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Macroeconomic policy making and current account imbalances in the euro area

Murai, Taiki; Schnabl, Gunther - 2021

euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels … of euro area central banks are identified. It is found that differing fiscal policy stances which have interacted … the euro area. Since the European financial and debt crisis, public financing mechanisms and the unconventional monetary …

Persistent link: https://www.econbiz.de/10012550195

Populists in power

Dörr, Luisa; Potrafke, Niklas; Rösel, Felix - 2021

We examine how populist governments influence political culture and economic outcomes. Some Austrian communities are governed by far-right populist mayors, directly elected by a majority of voters. We exploit close elections and find that the electorate becomes more polarized under populist...

Persistent link: https://www.econbiz.de/10012628748

The renaissance of ordoliberalism in the 1970s and 1980s

Krieger, Tim; Nientiedt, Daniel - 2023

The economic tradition of ordoliberalism, understood as the theoretical and policy ideas of the Freiburg School, emerged in 1930s and 1940s Germany. In the years thereafter, it was quickly superseded by Keynesianism and other theories imported from the English-speaking world. The crisis in...

Persistent link: https://www.econbiz.de/10014304519

Economic policy uncertainty, trust and inflation expectations

Istrefi, Klodiana; Piloiu-Popescu, Anamaria-Valeria - 2013 - Second Draft: February 2013

Theory and evidence suggest that in an environment of well-anchored expectations, temporary news or shocks to economic variables, should not affect agents ́expectations of inflation in the long term. Our estimated structural VARs show that both long- and short-term inflation expectations are...

Persistent link: https://www.econbiz.de/10009764421

Government ideology and economic policy-making in the United States

Potrafke, Niklas - 2017

This paper describes the role of government ideology on economic policy-making in the United States. I consider studies using data for the national, state and local level and elaborate on checks and balances, especially divided government, measurement of government ideology and empirical...

Persistent link: https://www.econbiz.de/10011646733

Italy in the Eurozone

Keuschnigg, Christian; Kirschner, Linda; Kogler, Michael; … - 2020

Using a DSGE model with nominal wage rigidity, we investigate two scenarios for the Italian economy. The first considers sustained policy commitment to reform. The results indicate the possibility of 'growing out of bad initial conditions', if fiscal consolidation is combined with a program for...

Persistent link: https://www.econbiz.de/10012244451

Is Greece turning the corner? : a theory-based assessment of recent Greek macro-policy

Arghyrou, Michael Georgiou - 2014

We use a macro-theory framework of analysis to assess Greek macro-policy with emphasis on the period of the Greek debt crisis. The latter is mainly the result of misguided past internal policies deviating from the policy lessons of modern macroeconomics. The current policy, however, provides a...

Persistent link: https://www.econbiz.de/10010412757

Smoothing asymmetric shocks vs. redistribution in the euro area : a simple proposal for dealing with mistrust in the euro area

Oksanen, Heikki - 2016 - This version 2016-03-22

The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private …

Persistent link: https://www.econbiz.de/10011444463

Greece's three-act tragedy : a simple model of Grexit vs. staying afloat inside the single currency area

Chen, Yu-Fu; Funke, Michael - 2015

is described using a stochastic regime-switching model; second, the euro area governments’ responses to uncertain … macroeconomic policies in Greece are considered. The model's mechanism and assumptions allow either for a Grexit from the euro area … understand key drivers of the long-winded negotiations between the Syiza government and the euro area governments. …

Persistent link: https://www.econbiz.de/10011406792

Currency unions, trade, and heterogeneity

Chen, Natalie; Novy, Dennis - 2018

How do trade costs affect international trade? This paper offers a new approach. We rely on a flexible gravity equation that predicts variable trade cost elasticities, both across and within country pairs. We apply this framework to the effect of currency unions on international trade. While we...

Persistent link: https://www.econbiz.de/10011867116