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Trade Spillovers of Fiscal Policy in the European Union: A Panel Analysis
Beetsma, Roel; Giuliodori, Massimo; Klaassen, Franc - C.E.P.R. Discussion Papers - 2005
We explore the international spillovers from fiscal policy shocks via trade in Europe. A fiscal expansion stimulates domestic activity, which leads to more foreign exports and, hence, higher foreign output. To quantify this, we combine a panel VAR model in government spending, net taxes and GDP...
Persistent link: https://www.econbiz.de/10005114249
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Fiscal shocks and the exchange rate.
Giorgio, Giorgio Di; Nisticò, Salvatore; Traficante, Guido - Dipartimento di Scienze Sociali ed Economiche, … - 2014
This paper studies how the interaction between the monetary policy regime and the degree of home bias in public consumption affects the exchange-rate response to fiscal shocks in dynamic open-economy models. Our analysis compares the classic Redux model of Obstfeld and Rogoff (1995) and a modern...
Persistent link: https://www.econbiz.de/10010856767
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Fiscal Policy in a Monetary Union: Gains from Changing Institutions
Salvado, Susana - Gabinete de Estratégia e Estudos (GEE), Ministério da … - 2009
from fiscal coordination are significative, but gains that result from policy changes as a reaction to shocks are, by … nature, very small. We also show that, symmetric shocks lead to coordination gains of the same magnitude than asymmetric ones. …
Persistent link: https://www.econbiz.de/10005407498
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Coordination and Stabilization Gains of Fiscal Policy in a Monetary Union
Salvado, Susana - Gabinete de Estratégia e Estudos (GEE), Ministério da … - 2009
The issue of fiscal coordination in a Monetary Union is recurrent as monetary policy can no longer be used as a … national stabilization policy instrument. We measure the increase in welfare due to the coordination of fiscal policies in the … decomposition of coordination gains into a deterministic and a stochastic parcel. We show that the deterministic fiscal coordination …
Persistent link: https://www.econbiz.de/10005407499
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Coordination, Cooperation, Contagion and Currency Crises
Loisel, Olivier; Martin, Philippe - C.E.P.R. Discussion Papers - 1999
We analyse the effect of trade spillovers and of international coordination on currency crises. To do this, we present … and the larger the set of multiple equilibria. Coordination decreases the possibility of simultaneous self …-fulfilling speculative crises in the region and reduces the set of multiple equilibria. However, regional coordination, even though welfare …
Persistent link: https://www.econbiz.de/10005124321
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What are the spill-overs from fiscal shocks in Europe? An empirical analysis
Giuliodori, Massimo; Beetsma, Roel - 2004
to further investigate the possibility of enhanced fiscal coordination. …
Persistent link: https://www.econbiz.de/10011604371
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Cross-Country Spillovers from Fiscal Consolidations
Goujard, Antoine - Economics Department, Organisation de Coopération et … - 2013
In many OECD countries, government debt reached levels over recent years that call for reduction over the medium to longer term to ensure public finance sustainability. This paper investigates the international transmission of fiscal consolidation shocks via trade flows. Using a measure of...
Persistent link: https://www.econbiz.de/10011269144
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Spillover Effects of Fiscal Policy Under Flexible Exchange Rates
Steffen, Dirk; Pitterle, Ingo - Econometric Society - 2004
The paper analyzes the transmission mechanisms of fiscal shocks in a two-country general equilibrium model with sticky prices in line with the new open economy macroeconomics (NOEM) approach. Specifically, the model allows for both market segmentation and asymmetric preferences. We introduce...
Persistent link: https://www.econbiz.de/10005063684
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Fiscal Policy in the New Open Economy. Macroeconomics and Prospects for Fiscal Policy Coordination.
Coutinho, Leonor - European Network of Economic Policy Research Institutes … - 2003
increasing interest in the question of transmission and coordination of policies across countries, stirred by developments in … respect to policy coordination, attention is drawn to the need to reflect on a potential role for fiscal policy as a …
Persistent link: https://www.econbiz.de/10005427381
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Utility functions, fiscal shocks and the open economy: In the search of a positive consumption multiplier
Wegmueller, Philipp - 2014
This paper analyzes the dynamic effects of a fiscal policy shock and its transmission mechanism in a small open economy and compares the responses under different specifications of the utility function. The traditional Mundell-Flemming model tells that fiscal policy is more effective under a peg...
Persistent link: https://www.econbiz.de/10011420632