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Fiscal expenditure spillovers in the euro area : an empirical and model-based assessment

Alloza, Mario; Ferdinandusse, Marien; Jacquinot, Pascal; … - 2020

The paper describes the main transmission channels of the spillovers of national fiscal policies to other countries within the euro area and investigates their magnitude using different models. In the context of Economic and Monetary Union (EMU), fiscal spillovers are relevant for the accurate...

Persistent link: https://www.econbiz.de/10012206331

Economic stabilisation and performance in West Africa : the role of fiscal and monetary policy

Mesagan, Ekundayo P.; Yusuf, Ismaila A. - 2019

The study examines the impact of fiscal and monetary policy on economic performance and stabilisation in Nigeria, Gambia, and Ghana between 1980 and 2017. In the study, the real gross domestic product and the exchange rate are used to proxy economic performance and economic stabilisation...

Persistent link: https://www.econbiz.de/10012137607

Reforming the euro pragmatically : towards sustainable fiscal policy and a revamped eurosystem

Oksanen, Heikki - 2019

The conflicting standpoints on reforming the euro are creating more controversies than practical results. Mistrust between the participants led to short-sighted fiscal discipline that has amplified the economic disturbances. Expert analysis on the proposed reforms is often deficient as the...

Persistent link: https://www.econbiz.de/10012119522

Fiscal policy and the monetary transmission mechanism

Caramp, Nicolas - 2020

I study the role of fiscal policy in the monetary transmission mechanism. I present a novel decomposition of the equilibrium that links the wealth effect, i.e. the revaluation of households’ financial and human wealth, to the fiscal response to monetary policy. When monetary policy has fiscal...

Persistent link: https://www.econbiz.de/10012154539

The size of fiscal multipliers and the stance of monetary policy in developing economies

Ojeda-Joya, Jair N.; Guzman, Oscar E. - 2017 - This version: February 2017

In this paper we estimate the effect of government consumption shocks on GDP using a panel of 21 developing economies. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing estimations for alternative exchange rate regimes,...

Persistent link: https://www.econbiz.de/10011620815

Did the crisis change it all? : evidence from monetary and fiscal policy

Mitreska, Ana; Vojnovic, Maja Kadievska; Georgievska, Ljupka - Narodna Banka na Republika Makedonija / Direkcija za … - 2010

The recent financial and economic crisis has triggered bold and diverse policy responses to prevent further, sharper and prolonged adverse effects to the financial and the real sector. The measures for alleviating the cycle were a feature both of the advanced and the emerging and developing...

Persistent link: https://www.econbiz.de/10011622637

Monetary policy and wealth effects

Caramp, Nicolas; Silva, Dejanir H. - 2021

This paper studies the role of wealth effects in the monetary transmission mechanism in New Keynesian models. We propose a decomposition of consumption that extends the Slutsky equation to a general equilibrium setting. Wealth effects, and their amplification in general equilibrium, explain a...

Persistent link: https://www.econbiz.de/10012592162

International transmission of interest rates : the role of international reserves and sovereign debt

Afonso, António; Huart, Florence; Jalles, João Tovar; … - 2021

increase in the stock of government debt denominated in foreign currency may increase the expected rate of depreciation of the … domestic currency. We explain the theoretical mechanisms in a model, which describes the money market equilibrium in an economy …, mostly for Advanced Economies; ii) a dampening effect of the share of external liabilities in the domestic currency, clearly …

Persistent link: https://www.econbiz.de/10012504452

The size of fiscal multipliers and the stance of monetary policy in developing economies

Ojeda-Joya, Jair N.; Guzman, Oscar E. - 2017 - This version: May 2017

Persistent link: https://www.econbiz.de/10011659285

Central Banks and Climate Policy : Unpleasant Trade–Offs? A Principal–Agent Approach

Masciandaro, Donato; Russo, Riccardo - 2022

This paper focuses on the trade–offs that central banks would face if they were to start tackling climate change. Disruptive natural events can hamper growth and capital accumulation, thereby affecting price and financial stability – elements for which central banks are responsible. Yet, the...

Persistent link: https://www.econbiz.de/10013405241