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Monetary Fiscal Interactions And The Euro Areas Malaise
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Book Synopsis Monetary-fiscal Interactions and the Euro Area's Malaise by : Marek Jarocinski
Download or read book Monetary-fiscal Interactions and the Euro Area's Malaise written by Marek Jarocinski and published by . This book was released on 2017 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: When monetary and fiscal policy are conducted as in the euro area, output, inflation, and government bond default premia are indeterminate according to a standard general equilibrium model with sticky prices extended to include defaultable public debt. With sunspots, the model mimics the recent euro area data. We specify an alternative configuration of monetary and fiscal policy, with a non-defaultable eurobond. If this policy arrangement had been in place since the onset of the Great Recession, output could have been much higher than in the data with inflation in line with the ECB's objective.
Book Synopsis Shared Problem, Shared Solution: Benefits from Fiscal-Monetary Interactions in the Euro Area by : Robert C. M. Beyer
Download or read book Shared Problem, Shared Solution: Benefits from Fiscal-Monetary Interactions in the Euro Area written by Robert C. M. Beyer and published by International Monetary Fund. This book was released on 2023-07-21 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Monetary and Fiscal Policies in the Euro Area by : Michael Carlberg
Download or read book Monetary and Fiscal Policies in the Euro Area written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2006-03-14 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Monetary-fiscal Interactions in the Euro Area by :
Download or read book Monetary-fiscal Interactions in the Euro Area written by and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The global pandemic is deepening the linkages between fiscal and monetary policies. While some are concerned that high public debt may pressurise the ECB to pursue overly loose monetary policy, this paper argues there is a greater risk that the Treaty's rules on monetary financing will constrain the ECB from reacting appropriately to the crisis and that re-imposing the EU's fiscal rules from 2022 onwards could harm economic recovery. This paper calls for an overhaul of the economic rules in the Treaty. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 19 November 2020.
Book Synopsis Monetary-fiscal Policy Interactions in the Euro Area by :
Download or read book Monetary-fiscal Policy Interactions in the Euro Area written by and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Past, Present and Future of Euro Area Monetary-fiscal Interactions by : Karl Whelan
Download or read book The Past, Present and Future of Euro Area Monetary-fiscal Interactions written by Karl Whelan and published by . This book was released on 2022 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU's Treaties were designed to limit the interaction between fiscal and monetary policies. However, over the last decade, the introduction of the ECB's Outright Monetary Transactions (OMT) programme and its sovereign bond purchase programmes have created some strong linkages between monetary and fiscal policies in the Eurosystem. The ECB's monetary policies have improved fiscal debt sustainability and reduced the probability of sovereign default. However, there may need to be limits to the ECB's purchases of sovereign bonds. This paper discusses the interactions between fiscal and monetary policies in the euro area and describes how the arguments raised by the European Court of Justice in the Weiss and Gauweiler cases suggest there may be hard limits on the size of the Eurosystem's sovereign bond holdings. These limits may undermine the positive impact of the OMT announcement and force the ECB into some difficult choices in the coming years.
Book Synopsis Monetary and Fiscal Policy Interactions in the Euro Area by : Michael Carlberg
Download or read book Monetary and Fiscal Policy Interactions in the Euro Area written by Michael Carlberg and published by . This book was released on 2004 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary-fiscal Interaction written by and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Achieving a balanced monetary-fiscal policy mix in the euro area is crucial to ensure that monetary policy is able to fulfil its primary price stability objective. This paper outlines, from an economic and legal perspective, the interaction between monetary and fiscal policy in light of the current monetary and fiscal stance and, in particular, the "quasi-fiscal" effects of some unconventional monetary policy measures. Since sustainable public finances are a prerequisite for a price-stability-oriented single monetary policy, the paper also analyses the EU economic governance review proposals. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
Book Synopsis The European Monetary Union by : Nicola Acocella
Download or read book The European Monetary Union written by Nicola Acocella and published by Cambridge University Press. This book was released on 2020-08-27 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is at a crossroads. This book analyzes the historical roots of the EU's monetary and financial institutions in order to better understand its struggle to maintain an economic and monetary union, as well as the ongoing problems facing the Euro. The institutions of the EU are based on the operation of free markets, a common monetary policy, and the European Central Bank. These founding policies have created many of the imbalances at the root of the ongoing European recession. Reemerging threats of populism and localism are poised to further disintegrate the European construction and may spark fierce opposition between countries. Acocella engages with these risks, suggesting detailed actions for reform within the EU and its institutions that may steer it away from further conflict, allowing it to better serve its member states and citizens.
Book Synopsis Classical Economics, Keynes and Money by : John Eatwell
Download or read book Classical Economics, Keynes and Money written by John Eatwell and published by Taylor & Francis. This book was released on 2022-07-29 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classical Economics, Keynes and Money casts new light on an approach to economic theory and policy that combines the modern classical theory of prices and income distribution with a Keynesian analysis of money and finance. Structured in four parts, the work considers issues within classical economics, monetary economics, Keynesian and post-Keynesian Economics, rationality and economic methodology. These themes are all central to the work of Carlo Panico, and the chapters both reflect on and build on his key contributions to the field. This collection is of interest to advanced students and researchers in the history of economic thought, monetary theory, financial economics and heterodox economics.
