We study the macroeconomic effects of unconventional monetary policy in the euro area using structural vector autoregressions, identified with an external instrument. The instrument is the common unexpected variation in euro area sovereign spreads for different maturities on policy announcement...

Most of the country-specific recommendations (CSRs) issued over the years 2011-13 concentrated on the need to reduce budget deficits "in a growth-friendly way" and to increase competitiveness. Both policy goals remain appropriate today. However, the CSRs have seldom indicated what concrete...

Most of the country-specific recommendations (CSRs) issued over the years 2011-13 concentrated on the need to reduce budget deficits "in a growth-friendly way" and to increase competitiveness. Both policy goals remain appropriate today. However, the CSRs have seldom indicated what concrete...

Während die europäische Bankenunion seit dem Finanzministertreffen im Dezember 2013 konkrete Züge annimmt, bleiben die Vorschläge der Politik zur Gestaltung einer Fiskalunion vage. Hingegen werden in der Wissenschaft und politischen Beratung mittlerweile mehrere Modelle eines...

This paper characterizes capital taxation and public debt policy in a quantitative macroeconomic model with an impatient government and uncertainty. The government has access to linear taxes on capital and labor, and to non-state-contingent bonds. Government impatience generates positive and...