www.econbiz.de/10009488828
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A case where Barro expectations are not rational
Schlicht, Ekkehart - 2012
This note generalizes Feldstein's (1976) criticism of Barro's(1974) analysis for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents hold "Barro expectations": they believe that government debt must necessarily be...
Persistent link: https://www.econbiz.de/10009490196
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Monetäre Staatsfinanzierung und europäische Geld(un)ordnung
Fahrholz, Christian - 2012
Persistent link: https://www.econbiz.de/10009672319
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Unexpected consequences of Ricardian expectations
Schlicht, Ekkehart - 2012
this note a surprising finding is established. Assuming that the agents in a standard infinite horizon growth model hold …
Persistent link: https://www.econbiz.de/10009656223
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The simple analytics of Helicopter money : why it works - always
Buiter, Willem H. - 2014
The authors provides a rigorous analysis of Milton Friedman's parable of the 'helicopter' drop of money - a permanent/irreversible increase in the nominal stock of fiat base money which respects the intertemporal budget constraint of the consolidated Central Bank and Treasury - the State....
Persistent link: https://www.econbiz.de/10010361687
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Unexpected consequences of Ricardian expectations : Erratum
Schlicht, Ekkehard - 2013
Persistent link: https://www.econbiz.de/10010350222