Monetary And Fiscal Policies In The Euro Area

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Monetary and Fiscal Policies in the Euro Area

Michael Carlberg
Monetary and Fiscal Policies in the Euro Area Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 298 pages
File Size : 53,7 Mb
Release : 2006-03-14
Category : Business & Economics
ISBN : 9783540298007

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Monetary and Fiscal Policies in the Euro Area by Michael Carlberg Pdf

This book studies the interactions between monetary and fiscal poUcies in the euro area. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the European central bank, the American central bank, the German government, and the French government. As to policy cooperation, the focus is on the same institutions. These are higher-dimensional issues. The pohcy targets are price stability and full employment. The policy makers follow co- turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Monetary and fiscal policies have spillover effects. Special features of this book are numerical simulations of policy competition and numerical solutions to policy cooperation. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association. Other parts were presented at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.

How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area

Nicoletta Batini,Mr.Alessandro Cantelmo,Mr.Giovanni Melina,Stefania Villa
How Loose How Tight A Measure of Monetary and Fiscal Stance for the Euro Area Book PDF

Author : Nicoletta Batini,Mr.Alessandro Cantelmo,Mr.Giovanni Melina,Stefania Villa
Publisher : International Monetary Fund
Page : 75 pages
File Size : 55,9 Mb
Release : 2020-06-05
Category : Business & Economics
ISBN : 9781513546087

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How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area by Nicoletta Batini,Mr.Alessandro Cantelmo,Mr.Giovanni Melina,Stefania Villa Pdf

This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the relative impacts of monetary and fiscal policy on demand using actual and simulated data from rich estimated models featuring also financial intermediaries and long-term government debt. The analysis highlights a short-lived fiscal expansion in the aftermath of the Global Financial Crisis, followed by a quick tightening, with monetary policy left to be the “only game in town” after 2013. Individual countries’ DMFCIs show that national policy stances did not always mirror the evolution of the aggregate stance at the EA level, due to heterogeneity in the fiscal stance.

Euro Area

International Monetary Fund
Euro Area Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 56 pages
File Size : 50,6 Mb
Release : 2000-11-09
Category : Business & Economics
ISBN : 9781451812961

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Euro Area by International Monetary Fund Pdf

For the time being—and possibly for a considerable time to come—developments and prospects for the euro area are quite favorable. This upbeat outlook is underpinned by buoyant activity indicators and a supportive policy mix. High household and business confidence, rising capacity utilization and industrial production, strong job creation, and—so far—employment-friendly wage settlements point to sustained activity in the near term. Moreover, the macroeconomic fundamentals in the euro area appear much sounder than in previous recoveries.

Monetary and Fiscal Policies in EMU

Marco Buti
Monetary and Fiscal Policies in EMU Book PDF

Author : Marco Buti
Publisher : Cambridge University Press
Page : 376 pages
File Size : 43,7 Mb
Release : 2003-11-13
Category : Business & Economics
ISBN : 0521832152

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Monetary and Fiscal Policies in EMU by Marco Buti Pdf

Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.

Fiscal Policy in the European Union

J. Ferreiro,G. Fontana,F. Serrano
Fiscal Policy in the European Union Book PDF

Author : J. Ferreiro,G. Fontana,F. Serrano
Publisher : Springer
Page : 219 pages
File Size : 41,9 Mb
Release : 2008-11-27
Category : Business & Economics
ISBN : 9780230228269

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Fiscal Policy in the European Union by J. Ferreiro,G. Fontana,F. Serrano Pdf

This book provides a comprehensive analysis of national fiscal policies in the European Union and in the European Monetary Union. Adopting a critical perspective, the book offers a deep insight into the consequences of the current strategy of national fiscal policies on economic activity.

Monetary and Fiscal Policies in the Euro-Area

W. Semmler,A. Greiner,W. Zhang
Monetary and Fiscal Policies in the Euro Area Book PDF

Author : W. Semmler,A. Greiner,W. Zhang
Publisher : Elsevier
Page : 376 pages
File Size : 43,8 Mb
Release : 2005-05-06
Category : Business & Economics
ISBN : 0444518908

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Monetary and Fiscal Policies in the Euro-Area by W. Semmler,A. Greiner,W. Zhang Pdf

The emergence of a macro economy in Euro-Asia is a challenge for academics and policy makers. This book focuses on this macro economy and the monetary and fiscal policy responses. It explores monetary policies allowing for uncertainty and time-varying behaviour of economic agents in markets.

