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  1. Quantitative easing and the price-liquidity trade-off
    Autor*in: Ferdinandusse, Marien; Freier, Maximilian; Ristiniemi, Annukka
    Erschienen: [2020]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We consider the effects of quantitative easing on liquidity and prices of bonds in a search- and matching model. The model explicitly distinguishes between demand and supply effects of central bank asset purchases. Both are shown to lead to a decline... mehr

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    DS 534
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    We consider the effects of quantitative easing on liquidity and prices of bonds in a search- and matching model. The model explicitly distinguishes between demand and supply effects of central bank asset purchases. Both are shown to lead to a decline in yields, while they have opposite effects on market liquidity. This results in a price-liquidity trade-off. Initially, liquidity improves in reaction to central bank demand. As the central bank buys and holds bonds, supply becomes scarcer and other buyers are crowded out. As a result, liquidity can fall below initial levels. The magnitude of the effects depend on the presence of preferred habitat investors. In markets with a higher share of these investors, bonds are scarcer and central bank asset purchases lower yields more. With a lower share of preferred habitat investors and a relatively illiquid market, central bank demand has a stronger positive effect on liquidity. We are the first to construct an index from bond holding data to measure the prevalence of preferred habitat investors in each euro area country. Subsequently, we calibrate the model to the euro area and show how yields and liquidity are affected by the European Central Banks asset purchase programme.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
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    Format: Online
    ISBN: 9789289940429
    Weitere Identifier:
    hdl: 10419/229013
    Schriftenreihe: Working paper series / European Central Bank ; no 2399 (May 2020)
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  2. A fiscal capacity for the euro area: lessons from existing fiscal-federal systems
    Autor*in: Burriel, Pablo; Chronis, Panagiotis; Freier, Maximilian; Hauptmeier, Sebastian; Reiss, Lukas; Stegarescu, Dan; Parys, Stefan van
    Erschienen: 2020
    Verlag:  Banco de España, Madrid

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Documentos ocasionales / Banco de España ; no. 2009
    Umfang: 1 Online-Ressource (circa 58 Seiten)
    Bemerkung(en):

    This paper has also been published as an ECB Occasional Paper with number 239, April 2020
  3. Inflation, fiscal policy and inequality
    the distributional impact of fiscal measures to compensate for consumer inflation
    Autor*in: 3000 Amores, Antonio F.; Basso, Henrique S.; Bischl, Simeon; De Agostini, Paola; De Poli, Silvia; Dicarlo, Emanuele; Flevotomou, Maria; Freier, Maximilian; Maier, Sofia; García-Miralles, Esteban; Pidkuyko, Myroslav; Ricci, Mattia; Riscado, Sara
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper analyses the distributional impact of high consumer inflation in the euro area and government measures to compensate households in 2022. The study uses the tax-benefit microsimulation model for the European Union (EUROMOD) with microdata... mehr

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    This paper analyses the distributional impact of high consumer inflation in the euro area and government measures to compensate households in 2022. The study uses the tax-benefit microsimulation model for the European Union (EUROMOD) with microdata as the input - EU statistics on income and living conditions (EU-SILC) and household budget surveys (HBS) - to quantify the distributional impact of inflation, income support measures and measures aimed at containing prices. The analysis confirms that purchasing power and welfare were more severely affected by the 2022 inflation surge in lower-income households than in higher-income households. Fiscal measures compensated households for about a third of their welfare loss, though with significant differences between countries. At the same time, fiscal measures closed around 60% of the inequality gap between lower and higherincome households. Most fiscal measures were not particularly well targeted at lowincome households, resulting in a higher than necessary fiscal burden to cushion the distributional impact of the inflationary shock.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289962292
    Weitere Identifier:
    hdl: 10419/283408
    Schriftenreihe: Occasional paper series / European Central Bank ; No 330
    Schlagworte: inflation; fiscal policy; distributional effect; welfare effect; EUROMOD
    Umfang: 1 Online-Ressource (42 Seiten), Diagramme
  4. The economic impact of next generation EU
    a euro area perspective
    Autor*in: Bańkowski, Krzysztof; Bouabdallah, Othman; Semeano, João Domingues; Dorrucci, Ettore; Freier, Maximilian; Jacquinot, Pascal; Modery, Wolfgang; Rodríguez Vives, Marta; Valenta, Vilém; Zorell, Nico
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper assesses the potential economic impact of Next Generation EU (NGEU), focusing on the euro area. Its findings suggest that the envisaged national investment and reform plans present a coherent package to support both recovery from the... mehr

