Similar Search Results

Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area

Adam, Klaus; Zhu, Junyi - C.E.P.R. Discussion Papers - 2014

, and Belgium and Malta being the largest losers. Governments are net winners of inflation, while the household (HH) sector …, while HHs in Finland and Spain turn out to be net winners of inflation. Considerable heterogeneity exists also within the HH … sector: relatively young middle class HHs are net winners of inflation, while older and richer HHs are losers. As a result …

Persistent link: https://www.econbiz.de/10011084690

Optimal fiscal policy

Lukkezen, Jasper; Teulings, Coen N - C.E.P.R. Discussion Papers - 2013

This paper derives and estimates rules for fiscal policy that prescribe the optimal response to changes in unemployment and debt. We combine the reducedform model of the economy from a linear VAR with a non-linear welfare function and obtain analytic solutions for optimal policy. The variables...

Persistent link: https://www.econbiz.de/10011084121

A Role Model for the Conduct of Fiscal Policy? Experiences from Sweden

Flodén, Martin - C.E.P.R. Discussion Papers - 2012

Sweden was hit by a severe macroeconomic crisis in the early 1990s. GDP fell for three consecutive years in 1991-1993, unemployment increased by 9 percentage points, banks had to be nationalized, and public budget deficits exceeded 10 percent of GDP. The recovery was however quick. GDP growth...

Persistent link: https://www.econbiz.de/10011084359

Economic Convergence of the CEECs with the EU

Boone, Laurence; Maurel, Mathilde - C.E.P.R. Discussion Papers - 1998

This paper tries to assess how costly it would be for the CEECs to peg their exchange rates to the Euro. We use three types of criteria: institutional (the Maastricht criteria); some measure of real convergence; and the Optimal Currency Area criteria. The institutional criteria seem to be an...

Persistent link: https://www.econbiz.de/10005662339

East Germany, West Germany, and their Mezzogiorno Problem: An Empirical Investigation

Hughes Hallett, Andrew; Ma, Yue - C.E.P.R. Discussion Papers - 1992

Economic and monetary reunification in Germany has proved to be more expensive than previously thought - and not just for the Germans. If a `Mezzogiorno' problem of continuing fiscal transfers to the East and possible migration flows westwards are to be avoided, there must be convergence in...

Persistent link: https://www.econbiz.de/10005666815

Anti-Trust Policy and National Growth: Some Evidence from Italy

Allegra, Elisabetta; Forni, Mario; Grillo, Michele; … - C.E.P.R. Discussion Papers - 2004

Anti-trust problems affecting markets for intermediate goods or services raise the input costs of firms operating in downstream sectors, which often face tough international competition. Such firms lose market share, thus worsening the economic performance of the country. We try to document the...

Persistent link: https://www.econbiz.de/10005067650

Environmental Innovation Policy and International Competition

Carraro, Carlo; Siniscalco, Domenico - C.E.P.R. Discussion Papers - 1991

We consider one polluting industry in an open economy. The national government implements a policy of industrial pollution control by inducing appropriate technological innovations to reduce toxic emissions. The emission-reducing innovations are developed through firm-specific costly...

Persistent link: https://www.econbiz.de/10005666416

Modelling and Forecasting Fiscal Variables for the euro Area

Favero, Carlo A.; Marcellino, Massimiliano - C.E.P.R. Discussion Papers - 2005

In this paper we assess the possibility of producing unbiased forecasts for fiscal variables in the euro area by comparing a set of procedures that rely on different information sets and econometric techniques. In particular, we consider ARMA models, VARs, small scale semi-structural models at...

Persistent link: https://www.econbiz.de/10005504314

Dating the Euro Area Business Cycle

Artis, Michael J; Marcellino, Massimiliano; Proietti, … - C.E.P.R. Discussion Papers - 2003

In this Paper we compare alternative approaches for dating the euro area business cycle and analysing its characteristics. First, we extend a commonly used dating procedure to allow for length, size and amplitude restrictions, and to compute the probability of a phase change. Second, we apply...

Persistent link: https://www.econbiz.de/10005504746

Euro-Area and US Banks Behavior, and ECB-Fed Monetary Policies during the Global Financial Crisis: A Comparison

Cukierman, Alex - C.E.P.R. Discussion Papers - 2014

issues in the EA and the US as well as to the higher institutional aversion of the ECB to inflation relatively to that of the …

Persistent link: https://www.econbiz.de/10011096105