This paper develops a simple model-based framework for stress testing fiscal consolidation strategies under different scenarios of future shocks. A baseline scenario assuming a gradual debt consolidation is presented and by assuming different future developments (e.g. lower potential growth)...

Der Leser erhält mit diesem Buch einen Überblick über den Stand der Forschung in der Neuen Wachstumstheorie und die Konvergenzdebatte. Darüber hinaus beinhaltet das Buch eine strukturelle Analyse der langfristigen Wachstumstrends und ihrer Beschäftigungselastizitäten in 51 Industrien der...

The Euro and Economic Stability assesses the euro area’s merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view. Policymakers and economists provide relevant lessons from euro area divergences for future euro...

The paper constructs credit shocks using data and the solution to a monetary business cycle model. The model extends the standard stochastic cash-in-advance economy by including the production of credit that serves as an alternative to money in exchange. Shocks to goods productivity, money, and...