Similar Search Results

The political economy under monetary union: has the euro made a difference?

Fratzscher, Marcel; Stracca, Livio - 2008

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/10011605002

What accounts for the changes in U.S. fiscal policy transmission?

Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - 2006

Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited...

Persistent link: https://www.econbiz.de/10011604628

Fiscal policy in a monetary economy with capital and finite lifetime

Annicchiarico, Barbara; Giammarioli, Nicola; … - 2006

This paper develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes. The framework exhibits intergenerational wealth effects and is intended to investigate the macroeconomic implications of fiscal policy, which is specified by...

Persistent link: https://www.econbiz.de/10011604707

Fiscal convergence before entering the EMU

Onorante, Luca - 2006

The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...

Persistent link: https://www.econbiz.de/10011604710

Government size, composition, volatility and economic growth

Afonso, António; Furceri, Davide - 2008

This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government...

Persistent link: https://www.econbiz.de/10011604895

The impact of high and growing government debt on economic growth: an empirical investigation for the euro area

Checherita-Westphal, Cristina; Rother, Philipp - 2010

This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point—beyond which the government debt-to-GDP ratio has a...

Persistent link: https://www.econbiz.de/10011605283

The macroeconomic effects of fiscal policy

Afonso, António; Sousa, Ricardo M. - 2009

We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression approach. We build on a recursive identification scheme, but we: (i) include the feedback from government debt (ii); look at the impact on the composition of output; (iii) assess the...

Persistent link: https://www.econbiz.de/10011605037

Fiscal policy and growth: do financial crises make a difference?

Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010

In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...

Persistent link: https://www.econbiz.de/10011605263

Does fiscal policy matter for the trade account? A panel cointegration study

Funke, Katja; Nickel, Christiane - 2006

This paper analyses the empirical relationship between fiscal policy and the trade account. Research prior to this paper did not consider that the components of private and public demand in the import demand equation exhibit different elasticities. Using pooled mean group estimation for annual...

Persistent link: https://www.econbiz.de/10011604666

Expansionary fiscal consolidations in Europe: new evidence

Afonso, António - 2006

In order to assess the existence of expansionary fiscal consolidations in Europe, panel data models for private consumption are estimated for the EU15 countries, using annual data over the period 1970–2005. Three alternative approaches to determine fiscal episodes are used, and the level of...

Persistent link: https://www.econbiz.de/10011604721