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Arellano, Cristina - 2015

The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state...

Persistent link: https://www.econbiz.de/10013019390

Euro-Area Fiscal Stance : From Theory to Practical Implementation

Bénassy-Quéré, Agnès - 2016

Despite large automatic stabilizers, the performance of the Euro area as a whole in terms of fiscal stabilization is relatively poor. This report argues that a meaningful fiscal stance for the Euro area should rely on the current account as a complement to the output gap, and be coordinated only...

Persistent link: https://www.econbiz.de/10012982261

The Effectiveness of a Fiscal Transfer Mechanism in a Monetary Union : A DSGE Model for the Euro Area

Verstegen, Loes - 2016

In this paper, we incorporate a transfer mechanism into a DSGE model with a rich fiscal sector to assess the effectiveness of fiscal transfers for a monetary union, in particular for the Economic and Monetary Union. Using a heterogeneous setup, the model is estimated for the North and the South...

Persistent link: https://www.econbiz.de/10012988404

Macroeconomic Stabilisation Properties of a Euro Area Unemployment Insurance Scheme

Kaufmann, Christoph - 2020

In this paper we use a medium-scale DSGE model to quantitatively assess the macroeconomic stabilisation properties of a supranational unemployment insurance scheme. The model is calibrated to the euro area's core and periphery and features a rich fiscal sector, sovereign risk premia and labour...

Persistent link: https://www.econbiz.de/10012830081

Fiscal Expenditure Spillovers in the Euro Area : An Empirical and Model-Based Assessment

Alloza, Mario - 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/10012833419

The Economic and Monetary Union : Past, Present and Future

Dabrowski, Marek - 2019

Twenty years of euro history confirms the euro's stability and position as the second global currency. It also enjoys the support of majority of the euro area population and is seen as a good thing for the European Union. The European Central Bank has been successful in keeping inflation at a...

Persistent link: https://www.econbiz.de/10012869760

Spillovers from tax shocks to the euro area

Mierzwa, Sascha - 2021 - This version: 07 September 2021

Kingdom to 11 Eurozone countries for the period 1980Q1-2018Q4 employing Local Projections (Jordà, 2005). In general, I find … spillovers from US tax legislation to have the smallest effects on Eurozone countries' real GDP and UK tax changes to exert the …

Persistent link: https://www.econbiz.de/10012649097

Macroeconomic stabilisation properties of a euro area unemployment insurance scheme

Kaufmann, Christoph; Attinasi, Maria Grazia; … - 2020

Persistent link: https://www.econbiz.de/10012241162

The Euro area imbalances narrative in a Franco-German perspective : the importance of the longer-run view

Belke, Ansgar; Gros, Daniel - 2020

, that Germany's industry is not more integrated in international value chains than that of France or Italy. We then look at …In zwei Kernländern der Euro-Zone gibt es eine symmetrische Debatte: in Frankreich über die restriktive Finanzpolitik … 2019 mit 1989 vergleicht, also vor der Vereinigung. Die meisten Studien zur relativen Position Deutschlands in der Euro-Zone …

Persistent link: https://www.econbiz.de/10012197774

The economic and monetary union : past, present and future

Dąbrowski, Marek - 2019

Persistent link: https://www.econbiz.de/10012029380