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The search for the right European financing instruments in the Corona pandemic : ESM liquidity assistance versus Corona bonds

Heinemann, Friedrich - 2020

The purported advantages of corona bonds over the ESM are meagre to non-existent, says Friedrich Heinemann (EconPol Europe, ZEW). The challenge we face is to contain the spread of COVID-19 while stabilising the economy and ensuring eurozone states have sufficient liquidity and the ESM is a...

Persistent link: https://www.econbiz.de/10012233277

Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic

Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021 - This version: June 2021

We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government … bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU … only for the announcement of the 'Next Generation EU' program. In contrast, a temporary relaxation of European fiscal rules …

Persistent link: https://www.econbiz.de/10012534642

Moving from broad to targeted pandemic fiscal support : in-depth analysis requested by the ECON Committee

Heinemann, Friedrich - Europäisches Parlament / Generaldirektion Interne … - 2022

Persistent link: https://www.econbiz.de/10013202069

Moving from broad to targeted pandemic fiscal support

Heinemann, Friedrich - 2022

This paper conceptualizes an appropriate path for fiscal policy starting from the early phase of the pandemic up to the final transition to a post-pandemic new normal. Using this yardstick, it assesses the initial fiscal response of Member States. It exploits fiscal projections and program data...

Persistent link: https://www.econbiz.de/10014293256

Dispelling the Shadow of Fiscal Dominance? Fiscal and Monetary Announcement Effects for Euro Area Sovereign Spreads in the Corona Pandemic

Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021

We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government … bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players – the ECB or the EU … only for the announcement of the ‘Next Generation EU’ program. In contrast, a temporary relaxation of European fiscal rules …

Persistent link: https://www.econbiz.de/10013221648

Simulating a European recovery fund

Heinemann, Friedrich - 2020

European leaders debate the establishment of a "European Recovery Fund" (ERF). The ERF shall help the European economy to restart growth after the COVID-19 pandemic-related recession that is currently unfolding. Early national and European fiscal measures of anti-crisis policy have been focused...

Persistent link: https://www.econbiz.de/10013484697

Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the Corona pandemic

Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021

economic consequences of pandemic disruptions. In addition, EU Member States have designed stimulus packages in order to …

Persistent link: https://www.econbiz.de/10013488768