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Fiscal policy in the EU in the crisis: A model-based approach
Székely, István P.; Roeger, Werner; Veld, Jan in 't - 2011
This paper uses a multi region DSGE model with collateral constrained households and residential investment to examine the effectiveness of fiscal policy stimulus measures in a credit crisis. The paper explores alternative scenarios which differ by the type of budgetary measure, its length, the...
Persistent link: https://www.econbiz.de/10011430871
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Structural features of distributive trades and their impact on prices in the euro area
2011
The distributive trades sector, which is primarily accounted for by wholesale and retail trade, is not only economically important in its own right, but also relevant to monetary policy. Ultimately, it is retailers who set the actual prices of most consumer goods. They are the main interface...
Persistent link: https://www.econbiz.de/10011606280
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Finland and Its Northern Peers in the Great Recession
Suni, Paavo; Vihriälä, Vesa - 2016
The report focuses on the relative macroeconomic performance since the global financial crisis of six Northern European countries with a special emphasis on Finland. While fiscal and monetary policies have definitely impacted on macroeconomic outcomes in the six countries examined, as a whole...
Persistent link: https://www.econbiz.de/10012037669
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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
Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Wachstum und Beschäftigung, was die Eurozonenwirtschaft im Zusammenspiel mit der über weite Strecken zögerlichen Geldpolitik … prozyklische, krisenverstärkende Fiskalpolitik befördert. Die EZB ist mit ihrer seit Anfang 2015 betriebenen Geldpolitik des …
Persistent link: https://www.econbiz.de/10012100198
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The reform and implementation of the Stability and Growth Pact
Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - 2006
Fiscal rules are instrumental for restraining deficit and spending biases in euro area Member States that could threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such as sufficient flexibility to allow for appropriate...
Persistent link: https://www.econbiz.de/10011606199
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The global financial crisis: Lessons for European Integration
Dabrowski, Marek - 2009
The purpose of this paper is to analyze the various challenges facing European integration and the EU institutional architecture as result of the global financial crisis. The European integration process is not yet complete, both in terms of its content and geographical coverage. It can be...
Persistent link: https://www.econbiz.de/10011430830
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Schätzung von Produktionspotenzial und -lücke: Eine Analyse des EU-Verfahrens und mögliche Verbesserungen
Ademmer, Martin; Boysen-Hogrefe, Jens; Carstensen, Kai; … - 2019
Schätzungen des Produktionspotenzials und der Produktionslücke einer Volkswirtschaft sind von großer Bedeutung für die Wirtschaftspolitik. Sie spielen eine wesentliche Rolle für den Europäischen Stabilitäts- und Wachstumspakt und für die im Grundgesetz verankerte Schuldenbremse. In der...
Persistent link: https://www.econbiz.de/10011985218
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Rakenteellinen budjettitasapaino
Virkola, Tuomo - 2013
Euro Area member states have agreed to introduce a structural budget balance target to their national legislation (Treaty on Stability, Coordination and Governance). However, there exists no commonly agreed methodology to calculate this macroeconomic indicator. This report presents the...
Persistent link: https://www.econbiz.de/10012037631
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Exchange Rate Regime, Fiscal Foresight and the Effectiveness of Fiscal Policy in a Small Open Economy
Virkola, Tuomo - 2014
This paper studies the effects of discretionary fiscal policy shocks under different exchange rate regimes within a structural vector autoregressive (SVAR) model. We first suggest that by estimating the effects of fiscal policy shocks in two structurally similar small open economies that have...
Persistent link: https://www.econbiz.de/10012037640
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Real-Time Measures of the Output Gap and Fiscal Policy Stance
Virkola, Tuomo - 2014
This paper studies real-time measures of the output gap and fiscal policy stance estimates for EU countries. We construct a comprehensive real-time data set on fiscal forecasts and study whether there are systematic differences between the European Commission and IMF estimates of the output gap...
Persistent link: https://www.econbiz.de/10012037657