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Paetz, Christoph - 2020

I estimate fiscal reaction functions to analyze the cyclical behavior of discretionary measures in the euro area and the potential impact of changes in the fiscal framework. The core is to analyze whether fiscal rules have an asymmetric impact on discretionary measures over the cycle. First,...

Persistent link: https://www.econbiz.de/10012319571

Fiscal space on the Eurozone peripery : the case of Spain

Uxó González, Jorge; Álvarez Peralta, Nacho; … - 2017

On the one hand, every official document about fiscal policy in Spain, and most orthodox academic papers argue that … Spain has no "fiscal space" and that it should apply resolute actions to assure budget consolidation. On the other hand …, Spain also had the second highest unemployment rate in the Eurozone in 2015: 21% of the active population. A rapid decline …

Persistent link: https://www.econbiz.de/10011595916

Are the current account imbalances between EMU countries sustainable?

Schoder, Christian; Proaño Acosta, Christian; Semmler, … - 2012

Using parametric and non-parametric estimation techniques, we analyze the sustainability of the recently growing current account imbalances in the euro area and test whether the European Monetary Union has aggravated these imbalances. Two alternative criteria for the as-sessment of external debt...

Persistent link: https://www.econbiz.de/10009616530

Cross-border banking and business cycles in asymmetric currency unions

Dräger, Lena; Proaño Acosta, Christian - 2016

Vor dem Hintergrund des jüngsten Immobilienbooms und der darauffolgenden -abschwünge in Ländern wie Spanien und Irland …

Persistent link: https://www.econbiz.de/10011414652

Quantitative easing with bite : a proposal for conditional overt monetary financing of public investment

Watt, Andrew - 2015

To address the on-going crisis in the euro area it is proposed to introduce a scheme of conditional, overt monetary financing of public investment (COMFOPI). The inadequate response of monetary and fiscal policy is shown to explain the weak performance of the euro area compared with other...

Persistent link: https://www.econbiz.de/10010491693

The golden rule of public investment : a necessary and sufficient reform of the EU fiscal framework?

Truger, Achim - 2016

proposes the introduction of the traditional public finance golden rule into the EU/Eurozone fiscal framework (Stability and … (SWP) und Fiskalpakt(FP) der EU/Eurozone. Eine solche Regel würde die öffentlichen (Netto-)Investitionen in geeigneter …

Persistent link: https://www.econbiz.de/10011477456

The real-time information content of financial stress and bank lending on European business cycles

Fiedler, Jakob; Ruzicka, Josef; Theobald, Thomas - 2019

We integrate newly created financial stress indices (FSIs) into an automated real-time recession forecasting procedure for the Euro area and Germany. The FSIs are based on a large number of financial indicators, each of them potentially signaling financial stress. A subset of these indicators is...

Persistent link: https://www.econbiz.de/10012038976

Long-term effects of fiscal stimulus and austerity in Europe

Gechert, Sebastian; Horn, Gustav A.; Paetz, Christoph - 2017

We analyze whether there are negative (positive) long-term effects of austerity measures (stimulus measures) on potential output growth. Based on the approach of Blanchard and Leigh (2013) and Fatás and Summers (2016) and using a novel dataset of narratively identified fiscal policy shocks, we...

Persistent link: https://www.econbiz.de/10011656960

Euro area imbalances : how much could an expansion in the North help the South?

Picek, Oliver; Schröder, Enno - 2017

We run simulations of current account rebalancing scenarios in the Euro Area and the European Union based on a closed multi-country input-output model. The spillover effects of domestic demand booms in the Northern European surplus countries are non-negligible, but not large. While they cannot...

Persistent link: https://www.econbiz.de/10011667860

Spillover effects of Germany's final demand on Southern Europe

Schröder, Enno; Picek, Oliver - 2017

We calibrate a closed multi-country input-output model with data from the World Input-Output Database to estimate the size of spillover effects of Germany's final demand on GDP, employment, and the trade balance in Southern European countries. We find that spillover effects are rather small....

Persistent link: https://www.econbiz.de/10011667875