Fiscal Policies in High Debt Euro-Area Countries

Antonella Cavallo,Pietro Dallari,Antonio Ribba
Fiscal Policies in High Debt Euro Area Countries Book PDF

Author : Antonella Cavallo,Pietro Dallari,Antonio Ribba
Publisher : Springer
Page : 178 pages
File Size : 46,9 Mb
Release : 2017-11-15
Category : Business & Economics
ISBN : 9783319702698

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Fiscal Policies in High Debt Euro-Area Countries by Antonella Cavallo,Pietro Dallari,Antonio Ribba Pdf

This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece, Ireland, Italy, the Netherlands, Spain, and Portugal, over the sample period 1999–2016, i.e., the EMU period. The main econometric tools used in this research are structural vector autoregressive (VAR) models, including panel VAR models. The available literature relating to the subject is also fully reviewed. A further closely investigated topic is the potential spillover effects of German fiscal policies on the selected small Euro-area economies. Moreover, in the perspective of the evolution of the Euro Area towards a full Monetary and Fiscal Union, the authors study the effects of area-wide government spending shocks on aggregate output and other macroeconomic variables during the EMU period. The closing chapter of the book considers evidence on the consequences of austerity policies for European labour markets during recent years.

Macroeconomic Policy in the European Monetary Union

Francesco Farina,Roberto Tamborini
Macroeconomic Policy in the European Monetary Union Book PDF

Author : Francesco Farina,Roberto Tamborini
Publisher : Routledge
Page : 238 pages
File Size : 44,5 Mb
Release : 2007-11-08
Category : Business & Economics
ISBN : 9781134109388

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Macroeconomic Policy in the European Monetary Union by Francesco Farina,Roberto Tamborini Pdf

Providing readers with a multi-faceted assessment of the implementation of fiscal policies in the euro zone and their macroeconomic effects five years after the inception of the euro, this book, international in perspective and scope, is the first reliable reference source for discussions in this area for both academics and policy makers. Comprising contributions from distinguished researchers from different European countries and institutions the issues addressed include the: monetary and fiscal policy-mix evolution and control of fiscal aggregates over the business cycle and their implications for the SGP rules accountability of debt evolution financial spill-over of national fiscal policies measurement and assessment of automatic stabilizers. Based on empirical evidence as well as being firmly rooted in theoretical analyses and giving particular emphasis to the constraint of the Stability and Growth Pact on the one hand and the presence of a single monetary policy on the other, this book is an invaluable tool students and researchers engaged with macroeconomic stabilization and monetary and fiscal policy interactions, as well as professionals in the public sector and the financial institutions of the EU.

Monetary and Wage Policies in the Euro Area

Michael Carlberg
Monetary and Wage Policies in the Euro Area Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 314 pages
File Size : 41,5 Mb
Release : 2006-11-24
Category : Business & Economics
ISBN : 9783540369349

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Monetary and Wage Policies in the Euro Area by Michael Carlberg Pdf

This book studies interactions between monetary and wage policies in the Euro area, closely reviewing and discussing the process of policy competition and the structure of policy cooperation. On policy competition, the book focuses on competition between the European central bank, the American central bank, the German labour union, and the French labour union. As to policy cooperation, the focus is on the same institutions. Includes numerical simulations and solutions.

Fiscal Politics in the Euro Area

Luc Eyraud,Vitor Gaspar,Mr.Tigran Poghosyan
Fiscal Politics in the Euro Area Book PDF

Author : Luc Eyraud,Vitor Gaspar,Mr.Tigran Poghosyan
Publisher : International Monetary Fund
Page : 44 pages
File Size : 54,6 Mb
Release : 2017-01-30
Category : Business & Economics
ISBN : 9781475572919

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Fiscal Politics in the Euro Area by Luc Eyraud,Vitor Gaspar,Mr.Tigran Poghosyan Pdf

This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries participating in the euro area over 1999–2015. We look for, but do not find, conclusive evidence of bias in procedures in relation to country size. The paper also briefly reviews the literature on political economy factors and policy biases, and offers some reflections on the euro area architecture.

Shared Problem, Shared Solution: Benefits from Fiscal-Monetary Interactions in the Euro Area

Robert C. M. Beyer,Rupa Duttagupta,Alexandra Fotiou,Ms. Keiko Honjo,Mr. Mark A Horton,Zoltan Jakab,Vina Nguyen,Mr. Rafael A Portillo,Jesper Lindé,Mrs. Nujin Suphaphiphat,Mr. Li Zeng
Shared Problem Shared Solution Benefits from Fiscal Monetary Interactions in the Euro Area Book PDF

