Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/129722 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 304
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
We show that a fiscal expansion by the core economies of the euro area would have a large and positive impact on periphery GDP assuming that policy rates remain low for a prolonged period. Under our preferred model specification, an expansion of core government spending equal to one percent of euro area GDP would boost periphery GDP around 1 percent in a liquidity trap lasting three years, about half as large as the effect on core GDP. Accordingly, under a standard ad hoc loss function involving output and inflation gaps, increasing core spending would generate substantial welfare improvements, especially in the periphery. The benefits are considerably smaller under a utility-based welfare measure, reflecting in part that higher net exports play a material role in raising periphery GDP.
Schlagwörter: 
Monetary Policy
Fiscal Policy
Liquidity Trap
Zero Bound Constraint
DSGE Model
Currency Union
JEL: 
E52
E58
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
525.64 kB





Publikationen in EconStor sind urheberrechtlich geschützt.