Book Synopsis Handbook of Research on Reinventing Economies and Organizations Following a Global Health Crisis by : Costa, Teresa Gomes da
Download or read book Handbook of Research on Reinventing Economies and Organizations Following a Global Health Crisis written by Costa, Teresa Gomes da and published by IGI Global. This book was released on 2021-06-11 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to the global health crisis, economies had to adapt to combat pandemic situations. In the present pandemic crisis, new legislation, methods, labor approaches, values, and social behaviors have emerged with a huge impact in all organizations. However, countries have applied different solutions, procedures, and rules to deal with crises. Therefore, the impact has been different per country. Organizations need to understand their customers and businesses not only to increase operational efficiency but also to increase stakeholder’s satisfaction and their competitiveness in a sustainable way. Customers are becoming more exigent and markets more complex, calling for the need for higher differentiation. This was enhanced in this pandemic situation, and to survive, organizations needed to change and adapt to the new normal. The Handbook of Research on Reinventing Economies and Organizations Following a Global Health Crisis deals with management and economic issues, particularly with the reinvention of businesses and economies due to the pandemic situation and the relevance of entrepreneurship, innovation, and intensive knowledge used to deal with these changes. This book emphasizes the challenges, difficulties, and opportunities for the success of businesses and economies in periods of crisis and provides information for dealing with entrepreneurship and innovation, networks, and complementarities to recover businesses. The chapters also point out possible opportunities, challenges, and risks in the process of recovery highlighting innovation, internationalization, technology, and intensive knowledge in promoting economies and companies’ competitiveness. This book is ideal for entrepreneurs, managers, economists, directors, shareholders, researchers, academicians, and students interested in how businesses reinvent and recover following a global health crisis.
Book Synopsis Visions and Strategies for a Sustainable Economy by : Nikolaos Karagiannis
Download or read book Visions and Strategies for a Sustainable Economy written by Nikolaos Karagiannis and published by Springer Nature. This book was released on 2022-10-04 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The multidisciplinary edited book Visions and Strategies for a Sustainable Economy: Theoretical and Policy Alternatives provides a thorough examination – at the theoretical and, especially, policy levels – of a number of key topics related to a sustainable economy and a better society. With important contributions by distinguished academics, the book presents alternative views, provides an assessment of contemporary realities in an era of ecological emergency, and offers visions, strategies, and realistic policies towards a better economy and society while paying special attention to a “green new deal” for different areas.
Book Synopsis European Monetary Integration by : Hans-Werner Sinn
Download or read book European Monetary Integration written by Hans-Werner Sinn and published by MIT Press. This book was released on 2004 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributors to this text, all economists and scholars, combine theoretical analysis and policy recommendation in their examination of the difficulties of European monetary integration.
Book Synopsis Managing the Sovereign-Bank Nexus by : Mr.Giovanni Dell'Ariccia
Download or read book Managing the Sovereign-Bank Nexus written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2018-09-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1484397487 Total Pages :216 pages Book Rating :4.4/5 (843 download)
Book Synopsis World Economic Outlook, April 2019 by : International Monetary Fund. Research Dept.
Download or read book World Economic Outlook, April 2019 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2019-04-09 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: After strong growth in 2017 and early 2018, global economic activity slowed notably in the second half of last year, reflecting a confluence of factors affecting major economies. China’s growth declined following a combination of needed regulatory tightening to rein in shadow banking and an increase in trade tensions with the United States. The euro area economy lost more momentum than expected as consumer and business confidence weakened and car production in Germany was disrupted by the introduction of new emission standards; investment dropped in Italy as sovereign spreads widened; and external demand, especially from emerging Asia, softened. Elsewhere, natural disasters hurt activity in Japan. Trade tensions increasingly took a toll on business confidence and, so, financial market sentiment worsened, with financial conditions tightening for vulnerable emerging markets in the spring of 2018 and then in advanced economies later in the year, weighing on global demand. Conditions have eased in 2019 as the US Federal Reserve signaled a more accommodative monetary policy stance and markets became more optimistic about a US–China trade deal, but they remain slightly more restrictive than in the fall.
Book Synopsis Monetary Policy Strategy by : Frederic S. Mishkin
Download or read book Monetary Policy Strategy written by Frederic S. Mishkin and published by MIT Press. This book was released on 2009-08-21 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Book Synopsis The Search for Europe by : Daron Acemoglu
Download or read book The Search for Europe written by Daron Acemoglu and published by La fabrica. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is now the eighth in the annual series sponsored by BBVA as part of its OpenMind initiative, which is devoted to disseminating knowledge on key issues of our time. The Search for Europe analyses the present and future of the old continent and its integration project, surely the most ambitious political and economic integration project ever attempted in history, a benchmark for similar processes in other regions. The book is divided into three main sections: "The economic foundations of the European project", "Europe and its nations: Politics, society and culture", and "The unresolved Limits of Europe and the new global powers". It features pieces written by international experts such as Javier Solana, Barry Eichengreen, Philip Cooke, Bichara Khader, Vivien Ann Schmidt, John Peet and Thomas Christiansen, among others.