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    This paper assesses the potential economic impact of Next Generation EU (NGEU), focusing on the euro area. Its findings suggest that the envisaged national investment and reform plans present a coherent package to support both recovery from the pandemic-induced crisis and longer-term modernisation of the euro area economy through their digital and green transitions. NGEU, however, can only unfold its full potential if all plans are implemented in a timely and effective way. We estimate the impact of the national plans on output, inflation and public debt using ECB staff economic models under the assumption of successful implementation. Specifically, NGEU is expected to take effect through three channels: structural reform, fiscal stimulus and risk premium. Overall, NGEU may increase gross domestic product (GDP) in the euro area by up to 1.5% by 2026, with the impact expected to be significantly larger in the main beneficiary countries. In Italy and Spain, two of the main beneficiaries, the public debt-to-GDP ratio may be more than 10 percentage points lower by 2031. At the same time, all euro area countries are expected to benefit from NGEU through positive spillovers, greater economic resilience and convergence across countries. Finally, the effect of NGEU on euro area inflation over the medium term is deemed to be contained to the extent that the inflationary effect of additional public expenditure is offset, at least to some degree, by the disinflationary effect of greater productive capacity resulting from the planned structural reform and investment measures.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948456
    Weitere Identifier:
    hdl: 10419/262136
    Schriftenreihe: Occasional paper series / European Central Bank ; no 291 (April 2022)
    Schlagworte: Next Generation EU (NGEU); Recovery and Resilience Facility (RRF);public investment; structural reform
    Umfang: 1 Online-Ressource (59 Seiten), Illustrationen
  5. Towards a single performance indicator in the EU's fiscal governance framework
    an assessment of the expenditure and structural balance rules in the European fiscal governance framework
    Autor*in: Benalal, Nicholai; Freier, Maximilian; Melyn, Wim; Parys, Stefan van; Reiss, Lukas
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper... mehr

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    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper puts forward an in-depth analysis of two alternative fiscal performance indicators currently used in the EU fiscal framework: the change in the structural balance and the expenditure benchmark. Comparing these two indicators allows us to identify options for the design of a fiscal performance measure – such as assumptions on cyclical adjustment and the inclusion of fiscal variables – and assess their policy impact. Our paper finds that the expenditure benchmark used in the EU fiscal governance framework has advantages over the change in the structural balance. However, it still has scope for improvement. The paper also shows that taking account of interest payments in the expenditure benchmark would make fiscal policy more supportive of the monetary policy stance.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948425
    Weitere Identifier:
    hdl: 10419/262133
    Schriftenreihe: Occasional paper series / European Central Bank ; no 288 (January 2022)
    Schlagworte: EMU; euro area; fiscal governance; Stability and Growth Pact
    Umfang: 1 Online-Ressource (41 Seiten), Illustrationen
  6. A fiscal capacity for the euro area
    lessons from existing fiscal-federal systems
    Autor*in: Burriel, Pablo; Chronis, Panagiotis; Freier, Maximilian; Hauptmeier, Sebastian; Reiss, Lukas; Stegarescu, Dan; Parys, Stefan van
    Erschienen: [2020]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional... mehr

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    After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional transfers in existing fiscal-federal systems, notably in Austria, Belgium, Germany, Spain and the United States, and aims to draw lessons for the design of a euro area fiscal instrument. The empirical risk-sharing analysis in this paper suggests that effective cross-regional stabilisation of asymmetric shocks tends to work via direct cash transfers to households, such as unemployment benefits, which are financed out of cyclical central government taxes and social security contributions. This would suggest that a euro area budgetary instrument for stabilisation should be designed as a tool that enhances the automatic stabilisation capacity in the single currency area. At the same time, it seems important that a prospective central stabilisation instrument for the euro area would be integrated in an overall fiscal policy framework that ensures proper incentives for national policymakers.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289942454
    Weitere Identifier:
    hdl: 10419/234480
    Schriftenreihe: Occasional paper series / European Central Bank ; no 239 (April 2020)
    Umfang: 1 Online-Ressource (58 Seiten)
  7. The economic impact of next generation EU
    a euro area perspective
    Autor*in: Bańkowski, Krzysztof; Bouabdallah, Othman; Semeano, João Domingues; Dorrucci, Ettore; Freier, Maximilian; Jacquinot, Pascal; Modery, Wolfgang; Rodríguez Vives, Marta; Valenta, Vilém; Zorell, Nico
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper assesses the potential economic impact of Next Generation EU (NGEU), focusing on the euro area. Its findings suggest that the envisaged national investment and reform plans present a coherent package to support both recovery from the... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 535
    Fernleihe:
    keine Fernleihe

