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The Political Economy Under Monetary Union : Has the Euro Made a Difference?
Fratzscher, Marcel; Stracca, Livio - 2021
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within …
Persistent link: https://www.econbiz.de/10013316460
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Monetary-Fiscal Interactions and the Euro Area's Malaise
Jarocinski, Marek - 2017
When monetary and fiscal policy are conducted as in the euro area, output, inflation, and government bond default premia are indeterminate according to a standard general equilibrium model with sticky prices extended to include defaultable public debt. With sunspots, the model mimics the recent...
Persistent link: https://www.econbiz.de/10012954400
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The Macroeconomic Impact of Euro Area Labour Market Reforms : Evidence from a Narrative Panel VAR
Rünstler, Gerhard - 2021
Using new quarterly narrative evidence, this paper examines the macroeconomic impact of reforms of unemployment benefits (UB) and employment protection legislation (EPL) in the euro area from a Bayesian narrative panel VAR. The approach complements existing micro-econometric evidence by aligning...
Persistent link: https://www.econbiz.de/10013210534
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Fiscal Policy Shocks in the Euro Area and the US : An Empirical Assessment
Burriel, Pablo - 2009
We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and...
Persistent link: https://www.econbiz.de/10013153261
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Interactions between monetary and fiscal policy rules
Leith, Campbell B.; Wren-Lewis, Simon - In: The economic journal : the journal of the Royal … 110 (2000), pp. C93-C108
Persistent link: https://www.econbiz.de/10001496065
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Designing QE in a Fiscally Sound Monetary Union
Bletzinger, Tilman - 2018
channel is not active, the model becomes isomorphic to the canonical New Keynesian three-equation economy in which central … lower bound which replicates the equilibrium allocation and the welfare level of a hypothetically unconstrained economy …
Persistent link: https://www.econbiz.de/10012917169
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Macroeconomic Stabilization, Monetary-Fiscal Interactions, and Europe's Monetary Union
Corsetti, Giancarlo - 2017
The euro area has been experiencing a prolonged period of weak economic activity and very low inflation. This paper reviews models of business cycle stabilization with an eye to formulating lessons for policy in the euro area. According to standard models, after a large recessionary shock...
Persistent link: https://www.econbiz.de/10012963947
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What Do We Really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic
Afonso, António - 2007
We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel...
Persistent link: https://www.econbiz.de/10012775987
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Fiscal and Monetary Policy in the Enlarged European Union
Pogorelec, Sabina - 2021
I build a quantitative two-country DSGE model of the European Union (EU) and investigate whether there are welfare gains from fiscal policy cooperation between the new EU members and the euro area (EMU). Fiscal cooperation is defined in terms of joint maximization of the weighted average of...
Persistent link: https://www.econbiz.de/10013317557
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Assessing the Fiscal-Monetary Policy Mix in the Euro Area
Bańkowski, Krzysztof; Christoffel, Kai Philipp; Faria, … - 2021
This paper attempts to gauge the effects of various fiscal and monetary policy rules on macroeconomic outcomes in the euro area. It consists of two major parts – a historical assessment and an assessment based on an extended scenario until 2030 – and it builds on the ECB-BASE –a...
Persistent link: https://www.econbiz.de/10013312080