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The performativity of potential output : pro-cyclicality and path dependency in coordinating European fiscal policies

Heimberger, Philipp; Kapeller, Jakob - 2016

This paper analyzes the performative impact of the European Commission's model for estimating 'potential output', which is used as a yardstick for measuring the 'structural budget balance' of EU countries and, hence, is crucial for coordinating European fiscal policies. In pre-crisis years,...

Persistent link: https://www.econbiz.de/10011779387

On the interaction between economic growth and business cycles

Mendieta-Muñoz, Ivan - In: Macroeconomic dynamics 21 (2017) 4, pp. 982-1022

Persistent link: https://www.econbiz.de/10011805421

Inflation and Activity – Two Explorations and their Monetary Policy Implications

Blanchard, Olivier - 2015

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a …

Persistent link: https://www.econbiz.de/10012456944

Hysteresis and business cycles

Cerra, Valerie; Fatás, Antonio; Saxena, Sweta Chaman - In: Journal of economic literature 61 (2023) 1, pp. 181-225

Persistent link: https://www.econbiz.de/10014283087

Will Hysteresis Effects Afflict the US Economy During the Post-COVID Recovery?

Setterfield, Mark - 2023

An important property of hysteresis is that temporary events of sufficient magnitude can have permanent effects. The … permanent effects on the US economy as a result of hysteresis. We investigate this hypothesis by focusing on aggregate activity … -- both actual and potential -- and searching for signs of possible adverse hysteresis effects in the data generated by the …

Persistent link: https://www.econbiz.de/10014353791

Great recession, slow recovery and muted fiscal policies in the US

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...

Persistent link: https://www.econbiz.de/10011434680