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The Impact of Constrained Monetary Policy on the Fiscal Multipliers on Output and Inflation
Bletzinger, Tilman - 2017
This paper uses two established DSGE models (QUEST III and Smets-Wouters) to assess the impact of fiscal spending cuts on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We compare four different settings of constrained monetary...
Persistent link: https://www.econbiz.de/10012963016
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Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment
Coenen, Günter - 2020
the euro area economy and examine, using the ECB's New Area-Wide Model, the consequences of the lower bound both for the …
Persistent link: https://www.econbiz.de/10012844862
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Monetary and Fiscal Complementarity in the Covid-19 Pandemic
Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2021
government bonds and this offsets the impact of shutdowns and lockdowns in the real economy. We show that these actions reduced … that if the Federal Reserve had not intervened to such a degree, the economy may have experienced a significantly deeper …
Persistent link: https://www.econbiz.de/10013210564
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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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Cross-region transfers in a monetary union : evidence from the US and some implications
Pennings, Steven - 2020
transfers. Results are broadly consistent with an open-economy New Keynesian model. At business-cycle frequencies, cross …
Persistent link: https://www.econbiz.de/10012241154
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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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Global Growth on Life Support? The Contributions of Fiscal and Monetary Policy Since the Global Financial Crisis
Baumann, Ursel - 2019
This paper compares the role of monetary and fiscal policy shocks in advanced and emerging economies. Using a model with a hierarchical structure we capture the variability of GDP response to policy shocks both between and within the groups of advanced and emerging countries. Our results provide...
Persistent link: https://www.econbiz.de/10012890779
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Reforming Non-Tariff Measures : From Evidence to Policy Advice
Cadot, Olivier - 2018
High levels of trade costs persist in the world trading system, despite recent progress in tariff reduction, trade facilitation, and logistics. At least some of these costs can be attributed to non-tariff measures (NTMs), policies imposed by governments other than ordinary customs duties which...
Persistent link: https://www.econbiz.de/10012644113
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Do's and Don'ts of Trade Policy in the Response to COVID-19
World Bank Group - 2020
Experience from previous global and food crises provides some guidance for appropriate trade responses during the crisis and those that are likely to undermine effective national and global responses. However, the speed, scale and nature of this crisis are unprecedented which requires thinking...
Persistent link: https://www.econbiz.de/10012646973
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When elephants make peace : the impact of the China-U.S. trade agreement on developing countries
Freund, Caroline L.; Maliszewska, Maryla; Mattoo, Aaditya; … - 2020
Should the China-U.S. trade agreement prompt relief because it averts a damaging trade war or concern because selective preferential access for the United States to China's markets breaks multilateral rules against discrimination? The answer depends on how China implements the agreement....
Persistent link: https://www.econbiz.de/10012230758