Suche nach Schlagworten '11728-2'

260 entries found on 13 pages. starting on record 1 ending on 20

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Title: Government deficits, wealth effects and the price level in an optimizing model
Abstract
This paper investigates the in inflationary effects of fscal policy in an optimizing general equilibrium monetary model with capital accumulation, exible prices and wealth effects. The model is calibrated to Euro Area quarterly data. Simulation results show that government defcits, high debt level and slow fiscal adjustment adversely affect price stability in the presence of an independent monetary authority adopting a monetary targeting regime. The mechanism through which fiscal policy affects the dynamics of the price level presents monetarist properties, since the price level is determined in the monetary market. The effects produced by fiscal expansions on price dynamics are due to the behavior of consumers, facing a positive probability of death and sharing the burden of fiscal adjustment with future generations. Fiscal variables are shown to influence the consumption plan of individuals and the demand for real money balances, thus affecting the equilibrium conditions in the money market where the price level is determined. [Barbara Annicchiarico]
Author: Annicchiarico, Barbara
Series Title: Working paper series / European Central Bank ; 285
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesFiscal PolicyPrice stabilityTheoryWealth effectPublic Debt
Subject: Economic and growth policiesTaxation. Fiscal policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Monetary and fiscal interactions in open economies
Abstract
A two-country sticky-price model is used to analyse the interactions between fiscal and monetary policy. The role of an 'activist' fiscal policy as a stabilisation tool is considered and a measure of the welfare gains from international fiscal policy cooperation is derived. It is found that welfare gains from fiscal cooperation do exist provided monetary policy is set cooperatively. There are also welfare gains from fiscal policy cooperation in a monetary union. However, it is found that a 'non-activist' fiscal policy can be better than non-cooperative fiscal policy when the international correlation of shocks is strongly negative. And non-cooperative fiscal policy can be better than cooperative fiscal policy if monetary policy is not set cooperatively. [Giovanni Lombardo ; Alan Sutherland]
Author: Lombardo, Giovanni | Sutherland, Alan
Series Title: Working paper series / European Central Bank ; 289
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Fiscal PolicyMonetary PolicyOpen economyTheoryEconomic policy target
Subject: Currency. Monetary policyFinancing. Private finance. Financial policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Identifying fiscal shocks and policy regimes in OECD countries
Abstract
The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a SVAR model some fiscal policy regimes, i.e. a 'set of rules' for the implementation of fiscal policies. Second, we identify the fiscal policy shocks related to different categories of expenditure and taxation, and simulate their ex0Bects on economic activity. Empirical evidence shows that in the selected European countries fiscal decisions mainly target government expenditure while a clear-cut distinction between spending and taxation regimes is not found in the US. Both shocks on government spending and taxation generate keynesian responses of output, although fiscal multipliers are quite low (output reacts by 0.1 percent quarterly on average at most to a 1 percentage change in the expenditure or revenue ratio). In Italy, the US and France, the strongest ex0Bect on output is produced by shocks on government expenditure on wages and transfers. [Giuseppe de Arcangelis and Serena Lamartina]
Author: Arcangelis, Giuseppe de | Lamartina, Serena
Series Title: Working paper series / European Central Bank ; 281
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: GermanyFiscal PolicyFranceItalyShockUnited StatesVAR model
Subject: Taxation. Fiscal policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Inflation targets and the liquidity trap
Abstract
The presence of a lower bound of zero on nominal interest rates has important implications for the conduct of optimal monetary policy. Standard rational expectations models can have alternative steady states as well as non-unique laws of motion, i.e. there can be possible sunspot equilibria. Such complications can be ruled out under a number of alternative assumptions. In this paper we analyse the relevance of the zero lower bound for alternative levels of inßation in a stan- dard Neo-Keynesian model, where stability is assured by assuming that Þscal policy turns expansionary at the zero lower bound. [Matt Klaeffling ; Victor Lopez Perez]
Author: Klaeffling, Matt | Perez, Victor Lopez
Series Title: Working paper series / European Central Bank ; 272
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Fiscal PolicyMonetary PolicyInflation targetingTheory
Subject: Taxation. Fiscal policyCurrency. Monetary policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Public finances and long-term growth in Europe
