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dc.contributor.authorWinkler, Roland C.en_US
dc.contributor.authorAngeloni, Ignazioen_US
dc.contributor.authorFaia, Esteren_US
dc.date.accessioned2011-08-12T09:51:45Z-
dc.date.available2011-08-12T09:51:45Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/48734-
dc.description.abstractWe study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using the model of Angeloni and Faia (2010), that combines a standard DSGE framework with a fragile banking sector, suitably modified and calibrated for the euro area. Credibly announced and fast fiscal consolidations dominate – based on simple criteria – alternative strategies incorporating various degrees of gradualism and surprise. The fiscal adjustment should be based on spending cuts or else be relatively skewed towards consumption taxes. The phasing out of monetary accommodation should be simultaneous or slightly delayed. We also find that, contrary to widespread belief, Basel III may well have an expansionary macroeconomic effect.en_US
dc.language.isoengen_US
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel und Hamburgen_US
dc.relation.ispartofseriesBeiträge zur Jahrestagung des Vereins für Socialpolitik 2011: Die Ordnung der Weltwirtschaft: Lektionen aus der Krise - Session: Sovereign Debt Crisis I A1-V3en_US
dc.subject.jelE63en_US
dc.subject.jelG01en_US
dc.subject.jelH12en_US
dc.subject.ddc330en_US
dc.subject.keywordexit strategies-
dc.subject.keyworddebt consolidation-
dc.subject.keywordfiscal policy-
dc.subject.keywordmonetary policy-
dc.subject.keywordcapital requirements-
dc.subject.keywordbank runs-
dc.titleExit Strategiesen_US
dc.typeConference Paperen_US
dc.identifier.ppn671641522en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:vfsc11:48734-
Appears in Collections:Jahrestagung des Vereins für Socialpolitik 2011: Die Ordnung der Weltwirtschaft - Lektionen aus der Krise

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