     

    This paper assesses the potential economic impact of Next Generation EU (NGEU), focusing on the euro area. Its findings suggest that the envisaged national investment and reform plans present a coherent package to support both recovery from the pandemic-induced crisis and longer-term modernisation of the euro area economy through their digital and green transitions. NGEU, however, can only unfold its full potential if all plans are implemented in a timely and effective way. We estimate the impact of the national plans on output, inflation and public debt using ECB staff economic models under the assumption of successful implementation. Specifically, NGEU is expected to take effect through three channels: structural reform, fiscal stimulus and risk premium. Overall, NGEU may increase gross domestic product (GDP) in the euro area by up to 1.5% by 2026, with the impact expected to be significantly larger in the main beneficiary countries. In Italy and Spain, two of the main beneficiaries, the public debt-to-GDP ratio may be more than 10 percentage points lower by 2031. At the same time, all euro area countries are expected to benefit from NGEU through positive spillovers, greater economic resilience and convergence across countries. Finally, the effect of NGEU on euro area inflation over the medium term is deemed to be contained to the extent that the inflationary effect of additional public expenditure is offset, at least to some degree, by the disinflationary effect of greater productive capacity resulting from the planned structural reform and investment measures.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948456
    Weitere Identifier:
    hdl: 10419/262136
    Schriftenreihe: Occasional paper series / European Central Bank ; no 291 (April 2022)
    Schlagworte: Next Generation EU (NGEU); Recovery and Resilience Facility (RRF);public investment; structural reform
    Umfang: 1 Online-Ressource (59 Seiten), Illustrationen
  8. Towards a single performance indicator in the EU's fiscal governance framework
    an assessment of the expenditure and structural balance rules in the European fiscal governance framework
    Autor*in: Benalal, Nicholai; Freier, Maximilian; Melyn, Wim; Parys, Stefan van; Reiss, Lukas
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 535
    Fernleihe:
    keine Fernleihe

     

    A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper puts forward an in-depth analysis of two alternative fiscal performance indicators currently used in the EU fiscal framework: the change in the structural balance and the expenditure benchmark. Comparing these two indicators allows us to identify options for the design of a fiscal performance measure – such as assumptions on cyclical adjustment and the inclusion of fiscal variables – and assess their policy impact. Our paper finds that the expenditure benchmark used in the EU fiscal governance framework has advantages over the change in the structural balance. However, it still has scope for improvement. The paper also shows that taking account of interest payments in the expenditure benchmark would make fiscal policy more supportive of the monetary policy stance.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948425
    Weitere Identifier:
    hdl: 10419/262133
    Schriftenreihe: Occasional paper series / European Central Bank ; no 288 (January 2022)
    Schlagworte: EMU; euro area; fiscal governance; Stability and Growth Pact
    Umfang: 1 Online-Ressource (41 Seiten), Illustrationen
  9. A fiscal capacity for the euro area
    lessons from existing fiscal-federal systems
    Autor*in: Burriel, Pablo; Chronis, Panagiotis; Freier, Maximilian; Hauptmeier, Sebastian; Reiss, Lukas; Stegarescu, Dan; Parys, Stefan van
    Erschienen: [2020]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional... mehr

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    Resolving-System (kostenfrei)

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Standort:
    Staats- und Universitätsbibliothek Bremen
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional transfers in existing fiscal-federal systems, notably in Austria, Belgium, Germany, Spain and the United States, and aims to draw lessons for the design of a euro area fiscal instrument. The empirical risk-sharing analysis in this paper suggests that effective cross-regional stabilisation of asymmetric shocks tends to work via direct cash transfers to households, such as unemployment benefits, which are financed out of cyclical central government taxes and social security contributions. This would suggest that a euro area budgetary instrument for stabilisation should be designed as a tool that enhances the automatic stabilisation capacity in the single currency area. At the same time, it seems important that a prospective central stabilisation instrument for the euro area would be integrated in an overall fiscal policy framework that ensures proper incentives for national policymakers.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289942454
    Weitere Identifier:
    hdl: 10419/234480
    Schriftenreihe: Occasional paper series / European Central Bank ; no 239 (April 2020)
    Umfang: 1 Online-Ressource (58 Seiten)
  10. Inflation, fiscal policy and inequality
    Autor*in: Amore, Antonio F.; Basso, Henrique S.; Bischl, Johannes Simeon; De Agostini, Paola; De Poli, Silvia; Dicarlo, Emanuele; Flevotomou, Maria; Freier, Maximilian; Maier, Sofia; García-Miralles, Esteban; Pidkuyko, Myroslav; Ricci, Mattia; Riscado, Sara
    Erschienen: 2023
    Verlag:  European Commission, Seville

