Narrow search
Showing 1 - 10 of 112
Cover Image
Public and private sector wages interactions in a general equilibrium model
Fernàndez-de-Córdoba, Gonzalo; Pérez, Javier J.; … - European Central Bank - 2009
This paper develops a dynamic general equilibrium model in which the public and the private sector interact in the labor market. Previous studies that analyze the labor market effects of public sector employment and wages have mostly assumed exogenous rules for public wage and public employment....
Persistent link: https://www.econbiz.de/10008578065
Cover Image
Temporary shocks and unavoidable transitions to a high-unemployment regime
Haan, Wouter J. Den - European Central Bank - 2003
This paper develops a model with multiple steady states (low tax and unemployment rate versus high tax and unemployment … European unemployment rates observed during the seventies. The explanation given is that even if the unemployment rate would … job creation remains low making the return to a low unemployment rate impossible. The paper shows that in some cases …
Persistent link: https://www.econbiz.de/10005344960
Cover Image
Fiscal consolidation in the euro area: long-run benefits and short-run costs.
Coenen, Günter; Mohr, Matthias; Straub, Roland - European Central Bank - 2008
In this paper, we examine the macroeconomic effects of alternative fiscal consolidation policies in the New Area-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al., 2007). We model fiscal consolidation as a permanent...
Persistent link: https://www.econbiz.de/10005530882
Cover Image
Macroeconomic implications of downward wage rigidities
Abbritti, Mirko; Fahr, Stephan - European Central Bank - 2011
Growth of wages, unemployment, employment and vacancies exhibit strong asymmetries between expansionary and …
Persistent link: https://www.econbiz.de/10008917860
Cover Image
What determines fiscal balances? An empirical investigation in determinants of changes in OECD budget balances
Tujula, Mika; Wolswijk, Guido - European Central Bank - 2004
Fiscal balances have deteriorated quickly in recent years, bringing back to the foreground the question what factors help explain such sharp changes. This paper takes a broad perspective at the issue regarding countries included, the range of explanatory variables tried, and the time-span. The...
Persistent link: https://www.econbiz.de/10005162932
Cover Image
Economic growth and budgetary components: a panel assessment for the EU
Afonso, António; González Alegre, Juan - European Central Bank - 2008
In this paper we test whether a reallocation of government budget items can enhance long-term GDP growth in a set of European countries. We apply modern panel data techniques to the period 1970-2006, and we use three alternative dependent variables in a growth regression: economic growth, total...
Persistent link: https://www.econbiz.de/10005033425
Cover Image
Government size, composition, volatility and economic growth
Afonso, António; Furceri, Davide - European Central Bank - 2008
This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government...
Persistent link: https://www.econbiz.de/10005530997
Cover Image
Debt and growth: new evidence for the euro area
Baum, Anja; Checherita-Westphal, Cristina; Rother, Philipp - European Central Bank - 2012
Against the background of the euro area sovereign debt crisis, our paper investigates the relationship between public debt and economic growth and adds to the existing literature in the following ways. First, we extend the threshold panel methodology by Hansen (1999) to a dynamic setting in...
Persistent link: https://www.econbiz.de/10010686872
Cover Image
The impact of high and growing government debt on economic growth: an empirical investigation for the euro area
Checherita-Westphal, Cristina; Rother, Philipp - European Central Bank - 2010
This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point—beyond which the government debt-to-GDP ratio has a...
Persistent link: https://www.econbiz.de/10008484246
Cover Image
The cyclicality of consumption, wages and employment of the public sector in the euro area
Lamo, Ana; Pérez, Javier J.; Schuknecht, Ludger - European Central Bank - 2007
This study examines the business cycle behaviour of public consumption and its main components; the public wage bill (including compensation per employee and public employment) and intermediate consumption in the euro area aggregate, euro area countries and a group of selected non-euro area OECD...
Persistent link: https://www.econbiz.de/10005816299