This paper studies price stability and debt sustainability when the real rate exceeds trend growth (r g) in a New Keynesian model with endogenous technology growth through R&D. Endogenous growth constitutes a self-financing mechanism for deficits which backs debt and attenuates fiscal...

Im Jahr 2024 feiert der Euro sein 25-jähriges Bestehen. Die Stabilität des Euroraums und damit der europäischen Gemeinschaftswährung wurde seit dem Jahr 1999 mehrfach auf die Probe gestellt, insbesondere während der weltweiten Finanzkrise 2008/09 und der sich anschließenden europäischen...

I estimate regime-dependent spillover effects from government spending shocks across the members of the European Monetary Union (EMU). I use panel regressions for a total of 14 EMU economies from 1997 to 2022. Government spending shocks are defined by unexpected innovations to forecast...

I estimate regime-dependent spillover effects from government spending shocks across the members of the European Monetary Union (EMU). I use panel regressions for a total of 14 EMU economies from 1997 to 2022. Government spending shocks are defined by unexpected innovations to forecast...

In macroeconomic models featuring borrowing-constrained agents, the effects of monetary policy depend on the fiscal reaction to interest rate changes. This paper presents new evidence on the dynamic causal effects of U.S. monetary policy shocks on fiscal instruments and estimates a Heterogeneous...

In macroeconomic models featuring borrowing-constrained agents, the effects of monetary policy depend on the fiscal reaction to interest rate changes. This paper presents new evidence on the dynamic causal effects of U.S. monetary policy shocks on fiscal instruments and estimates a Heterogeneous...