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The euro-area government spending multiplier at the effective lower bound

Amendola, Adalgiso; Di Serio, Mario; Fragetta, Matteo; … - 2019

We build a factor-augmented interacted panel vector-autoregressive model of the Euro Area (EA) and estimate it with Bayesian methods to compute government spending multipliers. The multipliers are contingent on the overall monetary policy stance, captured by a shadow monetary policy rate. In the...

Persistent link: https://www.econbiz.de/10012102056

Imbalances and debt crisis in the Euro area

Sipko, Juraj - In: Ekonomický časopis : časopis pre ekonomickú … 62 (2014) 3, pp. 265-284

Persistent link: https://www.econbiz.de/10010371787

Current accounts in the eurozone countries : the role of euro, fiscal policies and financial developments

Baxa, Jaromír; Olešňaník, Tomáš - 2014

Should we blame the euro for widening of current account deficits in the EMU? In this paper, we employ time-specific fixed effect estimator to study determinants of the current account deficits of the EU countries before and after adoption of the euro. Our aim is to assess to what extent the...

Persistent link: https://www.econbiz.de/10010429941

The fiscal compact and current account patterns in Europe

Behrendt, Stefan - 2014

This paper shall give an overview of the implications to the sectoral balances stemming from the implementation of the Fiscal Compact in the Euro area in 2013. Since there is noew a more or less strict limit to deficit spending - absent from cyclical factors - some other sector has to make up...

Persistent link: https://www.econbiz.de/10010436737

Macroeconomic policy making and current account imbalances in the euro area

Murai, Taiki; Schnabl, Gunther - 2021

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

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

Fiscal Divergence and Current Account Imbalances in Europe

Schnabl, Gunther - 2013

Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...

Persistent link: https://www.econbiz.de/10013086602

Fiscal outcomes, current account imbalances, and institutions in Europe : exploring nonlinearities

Keita, Kady; Rabaud, Isabelle; Turcu, Camelia - In: International economics : a journal published by CEPII … 175 (2023), pp. 121-134

Persistent link: https://www.econbiz.de/10014428851

The Role of Fiscal Policies for External Imbalances : Evidence from the European Union

Afonso, António; Coelho, José - 2021

two deficits is asymmetric and the negative impact of the recent Eurozone banking and sovereign debt crisis on the current … positive impact of the budget balance on the current account balance is higher in the cases of non-Eurozone countries, high … budget deficit countries, and low exports countries, whereas it is lower in the cases of Eurozone countries, low budget …

Persistent link: https://www.econbiz.de/10013247757

Fiscal divergence and current account imbalances in Europe

Schnabl, Gunther; Wollmershäuser, Timo - 2013

Persistent link: https://www.econbiz.de/10009702880

Is the Eurozone not a monetary union, but an extraordinary exchange rate union?

Sauer, Beate; Sell, Friedrich L. - 2013

The Target imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment … mechanism for the member countries. As the Eurozone lacks a fiscal union, in economic theory it is more an exchange rate union … payments, but only one for the whole Eurozone. This paper will show why the Target System is a crucial indicator for the …

Persistent link: https://www.econbiz.de/10009751600