    This paper analyses the distributional impact of high consumer inflation in the euro area and government measures to compensate households in 2022. The study uses the tax-benefit microsimulation model for the European Union (EUROMOD) with microdata... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper analyses the distributional impact of high consumer inflation in the euro area and government measures to compensate households in 2022. The study uses the tax-benefit microsimulation model for the European Union (EUROMOD) with microdata as the input - EU statistics on income and living conditions (EU-SILC) and household budget surveys (HBS) - to quantify the distributional impact of inflation, income support measures and measures aimed at containing prices. The analysis confirms that purchasing power and welfare were more severely affected by the 2022 inflation surge in lower-income households than in higher-income households. Fiscal measures compensated households for about a third of their welfare loss, though with significant differences between countries. At the same time, fiscal measures closed around 60% of the inequality gap between lower and higher-income households. Most fiscal measures were not particularly well targeted at low-income households, resulting in a higher than necessary fiscal burden to cushion the distributional impact of the inflationary shock.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/299562
    Schriftenreihe: JRC working papers on taxation and strucutral reforms ; no 2023, 10
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  11. Inflation, fiscal policy and inequality
    the distributional impact of fiscal measures to compensate for consumer inflation
    Autor*in: 3000 Amores, Antonio F.; Basso, Henrique S.; Bischl, Simeon; De Agostini, Paola; De Poli, Silvia; Dicarlo, Emanuele; Flevotomou, Maria; Freier, Maximilian; Maier, Sofia; García-Miralles, Esteban; Pidkuyko, Myroslav; Ricci, Mattia; Riscado, Sara
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper analyses the distributional impact of high consumer inflation in the euro area and government measures to compensate households in 2022. The study uses the tax-benefit microsimulation model for the European Union (EUROMOD) with microdata... mehr

    Zugang:
    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Fernleihe:
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 535
    Fernleihe:
    keine Fernleihe

     

    This paper analyses the distributional impact of high consumer inflation in the euro area and government measures to compensate households in 2022. The study uses the tax-benefit microsimulation model for the European Union (EUROMOD) with microdata as the input - EU statistics on income and living conditions (EU-SILC) and household budget surveys (HBS) - to quantify the distributional impact of inflation, income support measures and measures aimed at containing prices. The analysis confirms that purchasing power and welfare were more severely affected by the 2022 inflation surge in lower-income households than in higher-income households. Fiscal measures compensated households for about a third of their welfare loss, though with significant differences between countries. At the same time, fiscal measures closed around 60% of the inequality gap between lower and higherincome households. Most fiscal measures were not particularly well targeted at lowincome households, resulting in a higher than necessary fiscal burden to cushion the distributional impact of the inflationary shock.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289962292
    Weitere Identifier:
    hdl: 10419/283408
    Schriftenreihe: Occasional paper series / European Central Bank ; No 330
    Schlagworte: inflation; fiscal policy; distributional effect; welfare effect; EUROMOD
    Umfang: 1 Online-Ressource (42 Seiten), Diagramme
  12. Quantitative easing and the price-liquidity trade-off
    Autor*in: Ferdinandusse, Marien; Freier, Maximilian; Ristiniemi, Annukka
    Erschienen: February 2017
    Verlag:  Sveriges Riksbank, Stockholm

    We present a search theoretic model of over-the-counter debt with quantitative easing (QE). The impact of central bank asset purchases on yields depend on market tightness, which is determined by shares of preferred habitat investors. The model... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We present a search theoretic model of over-the-counter debt with quantitative easing (QE). The impact of central bank asset purchases on yields depend on market tightness, which is determined by shares of preferred habitat investors. The model predicts that the impact of government bond purchases is higher in countries with a higher share of preferred habitat investors. Furthermore, there is a trade-off with liquidity, which is not present in other models of QE. We present a new index for the share of preferred habitat investors holding government bonds in Eurozone countries, based on the ECB's securities and holdings statistics, which we use to match the impact of QE on the observed yield changes in data and to test our model.

     
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    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/189935
    Schriftenreihe: Sveriges Riksbank working paper series ; 335
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen