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Fiscal delegation in a Monetary Union with decentralized public spending
Basso, Henrique S.; Costain, James - In: CESifo economic studies : CESifo, a joint initiative of … 62 (2016) 2, pp. 256-288
established at the union-wide level. Furthermore, we show that fiscal delegation is more effective in restraining debt, and more …
Persistent link: https://www.econbiz.de/10011576618
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Fiscal Delegation in a Monetary Union with Decentralized Public Spending
Basso, Henrique S. - 2016
established at the union-wide level. Furthermore, we show that fiscal delegation is more effective in restraining debt, and more …
Persistent link: https://www.econbiz.de/10012996333
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Fiscal Delegation in a Monetary Union with Decentralized Public Spending
Basso, Henrique S. - 2013
This paper studies the effects of delegating control of sovereign debt issuance to an independent authority in a monetary union where public spending decisions are decentralized. The model assumes that no policy makers are capable of commitment to a rule. However, consistent with Rogoff (1985)...
Persistent link: https://www.econbiz.de/10013076606
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Fiscal policy transmission in a non-Ricardian model of a monetary union
Bierbrauer, Christoph - 2017 - This Draft: October 29, 2017
We present an analytically tractable two-country New Open Economy Macroeconomics model of a currency union featuring an overlapping gen- erations structure of the Blanchard (1985)-Yaari (1965) type. It enables us to study the transmission and spillover effects of a wider range of fiscal shocks...
Persistent link: https://www.econbiz.de/10011741677
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Fiscal Delegation in a Monetary Union with Decentralized Public Spending
Basso, Henrique S.; Costain, James S. - 2016
established at the union-wide level. Furthermore, we show that fiscal delegation is more effective in restraining debt, and more …
Persistent link: https://www.econbiz.de/10011451396
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Fiscal delegation in a monetary union : instrument assignment and stabilization properties
Basso, Henrique S.; Costain, James - 2017
Persistent link: https://www.econbiz.de/10011784210
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Sovereign default risk and banks in a monetary union
Uhlig, Harald - 2013 - This revision: August 12, 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10009786077
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Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10013076729
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National fiscal stimulus packages and consolidation strategies in a monetary union
Bierbrauer, Christoph - 2017 - This Draft: October 29, 2017
We present a two-country New Open Economy Macroeconomics model of a currency union featuring an overlapping generations structure of the Blanchard (1985)-Yaari (1965) type as well as monopolistic frictions and staggered adjustment in the goods and labor market. We allow for public investment and...
Persistent link: https://www.econbiz.de/10011752148
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Decentralization and overborrowing in a fiscal federation
Guo, Si; Pei, Yun; Xie, Zoe - 2018
-transfers, which distorts the central-local distribution of resources. Applying the model to fiscal decentralization, we find when … decentralization widens local governments' fiscal gap, borrowings by both local and central governments rise. Quantitatively, fiscal … decentralization accounts for from 19 percent to 40 percent of changes in general government debt in Spain during 1988-2006. A …
Persistent link: https://www.econbiz.de/10011895599