Title (other): evidence from a panel data analysis
Abstract
In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic 'growth rate of around 3 percent as a realistic prospect for the coming years' and assigns public finances an important role in the process of achieving this goal. This paper addresses the question whether we can find empirical evidence for European countries that public finance reform affects trend growth. Focusing on time series patterns, we investigate whether there have been persistent shifts or trends in economic growth and fiscal variables over the last 40 years. In addition, we estimate a distributed lag model, which 1) indicates that government consumption and transfers negatively affect growth rates of GDP per capita over the business cycle, while public investment has a positive impact, and 2) provides robust evidence that distortionary taxation affects growth in the medium-term through its impact on the accumulation of private physical capital. [Diego Romero De Ávila ; Rolf Strauch]
Author: De Ávila, Diego Romero | Strauch, Rolf
Series Title: Working paper series / European Central Bank ; 246
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesFiscal PolicyGrowth policyTime series analysisPublic Finance
Subject: Economic and growth policiesTaxation. Fiscal policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Fiscal policy events and interest rate swap spreads
Title (other): evidence from the EU
Abstract
In this paper we assess the importance given in capital markets to the credibility of the European fiscal framework. We evaluate to which extent relevant fiscal policy events taking place in the course of 2002 produced a reaction in the long-term bond segment of the capital markets. Firstly, we identify the fiscal policy events and qualitatively assess the views of capital market participants. Secondly, we estimate the impact of these fiscal events on the interest rate swap spreads, which is our measure for the risk premium. According to our results the reaction of swap spreads, where it turned out to be significant, has been mostly around five basis points or less. [António Afonso and Rolf Strauch]
Author: Afonso, António | Strauch, Rolf
Series Title: Working paper series / European Central Bank ; 303
Publisher: European Central Bank
Year: 2004
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesEuropean stability pactEuropean Economic and Monetary UnionFinancial marketFiscal PolicyCredibilityInterest rate swap
Subject: Currency. Monetary policyInvestment returns. Financial market. Interest rates
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Fiscal policy and inflation volatility
Abstract
Among the harmful effects of inflation, the negative consequences of inflation volatility are of particular concern. These include higher risk premia, hedging costs and unforeseen redistribution of wealth. This paper presents panel estimations for a sample of OECD countries which suggest that activist fiscal policies may have an important impact on CPI inflation volatility. Major results are robust for unconditional and conditional inflation volatility, the latter derived from country-specific GARCH models, and across different data requencies, time periods and econometric methodologies. From a policy perspective, these results point to the possibility of further destabilising effects of discretionary fiscal policies, in addition to their potential to destabilise output. [Philipp C. Rother]
Author: Rother, Philipp C.
Series Title: Working paper series / European Central Bank ; 317
Publisher: European Central Bank
Year: 2004
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: ARCH modelEU countriesFiscal PolicyInflationVolatility
Subject: Economic development. Economic growthTaxation. Fiscal policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: What are the spill-overs from fiscal shocks in Europe?
Title (other): An empirical analysis
Abstract
We use a Vector Auto Regression (VAR) analysis to explore the (spill-over) effects of fiscal policy shocks in Europe. To enhance comparability with the existing literature, we first analyse the effects of these shocks at the national level. Here, we employ identification based on Choleski decomposition and a structural VAR, both of which lead to the same results. Then, we turn to study the cross-border spill-overs of fiscal shocks via the trade channel. Fiscal expansions in Germany, France and Italy lead to significant increases in imports from a number of European countries. In order to mimic the case of monetary union, we also shut off the effects via the short-term interest rate and the nominal exchange rate and find a slight strengthening on average of the cross-country spill-overs from a fiscal expansion. These results suggest that it may be worthwhile to further investigate the possibility of enhanced fiscal coordination. [Massimo Giuliodori and Roel Beetsma]
Author: Giuliodori, Massimo | Beetsma, Roel
Series Title: Working paper series / European Central Bank ; 325
Publisher: European Central Bank
Year: 2004
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesFiscal PolicyMonetary PolicyShockTheoryMonetary transmissionVAR model
