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Is There a Fiscal Free Lunch in a Liquidity Trap?

Erceg, Christopher; Lindé, Jesper - C.E.P.R. Discussion Papers - 2010

This paper uses a DSGE model to examine the effects of an expansion in government spending in a liquidity trap. The …

Persistent link: https://www.econbiz.de/10008468666

Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes

Erceg, Christopher; Lindé, Jesper - C.E.P.R. Discussion Papers - 2012

This paper uses a two country DSGE model to examine the effects of tax-based versus expenditure-based fiscal … consolidation in a currency union. We find three key results. First, given limited scope for monetary accommodation, tax …

Persistent link: https://www.econbiz.de/10011083421

Common Currency Areas and Currency Unions: An Analysis of the Issues

Masson, Paul R; Taylor, Mark P - C.E.P.R. Discussion Papers - 1992

. We also examine the implications of economic heterogeneity across a currency union, and whether or not convergence should … be achieved before rather than after the union occurs. In addition, some issues relating to the possible transition … towards monetary union in Europe are considered. …

Persistent link: https://www.econbiz.de/10005662119

International Costs and Benefits from EMU

Alogoskoufis, George; Portes, Richard - C.E.P.R. Discussion Papers - 1990

In this paper we examine the international implications of monetary union in the European Community (EMU) and the …

Persistent link: https://www.econbiz.de/10005281300

How do European Monetary and Fiscal Authorities Behave?

Favero, Carlo A. - C.E.P.R. Discussion Papers - 2002

The objective of this study is to investigate the behaviour of monetary and fiscal authorities in the Euro area. Our main contribution is joint modeling of behaviour of the two authorities. Our investigation highlights a number of facts. The systematic monetary policies adopted by the non-German...

Persistent link: https://www.econbiz.de/10005656458

Monetary/Fiscal Policy Mix and Agents' Beliefs

Bianchi, Francesco; Ilut, Cosmin - C.E.P.R. Discussion Papers - 2013

We reinterpret post World War II US economic history using an estimated microfounded model that allows for changes in the monetary/fiscal policy mix. We find that the fiscal authority was the leading authority in the '60s and the '70s. The appointment of Volcker marked a change in the conduct of...

Persistent link: https://www.econbiz.de/10011084218

On the International Dimension of Fiscal Policy

Benigno, Gianluca; De Paoli, Bianca - C.E.P.R. Discussion Papers - 2009

This paper analyses the international dimension of fiscal policy using a small open economy framework in which the government finances its spending by levying distortionary taxation and issuing non-state-contingent debt. The main finding of the paper is that, once the open economy aspect of the...

Persistent link: https://www.econbiz.de/10005666758

Hansa vs Habsburg: Debt, Deficits and the Entry of Accession Countries into the Euro

Hughes Hallett, Andrew; Lewis, John - C.E.P.R. Discussion Papers - 2004

Price and output level convergence between new member states and the existing EU necessarily implies inflation and growth divergence for many years to come. That complicates the conditions for accession to the euro. In this Paper, we focus on debt dynamics for the eight new member states from...

Persistent link: https://www.econbiz.de/10005124072

Fiscal Flows in the United States and Canada: Lessons for Monetary Union in Europe

Bayoumi, Tamim; Masson, Paul R - C.E.P.R. Discussion Papers - 1994

Regional flows of federal taxes and transfers within the United States and Canada are used to analyse long-term fiscal flows (the redistributive element) and short-term responses to regional business cycles (the stabilization element). In the United States, long-run flows amount to 22 cents in...

Persistent link: https://www.econbiz.de/10005661584

Real exchange rate adjustment, wage-setting institutions, and fiscal stabilization policy: Lessons of the Eurozone’s first decade

Carlin, Wendy - C.E.P.R. Discussion Papers - 2012

In terms of macroeconomic performance, the Eurozone’s first decade is a story of successful inflation-targeting by the … disequilibria at member country level. According to the standard New Keynesian model of a small member of a currency union, policy … not happen in the Eurozone appears to be related to the presence of non-rational wage-setters in a number of member …

Persistent link: https://www.econbiz.de/10011084267