Author : Robert C. M. Beyer,Rupa Duttagupta,Alexandra Fotiou,Ms. Keiko Honjo,Mr. Mark A Horton,Zoltan Jakab,Vina Nguyen,Mr. Rafael A Portillo,Jesper Lindé,Mrs. Nujin Suphaphiphat,Mr. Li Zeng
Publisher : International Monetary Fund
Page : 27 pages
File Size : 47,8 Mb
Release : 2023-07-21
Category : Business & Economics
ISBN : 9798400249051

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Shared Problem, Shared Solution: Benefits from Fiscal-Monetary Interactions in the Euro Area by Robert C. M. Beyer,Rupa Duttagupta,Alexandra Fotiou,Ms. Keiko Honjo,Mr. Mark A Horton,Zoltan Jakab,Vina Nguyen,Mr. Rafael A Portillo,Jesper Lindé,Mrs. Nujin Suphaphiphat,Mr. Li Zeng Pdf

This paper employs two established macroeconomic models to show that fiscal policy in the euro area can help monetary policy in reducing inflation. Specifically, a fiscal consolidation of 1 percent of GDP for two years and 0.5 percent in the third year across the euro area would ease the policy interest rate by 30-50 basis points relative to the baseline scenario, while lowering inflation. It would also put the public debt-to-GDP ratio on a downward path, with the output costs reversing after the second year. Additionally, a stronger fiscal contribution to the policy mix could mitigate financial fragmentation risks. In the current context of elevated inflation in all euro area economies, the findings suggest two key takeaways: first, synchronized fiscal and monetary policies offer gains even when monetary policy is unconstrained and, second, sharing the burden of lowering inflation through fiscal consolidation among euro area members is beneficial for union-wide inflation reduction, improving debt sustainability and inducing a lower policy rate path.

Monetary and Exchange Rate Policies of the Euro Area

International Monetary Fund
Monetary and Exchange Rate Policies of the Euro Area Book PDF

Author : International Monetary Fund
Publisher : INTERNATIONAL MONETARY FUND
Page : 26 pages
File Size : 43,5 Mb
Release : 2001-04-20
Category : Electronic
ISBN : 1451812876

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Monetary and Exchange Rate Policies of the Euro Area by International Monetary Fund Pdf

The euro area continues to perform well, owing to its sustained employment creation, rising disposable income, buoyant internal demand, and low inflation. Executive Directors agreed that favorable external developments and sound macroeconomic fundamentals had produced robust area-wide growth. They cautioned that high oil prices and a weak euro might undermine prevailing wage moderation and set in motion domestic inflation pressures. They emphasized the need to tighten monetary and fiscal policies, and accelerate structural reforms to sustain economic growth.

Fiscal Policy in an Estimated Open-economy Model for the Euro Area

Marco Ratto,Werner Röger,Jan in 't Veld
Fiscal Policy in an Estimated Open economy Model for the Euro Area Book PDF

Author : Marco Ratto,Werner Röger,Jan in 't Veld
Publisher : Unknown
Page : 76 pages
File Size : 41,8 Mb
Release : 2006
Category : Fiscal policy
ISBN : IND:30000116398680

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Fiscal Policy in an Estimated Open-economy Model for the Euro Area by Marco Ratto,Werner Röger,Jan in 't Veld Pdf

Recoge: Introduction - 1. The Model - 2. Estimation - 3. Assessing the Role of Fiscal Policy - 4. Conclusion.

Revisiting the Economic Case for Fiscal Union in the Euro Area

Mr.Helge Berger,Mr.Giovanni Dell'Ariccia,Mr.Maurice Obstfeld
Revisiting the Economic Case for Fiscal Union in the Euro Area Book PDF

Author : Mr.Helge Berger,Mr.Giovanni Dell'Ariccia,Mr.Maurice Obstfeld
Publisher : International Monetary Fund
Page : 63 pages
File Size : 46,6 Mb
Release : 2018-02-20
Category : Business & Economics
ISBN : 9781484340424

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Revisiting the Economic Case for Fiscal Union in the Euro Area by Mr.Helge Berger,Mr.Giovanni Dell'Ariccia,Mr.Maurice Obstfeld Pdf

The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.

Monetary Policy Transmission in the Euro Area

Ignazio Angeloni,Anil K. Kashyap,Benoît Mojon
Monetary Policy Transmission in the Euro Area Book PDF

Author : Ignazio Angeloni,Anil K. Kashyap,Benoît Mojon
Publisher : Cambridge University Press
Page : 398 pages
File Size : 55,7 Mb
Release : 2003-12-04
Category : Business & Economics
ISBN : 0521828643

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Monetary Policy Transmission in the Euro Area by Ignazio Angeloni,Anil K. Kashyap,Benoît Mojon Pdf

A systematic analysis of the impact of European Central Bank monetary policy on Eurozone national economies, first published in 2003.