Is fiscal policy in the euro area Ricardian?
نویسندگان
چکیده
منابع مشابه
Fiscal Spillovers in the Euro Area
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period suggests that euro-denominated government yields are strongly linked with each other. However, financial ...
متن کاملInsurance Policies for Monetary Policy in the Euro Area
Insurance Policies for Monetary Policy in the Euro Area* In this paper, we examine the cost of insurance against model uncertainty for the euro area considering four alternative reference models, all of which are used for policy analysis at the ECB. We find that maximal insurance across this model range in terms of a Minimax policy comes at moderate costs in terms of lower expected performance....
متن کاملThe Euro Area Financial System : Structure , Integration and Policy Initiatives
Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro area financial structure evolved si...
متن کاملLessons for Monetary Policy from the Euro-Area Crisis
The earlier 2007/2008 financial crisis generated the main lessons for monetary policy, notably that price stability does not necessarily guarantee financial stability. Nevertheless, the on-going Eurozone crisis has pointed to further lessons, notably that a single currency covering diverse states does need a Banking Union; and to problems of zero risk-weighting for sovereign debts. Without such...
متن کاملIv. Challenges for Monetary and Fiscal Policies in the Euro Area
With the Treaty on European Union, signed in 1992, the Union set for itself the objective of establishing the European Economic and Monetary Union (EMU), ultimately including a single currency. Sustained convergence in economic performance and close co-ordination of Member States’ economic objectives, set out in a timetable, were key elements of this process. Convergence towards low rates of in...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Empirica
سال: 2019
ISSN: 0340-8744,1573-6911
DOI: 10.1007/s10663-019-09431-y