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Fiscal expenditure spillovers in the euro area : an empirical and model-based assessment

Alloza, Mario; Ferdinandusse, Marien; Jacquinot, Pascal; … - 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/10012206331

Impact of monetary policy and fiscal policy on Indonesian stock market

Handoyo, Rossanto Dwi; BinJusoh, Mansor; Mohd Azlan … - In: Expert journal of economics 3 (2015) 2, pp. 113-126

). We find that there is a positive stock price response to monetary policy shock both aggregated and sectoral stock price …. In term of interaction between fiscal policy shock and stock market, we find that all sectors respond negative …

Persistent link: https://www.econbiz.de/10012062301

Evaluating monetary policy options for managing resource revenue shocks when fiscal policy is laissez-faire : application to Nigeria

Chuku, Chuku Agbai - 2016

This study considers the implications of alternative monetary policy regimes to deal with a laissez-faire fiscal policy rule, where the government completely spends resource revenue windfall contemporaneously. A three sector dynamic stochastic general equilibrium model, which features key...

Persistent link: https://www.econbiz.de/10011456170

To Respond or Not to Respond : Measures of the Output Gap in Theory and in Practice

Segal, Guy - 2019

This paper analyzes the implications of responding to either the model-based New Keynesian output gap or to its estimates, and in particular, a Hodrick-Prescott filtered output gap or a linearly detrended output gap. Responding to these estimates instead of to the “true” unobserved output...

Persistent link: https://www.econbiz.de/10012859876

Output spillovers from U.S. monetary policy : the role of international trade and financial linkages

Bräuning, Falk; Sheremirov, Viacheslav - 2019 - This version: October, 2019

We estimate that U.S. monetary policy has sizable spillover effects on global economic activity. In response to a surprise increase in the federal funds rate of 25 basis points, real output in our sample of 44 countries declines on average by 0.9% after three years. We find that international...

Persistent link: https://www.econbiz.de/10012135715

Monetary Policy Effects in Output and Prices : Evidence for the Dominican Republic Using a Structural VAR Approach

Jimenez Polanco, Miguel - 2018

effects begin to be observed from the fifth month after the monetary shock occurred, with an average duration of two years …

Persistent link: https://www.econbiz.de/10012930442

An alternative explanation of the prize puzzle

Giordani, Paolo (contributor) - 2001 - [Elektronische Ressource], Rev. November 19, 2001

This paper proposes a simple explanation for the frequent appearance of a price puzzle in VARs designed for monetary policy analysis. It suggests that the best method of solving the puzzle implies a close connection between theory and empirics rather than the introduction of a commodity price....

Persistent link: https://www.econbiz.de/10001600038

Monetary transmission mechanism in a small open economy : a Bayesian structural VAR approach

Bhuiyan, Rokon (contributor) - 2008

estimate this over-identified VAR model, I find that the policy shock transmits to real output through both the interest rate … and exchange rate channels, and the shock does not induce a departure from uncovered interest rate parity. I also find …. Finally, I find that Canadian variables significantly responds to the US federal funds rate shock, and external shocks are an …

Persistent link: https://www.econbiz.de/10003768853

Monetary policy trade-offs in an estimated open-economy DSGE model

Adolfson, Malin (contributor) - 2009

This paper studies the transmission of shocks and the trade-offs between stabilizing CPI inflation and alternative measures of the output gap in Ramses, the Riksbank's empirical dynamic stochastic general equilibrium (DSGE) model of a small open economy. The main results are, first, that the...

Persistent link: https://www.econbiz.de/10003874024

Price bargaining, the persistence puzzle, and monetary policy

Wesselbaum, Dennis - 2010

In the recent New Keynesian literature a standard assumption is that the price for which an intermediate good is sold to the final good firm is equal to the marginal costs of the intermediate good firm. However, there is empirical evidence that this need not to hold. This paper introduces price...

Persistent link: https://www.econbiz.de/10003971894