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Comparing Fiscal Multipliers Across Models and Countries in Europe

Kilponen, Juha - 2015

This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different...

Persistent link: https://www.econbiz.de/10013026620

Comparing fiscal multipliers across models and countries in Europe

Kilponen, Juha; Pisani, Massimiliano; Schmidt, Sebastian; … - 2015

Persistent link: https://www.econbiz.de/10011605805

Cost of Borrowing Shocks and Fiscal Adjustment

De Groot, Oliver - 2013

shock. We also find that the bulk of fiscal adjustment takes place via a rise in government revenue rather than a cut in …-to-GDP ratio from rising as a consequence of the shock. Sub-dividing our sample, we also find that for countries participating in … Economic and Monetary Union (EMU) the primary balance response to a cost of borrowing shock was stronger in the period after …

Persistent link: https://www.econbiz.de/10013089247

Fiscal Developments and Financial Stress : A Threshold VAR Analysis

Afonso, António - 2011

economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than …

Persistent link: https://www.econbiz.de/10013128285

One Scheme Fits All : A Central Fiscal Capacity for the EMU Targeting Eurozone, National and Regional Shocks

Beetsma, Roel; Cimadomo, Jacopo; Spronsen, Josha van - 2022

This paper proposes a central fiscal capacity for the euro area that generates transfers in response to eurozone, country, and region-specific shocks. The main novelty of this fiscal capacity is that it allows a joint response to these three types of shocks within a single scheme. Based on NUTS3...

Persistent link: https://www.econbiz.de/10014082970

The Impact of Constrained Monetary Policy on the Fiscal Multipliers on Output and Inflation

Bletzinger, Tilman - 2017

This paper uses two established DSGE models (QUEST III and Smets-Wouters) to assess the impact of fiscal spending cuts on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We compare four different settings of constrained monetary...

Persistent link: https://www.econbiz.de/10012963016

Dealing with a Liquidity Trap When Government Debt Matters : Optimal Time-Consistent Monetary and Fiscal Policy

Burgert, Matthias - 2014

How does the need to preserve government debt sustainability affect the optimal monetary and fiscal policy response to a liquidity trap? To provide an answer, we employ a small stochastic New Keynesian model with a zero bound on nominal interest rates and characterize optimal time-consistent...

Persistent link: https://www.econbiz.de/10013061806

Monetary Conservatism and Fiscal Policy

Adam, Klaus - 2006

Does an inflation conservative central bank agrave; la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary...

Persistent link: https://www.econbiz.de/10012779800

Monetary conservatism and fiscal policy

Adam, Klaus; Billi, Roberto M. - 2006

Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary...

Persistent link: https://www.econbiz.de/10011604709

Monetary-fiscal policy interactions when price stability occasionally takes a back seat

Schmidt, Sebastian - 2024

What are the macroeconomic consequences of a government that is limited in its willingness or ability to raise primary surpluses, and a central bank that accommodates its interest-rate policy to the fiscal conditions? I address this question in a dynamic stochastic sticky-price model with...

Persistent link: https://www.econbiz.de/10014543597