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Final report: monetary and fiscal policy

Zukrowska, Katarzyna; Sobczak, Dominik; Marzo, Massimiliano - 2003

EU-accession and eventual participation in the Eurozone? Having conducted empirical regional reports, the Ezoneplus …

Persistent link: https://www.econbiz.de/10010266838

Fiscal and monetary policy in Belgium, France, Germany, Luxembourg, and The Netherlands

Fahrholz, Christian; Mohl, Philipp - 2003

This regional input analyses recent developments and future prospects of fiscal policy (part I) and monetary policy (part II) of Benelux, France and Germany (EMU-5) covering the period of 1997-2004. The fiscal policy part concentrates on budgetary effects of the eastward enlargement. Besides,...

Persistent link: https://www.econbiz.de/10010331064

Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik

Heimberger, Philipp - 2016

Finanzkrise im Vergleich von Eurozone, USA und Großbritannien. Die Eurozone erholte sich seit 2010 deutlich schleppender als die … Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Ergebnis ist, dass der restriktivere Mix aus Geld- und Fiskalpolitik in der Eurozone die im Vergleich zu den USA und …

Persistent link: https://www.econbiz.de/10012100198

Fiscal convergence before entering the EMU

Onorante, Luca - 2006

The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...

Persistent link: https://www.econbiz.de/10011604710

An estimated dynamic stochastic general equilibrium model of the euro area

Smets, Frank; Wouters, Raf - 2002

This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...

Persistent link: https://www.econbiz.de/10011506557

Forecasting with a Bayesian DSGE Model: an application to the euro area

Smets, Frank; Wouters, Raf - 2004

In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general equilibrium (DSGE) models, estimated using Bayesian...

Persistent link: https://www.econbiz.de/10011506582

Policy mix and debt sustainability : evidence from fiscal policy rules

Claeys, Peter - 2005

This paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of...

Persistent link: https://www.econbiz.de/10010261142

European fiscal policies under the stability pact - some first insights

Lehment, Harmen - 2002

EU Member countries have shown different degrees of ambition to reach a budget position of ?close to balance or in surplus'. Differences in ambition can only partly be explained by the relative size of cyclical safety margins or differences in the number of votes in the ECOFIN Council. It is...

Persistent link: https://www.econbiz.de/10010265539

Macroeconomic co-ordination as an economic policy concept : opportunities and obstacles in the EMU

Truger, Achim; Hein, Eckhard - 2004

This paper traces the euro zone's inadequate macroeconomic performance in recent years back to the predominance of a restrictive macroeconomic policy mix based on a 'new monetarist' approach to economic policy. An approach based on a (post-)Keynesian analysis is presented as a growth and...

Persistent link: https://www.econbiz.de/10010296099

Optimal monetary policy and the transmission of oil-supply shocks to the euro area under rational expectations

Adjemian, Stéphane; Darracq Pariès, Matthieu - 2008

This paper presents first the estimation of a two-country DSGE model for the euro area and the rest-of-the-world including relevant oil-price channels. We then investigate the optimal resolution of the policy tradeoffs emanating from oil-price disturbances. Our simulations show that the...

Persistent link: https://www.econbiz.de/10011605008