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Finanz- und Wirtschaftspolitik bei einer anhaltenden monetären Expansion

Kooths, Stefan; Schwarzmüller, Tim; Scheide, Joachim; … - 2014

In Reaktion auf die Finanzkrise hat das Eurosystem seine Geldpolitik massiv gelockert. So hat die Europäische … budgets in several countries of the euro area. This has led to large liquidity flows into Germany. This situation is expected … to continue for some time to come. With huge amounts of excess liquidity already accumulated in the German banking sector …

Persistent link: https://www.econbiz.de/10010343472

Makroprudenzielle Finanzmarktpolitik : nationale Handlungsoptionen im Euroraum

Roye, Björn van; Plödt, Martin; Scheide, Joachim; … - 2014

Persistent link: https://www.econbiz.de/10010408479

Euroraum: gemeinsame Währung - nationales Geld

Kooths, Stefan - 2012

Persistent link: https://www.econbiz.de/10009558427

Nationale Geldschöpfung im Euroraum : Mechanismen, Defekte, Therapie

Kooths, Stefan - 2012

Persistent link: https://www.econbiz.de/10009559835

Gauging the effects of fiscal stimulus packages in the euro area

Coenen, Günter; Straub, Roland; Trabandt, Mathias - European Central Bank - 2012

We seek to quantify the impact on euro area GDP of the European Economic Recovery Plan (EERP) enacted in response to the financial crisis of 2008-09. To do so, we estimate an extended version of the ECB’s New Area-Wide Model with a richly specified fiscal sector. The estimation results point...

Persistent link: https://www.econbiz.de/10010686873

Fiscal policy and the great recession in the Euro area

Coenen, Günter; Straub, Roland; Trabandt, Mathias - European Central Bank - 2012

How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of...

Persistent link: https://www.econbiz.de/10010541257

Fiscal consolidation in the euro area: long-run benefits and short-run costs.

Coenen, Günter; Mohr, Matthias; Straub, Roland - European Central Bank - 2008

In this paper, we examine the macroeconomic effects of alternative fiscal consolidation policies in the New Area-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al., 2007). We model fiscal consolidation as a permanent...

Persistent link: https://www.econbiz.de/10005530882

Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model

Coenen, Günter; McAdam, Peter; Straub, Roland - European Central Bank - 2007

In this paper, we employ a calibrated two-country version of the New Area-Wide Model (NAWM) currently under development at the European Central Bank to examine the potential benefits and spillovers of reducing labour-market distortions caused by euro area tax structures. Our analysis shows that...

Persistent link: https://www.econbiz.de/10005344892

Does government spending crowd in private consumption? Theory and empirical evidence for the euro area

Coenen, Günter; Straub, Roland - European Central Bank - 2005

In this paper, we revisit the effects of government spending shocks on private consumption within an estimated New-Keynesian DSGE model of the euro area featuring non-Ricardian households. Employing Bayesian inference methods, we show that the presence of non-Ricardian households is in general...

Persistent link: https://www.econbiz.de/10005222343

Risks to price stability, the zero lower bound and forward guidance: a real-time assessment

Coenen, Günter; Warne, Anders - European Central Bank - 2013

This paper employs stochastic simulations of the New Area-Wide Model—a micro-founded open-economy model developed at the ECB—to investigate the consequences of the zero lower bound on nominal interest rates for the evolution of risks to price stability in the euro area during the recent...

Persistent link: https://www.econbiz.de/10010693493