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Fiscal Policy in a Monetary Union in the Presence of Uncertainty about the Central Bank Preferences
Dai, Meixing - 2009
In this paper, we examine the link between political transparency of a common central bank (CCB) and decentralized supply-side fiscal policies in a monetary union. We find that the opacity of a conservative CCB has a restrictive effect on national fiscal policies since each government...
Persistent link: https://www.econbiz.de/10012765687
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Optimal Monetary Policy in a Currency Union : Should a Central Bank Care about Output Stabilization?
Thams, Andreas - 2008
In this paper we derive optimal monetary targeting rules under various assumptions about fiscal behavior. In contrast to the existing literature we use a linear-quadratic approach and allow for dynamic games between the two policy authorities. It is shown that optimal monetary behavior is...
Persistent link: https://www.econbiz.de/10012726512
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Explosive target balances
Potrafke, Niklas; Reischmann, Markus - 2013
Using the new unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been exploding from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the required minimum quality of collaterals in October...
Persistent link: https://www.econbiz.de/10009764406
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External sovereign debt in a monetary union : bailouts and the role of corruption
Achury, Carolina; Koulovatianos, Christos; Tsoukalas, … - 2011
, we show that bailout plans with controlled interest rates can help in reducing debt-GDP ratios after some time. On the …
Persistent link: https://www.econbiz.de/10009240852
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Sovereign Debt, Bail-Outs and Contagion in a Monetary Union
Eijffinger, Sylvester C. W. - 2015
1998 and 2012. Our key theoretical argument is related to the bail-out guarantee provided by a monetary union, which …
Persistent link: https://www.econbiz.de/10013027003
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External Sovereign Debt in a Monetary Union : Bailouts and the Role of Corruption
Achury, Carolina - 2011
, we show that bailout plans with controlled interest rates can help in reducing debt-GDP ratios after some time. On the …
Persistent link: https://www.econbiz.de/10013121867
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Welfare gains of bailouts in a sovereign default model
Pancrazi, Roberto; Seoane, Hernán D.; Vukotic, Marija - 2019
open economy requests a bailout from an international financial institution, it receives a non-defaultable loan of size G … that comes with imposed debt limits. The government endogenously asks for the bailout during recessions and repays it when … the economy recovers. Hence, the bailout acts as an imperfect state contingent asset that makes the economy better off …
Persistent link: https://www.econbiz.de/10012160653
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Payments adjustment and the monetary system : a comment
Willett, Thomas D. - In: International trade and finance : frontiers for research, (pp. 496-499). 2008
Persistent link: https://www.econbiz.de/10003737930
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Can the Central Bank alleviate fiscal burdens?
Reis, Ricardo - 2017
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...
Persistent link: https://www.econbiz.de/10011704682
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Can the Central Bank Alleviate Fiscal Burdens?
Reis, Ricardo - 2017
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...
Persistent link: https://www.econbiz.de/10012948206