Subject: Taxation. Fiscal policyCurrency. Monetary policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: The 2004 update of the Hellenic Stability and Growth Programme, 2004 - 2007 (revised)
Author (Corp. Body): Greek Ministry of Economy and Finance
Year: 2005
Language: en
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal PolicyEconomic policy
Subject: Economic policy and planning
Countries Scheme: Greece
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Greek Ministry of Economy and Finance (http://www.mnec.gr)
Title: Österreichisches Stabilitätsprogramm
Title (other): Fortschreibung für die Jahre 2005 - 2008 | Austrian Stability Programme | Update for the period 2005 to 2008 (working
translation)
Author (Corp. Body): Österreich / Bundesministerium für Finanzen
Year: 2005
Language: en | de
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal Policyeconomic policy
Subject: Economic policy and planning
Countries Scheme: Austria. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Convergence programme of the Czech Republic (updated version November 2005)
Author (Corp. Body): Ceská Republika | Czech Republic | tschechien
Year: 2005
Language: en
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal PolicyEconomic policy
Subject: Economic policy and planning
Countries Scheme: Czech Republic
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu)
Title: Convergence programme for Denmark, updated programme for the period 2005 - 2010
Author (Corp. Body): Danmark / Finansministeriet | Denmark / Ministry of Finance | Dänemark / Finanzministerium
Year: 2005
Language: en
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal PolicyEconomic policy
Subject: Economic policy and planning
Countries Scheme: Denmark
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu)
Title: Commission´s assessment of the 2005 update of the convergence programme of Denmark
Abstract
The 2005 update of the Danish convergence programme, covering the period up to 2010, was submitted to the Commission on 30 November 2005. The programme is based on the Budget Bill for 2006 adopted by Parliament on 14 December. The programme broadly follows the model structure for stability and convergence programmes specified in the new code of conduct. [European Commission]
Author (Corp. Body): Europäische Kommission / Generaldirektion Wirtschaft und Finanzen
Year: 2006
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Fiscal Policyconvergenceeconomic policy
Subject: Economic policy and planning
Countries Scheme: Denmark
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Deutsches Stabilitätsprogramm Aktualisierung Februar 2006
Title (other): German Stability Programme February 2006 update
Author (Corp. Body): Deutschland / Bundesministerium der Finanzen
Year: 2006
Language: de
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal PolicyEconomic policy
Subject: Economic policy and planning
Countries Scheme: Germany. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Bundesministerium der Finanzen (http://www.bundesfinanzministerium.de)
Title: Republic of Estonia: Updated Convergence Programme 2005
Author (Corp. Body): Republic of Estonia
Year: 2005
Language: en
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal PolicyEconomic policy
Subject: Economic policy and planning
Countries Scheme: Estonia
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europöische Kommission (http://europa.eu)
Title: Republic of Estonia: Updated Convergence Programme 2004
Author (Corp. Body): Republic of Estonia
Year: 2004
Language: en
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal PolicyEconomic policy
Subject: Economic policy and planning
Countries Scheme: Estonia
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu)
Title: Republic of Estonia: Convergence Programme 2004
Author (Corp. Body): Republic of Estonia
Year: 2004
Language: en
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal PolicyEconomic policy
Subject: Economic policy and planning
Countries Scheme: Estonia
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu)
Title: The 2005 update of the Hellenic Stability and Growth Programme, 2005 - 2008
Author (Corp. Body): Greek Ministry of Economy and Finance
Year: 2005
Language: en
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal PolicyEconomic policy
Subject: Economic policy and planning
Countries Scheme: Greece
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Greek Ministry of Economy and Finance (http://www.mnec.gr)
Title: The 2004 update of the Hellenic Stability and Growth Programme, 2004 - 2007
Author (Corp. Body): Greek Ministry of Economy and Finance
Year: 2004
Language: en
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal PolicyEconomic policy
Subject: Economic policy and planning
Countries Scheme: Greece
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Greek Ministry of Economy and Finance (http://www.mnec.gr)
Title: The 2003 update of the Hellenic Stability and Growth Programme, 2003 - 2006
Author (Corp. Body): Greek Ministry of Economy and Finance
Year: 2003
Language: en
Ressource: Einzelne Parlamentaria und Reden
Keyword: Fiscal PolicyEconomic policy
Subject: Economic policy and planning
Countries Scheme: Greece
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Greek Ministry of Economy and Finance (http://www.mnec.gr)
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