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Was Anna Schwartz right? : the role of government size and the exchange rate regime for macroeconomic stability
Wegmueller, Philipp - 2014
the public sector under different exchange rate regimes affect macroeconomic stability and welfare? In response to a … exchange rate peg exhibits the largest macroeconomic volatility and highest welfare losses. …
Persistent link: https://www.econbiz.de/10010402224
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Floating or fixed exchange rates: The role of government size
Wegmueller, Philipp - Department Volkswirtschaftlehre, Universität Bern - 2015
a fixed rule for convertibility. Quantifying her line of reasoning from a welfare-based perspective leads to three main … results: (1) Returning to a fixed exchange rate arrangement implies high welfare losses for countries with large public … sectors; (2) The welfare loss is increasing in government size; (3) Increasing the share of public expenditures reduces output …
Persistent link: https://www.econbiz.de/10011193770
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Monetary stabilisation in a currency union of small open economies
Sánchez, Marcelo - 2008
output-inflation tradeoffs and their business cycles are perfectly synchronised. Under supply shocks, welfare implications …
Persistent link: https://www.econbiz.de/10011604973
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Monetary-Fiscal Wage Interactions in a Multi-Country Currency Union
Sánchez, Marcelo - In: Journal of Economic Integration 28 (2013), pp. 507-524
This paper studies a multi-country currency union of small open economies. Demand-side disturbances hamper monetary union stabilisation unless participating countries’ business cycles are perfectly synchronised. In the face of country-specific supply shocks, a currency union of small open...
Persistent link: https://www.econbiz.de/10010991762
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Automatic stabilizers, fiscal rules and macroeconomic stability
Andrés, Javier; Doménech, Rafael - Banco de España - 2003
This paper analyzes the effect of the fiscal structure upon the trade-off between inflation and output stabilization in the presence of technological shocks in a DGE model with nominal and real rigidities. The model reproduces the main features of European economies and it integrates a rich menu...
Persistent link: https://www.econbiz.de/10004965262
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Automatic Stabilizers and Monetary Rules in a Ricardian Economy
Domenech, Rafael; Andres, Javier - Royal Economic Society - RES - 2003
This paper analyses the effect of the fiscal structure upon the trade-off between inflation and output stabilization in presence of technological shocks in a DGE model with nominal inertia. The model is calibrated to reproduce the main features of European economies and it integrates a rich menu...
Persistent link: https://www.econbiz.de/10005398555
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The Stabilizing Role of Government Size
Andrés, Javier - 2007
This paper presents an analysis of how alternative models of the business cycle can replicate the stylized fact that large governments are associated with less volatile economies. Our analysis shows that adding nominal rigidities and costs of capital adjustment to an otherwise standard RBC model...
Persistent link: https://www.econbiz.de/10012730069
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The stabilizing role of government size
Andrés, Javier; Doménech, Rafael; Fatás, Antonio - Banco de España - 2007
This paper presents an analysis of how alternative models of the business cycle can replicate the stylized fact that large governments are associated with less volatile economies. Our analysis shows that adding nominal rigidities and costs of capital adjustment to an otherwise standard RBC model...
Persistent link: https://www.econbiz.de/10005155216
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The Stabilizing Role of Government Size
Andrés, Javier; Doménech, Rafael; Fatás, Antonio - C.E.P.R. Discussion Papers - 2004
This Paper presents an analysis of how alternative models of the business cycle can replicate the stylized fact that large governments are associated with less volatile economies. Our analysis shows that adding nominal rigidities and costs of capital adjustment to an otherwise standard RBC model...
Persistent link: https://www.econbiz.de/10005067459
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The Stabilizing Role of Government Size
Domenech, Rafael; Andres, Javier; Fatas, Antonio - Institut d'Economia Internacional (IEI), Universitat Jaume I - 2006
This paper presents an analysis of how alternative models of the business cycle can replicate the stylized fact that large governments are associated with less volatile economies. Our analysis shows that adding nominal rigidities and costs of capital adjustment to an otherwise standard RBC model...
Persistent link: https://www.econbiz.de/10005731620