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Designing the Policy Mix in a Monetary Union

Kempf, Hubert - 2020

This paper studies the design of the policy mix in a monetary union, that is, the institutional arrangement specifying the relationships between the various policymakers present in the union and the extent of their capacity of action. It is assumed that policymakers do not cooperate. Detailing...

Persistent link: https://www.econbiz.de/10012832189

Monetary and Fiscal Policy Interactions in a Micro-Founded Model of a Monetary Union

Beetsma, Roel M. W. J.; Jensen, Henrik - 2021

So far, the "new open economy macroeconomics" literature has primarily focused on monetary policy and monetary policy rules, rather than paying attention also to fiscal policy. This is an omission because, especially with the advent of EMU, the burden on fiscal policy as an instrument for...

Persistent link: https://www.econbiz.de/10013320221

The Euro Area Periphery Sovereigns' Fiscal Positions and Unconventional Monetary Policy

Hülsewig, Oliver - 2020

We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...

Persistent link: https://www.econbiz.de/10012843420

The Euro area periphery sovereigns' fiscal positions and unconventional monetary policy

Hülsewig, Oliver; Scharler, Johann - 2020

Persistent link: https://www.econbiz.de/10012154910

Monetary Policy in the Euro Area : The Impact of Fiscal Closure Rules

Jacobs, Jan P. A. M.; Kuper, Gerard H.; Verlinden, Johan - 2008

This paper focuses on the importance of fiscal policy rules for the conduct of monetary policy in the euro area, building upon the idea that monetary and fiscal policy should not be conducted in isolation. We derive a fiscal closure rule for the euro area that is consistent with the requirements...

Persistent link: https://www.econbiz.de/10014214835

Stabilization and the Policy Mix in a Monetary Union

Malmierca, María - 2020

The need for macroprudential policy to “lean against the wind” of credit cycles at the aim of financial and hence macroeconomic stability is a common belief. Which design of macroprudential policy might attain the greatest stability for the economy is still an open debate. This paper builds...

Persistent link: https://www.econbiz.de/10012841094

A welfare perspective on the fiscal-monetary policy mix : the role of alternative fiscal instruments

Marattin, Luigi; Marzo, Massimiliano; Zagaglia, Paolo - 2010 - This version: November 16, 2010

The need of fiscal consolidation is likely to dominate the policy agenda in the next decade; starting from statistical evidence on the conduct of fiscal policy in the EMU area over the last decade, this paper addresses the optimality of alternative fiscal consolidation strategies. We explore the...

Persistent link: https://www.econbiz.de/10011737837

Making the Euro viable : the Euro treasury plan

Bibow, Jörg - 2015

a vehicle to pool future eurozone public investment spending and to have it funded by proper eurozone treasury …

Persistent link: https://www.econbiz.de/10011309515

Fiscal Policies and Business Cycles in an Enlarged Euro Area

Staehr, Karsten - 2008

This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future … counter-cyclical in Central and Eastern European countries than in members of the eurozone. The main differences arise from … the revenue side. Differences in the formation of fiscal policy between current and future eurozone countries decrease …

Persistent link: https://www.econbiz.de/10012772398

Fiscal Policies and Business Cycles in an Enlarged Euro Area

Staehr, Karsten - 2008

Persistent link: https://www.econbiz.de/10012773620