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The fiscal footprint of macroprudential policy

Reis, Ricardo - 2020

Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint,...

Persistent link: https://www.econbiz.de/10012222608

Europe’s Debt Crisis, Coordination Failure, and International Effects

Collignon, Stefan - 2012

. It finds that political mishandling has increased uncertainty, which has contributed to a tendency for the euro to become …

Persistent link: https://www.econbiz.de/10013103887

Saving Europe? : the unpleasant arithmetic of fiscal austerity in integrated economies

Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - 2014

What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore crosscountry spillovers of tax...

Persistent link: https://www.econbiz.de/10010426560

Saving Europe? : the unpleasant arithmetic of fiscal austerity in integrated economies

Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - 2014

Europe's debt crisis casts doubt on the effectiveness of fiscal austerity in highly-integrated economies. Closed-economy models overestimate its effectiveness, because they underestimate tax-base elasticities and ignore cross-country tax externalities. In contrast, we study tax responses to debt...

Persistent link: https://www.econbiz.de/10010463574

Saving Europe? : The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies

Mendoza, Enrique G. - 2014

Persistent link: https://www.econbiz.de/10013043953

Greece's Three-Act Tragedy : A Simple Model of Grexit vs. Staying Afloat Inside the Single Currency Area

Chen, Yu-Fu - 2016

macroeconomic policies in Greece are considered. The model's mechanism and assumptions allow either for a Grexit from the euro area …Against the backdrop of the Greek three-act tragedy, we present a theoretical framework for studying Greece's recent … debt and currency crisis. The model is built on two essential blocks: first, erratic macroeconomic policymaking in Greece …

Persistent link: https://www.econbiz.de/10012999786

The bright side of the doom loop : banks' sovereign exposure and default incentives

Rojas, Luis E.; Thaler, Dominik - 2023

in the context of a monetary union (such as the euro area) similar unintended negative consequences may arise from the … pooling of debt (such as European safe bond aka. ESBies). A backstop by the central bank (such as the ECB's Transmission …

Persistent link: https://www.econbiz.de/10014482907

Exit expectations and debt crises in currency unions

Kriwoluzky, Alexander; Müller, Gernot J.; Wolf, Martin - In: Journal of international economics 121 (2019), pp. 1-13

Persistent link: https://www.econbiz.de/10012296569

The sovereign-bank diabolic loop and ESBies

Brunnermeier, Markus Konrad; Garicano, Luis; Lane, Philip R. - 2016

Persistent link: https://www.econbiz.de/10011475037

The sovereign-bank diabolic loop and ESBies

Brunnermeier, Markus Konrad; Garicano, Luis; Lane, Philip R. - 2016

Persistent link: https://www.econbiz.de/10011449866