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Going Fiscal? A Stylised Model With Fiscal Capacity and a Eurobond in the Eurozone
Codogno, Lorenzo - 2020
-stabilisation benefits both for the ‘core' and ‘periphery' of the Eurozone and would also achieve a rebalancing of the policy mix away from … economy of the Eurozone with a ‘core' and a ‘periphery' to see how it would behave under alternative conditions. Alongside …
Persistent link: https://www.econbiz.de/10012838046
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The Rationale for a Safe Asset and Fiscal Capacity for the Eurozone
Codogno, Lorenzo - 2019
The only way to share common liabilities in the Eurozone is to achieve full fiscal and political union, i.e. unity of … linked to the high legacy debt in some countries and the zero-lower-bound, respectively, and thus introducing Eurozone ‘safe …
Persistent link: https://www.econbiz.de/10012869801
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Monetary/fiscal policy regimes in post-war Europe
Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria - 2023
In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three distinct monetary/fiscal regimes in France and Italy: a...
Persistent link: https://www.econbiz.de/10014482924
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The economic and monetary union : past, present and future
Dąbrowski, 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/10012029380
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The euro crisis and economic growth : a novel counterfactual approach
Terzi, Alessio - 2019 - This Draft: 25 June 2019
warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone’s specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …
Persistent link: https://www.econbiz.de/10012033212
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Fiscal and monetary policy determinants of the Eurozone crisis and its resolution
Dąbrowski, Marek - 2012
quasi-fiscal rescue operations can undermine this consensus and lead to a disintegration of the Eurozone. There are also … ; Eurozone ; Maastricht Treaty ; European Central Bank ; Euro ; Fiscal union …
Persistent link: https://www.econbiz.de/10009572988
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Spillover Effects of Fiscal Policy in EMU : A Misconception behind the Stability Pact?
Huart, Florence - 2020
This paper extends the Mundell-Fleming model to a monetary union between two countries that are different with regard to the determinants of aggregate demand, demand for money, foreign trade, price and wage adjustment. Depending on these national disparities in structural parameters, a fiscal...
Persistent link: https://www.econbiz.de/10012838538
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The Economic Rationale of an EMU Fiscal Capacity
2018
This paper explores the economic rationale of an EMU fiscal capacity. It explains that the EMU's architecture suffers from two structural weaknesses: a tendency to develop imbalances and an inherent deflationary bias. The analysis shows that the external imbalances developed during the first...
Persistent link: https://www.econbiz.de/10012914443
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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