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  1. Dynamic fiscal limits and monetary-fiscal policy interactions
    Author: Battistini, Niccolò; Callegari, Giovanni; Zavalloni, Luca
    Published: [2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper analyzes the impact of monetary policy on public debt sustainability through the lens of a general equilibrium model with fiscal limits. We find that the mere possibility of a binding ZLB may have detrimental effects on debt... more

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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    This paper analyzes the impact of monetary policy on public debt sustainability through the lens of a general equilibrium model with fiscal limits. We find that the mere possibility of a binding ZLB may have detrimental effects on debt sustainability, as a kink in the Laffer curve induces a dead-weight loss in the present discounted value of future primary surpluses. Moreover, debt sustainability improves with monetary policy activeness, that is, with the elasticity of the interest rate to changes in inflation and the output gap. On this basis, we assess the trade-off between economic stabilization and debt sustainability depending on the monetary policy environment. In normal times, large public spending shocks may engender perverse debt dynamics and cause economic contractions. At the ZLB, a muted trade-off between stabilization and sustainability instead expands the fiscal margin, especially if coupled with a commitment to a more active monetary policy during normal times.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289935302
    Other identifier:
    hdl: 10419/208302
    Series: Working paper series / European Central Bank ; no 2268 (April 2019)
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  2. Navigating the housing channel of monetary policy across euro area regions
    Author: Battistini, Niccolò; Falagiarda, Matteo; Hackmann, Angelina; Roma, Moreno
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper assesses the role of the housing market in the transmission of conventional and unconventional monetary policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR analysis... more

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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    This paper assesses the role of the housing market in the transmission of conventional and unconventional monetary policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR analysis shows that monetary policy propagates effectively to economic activity and house prices, albeit in a heterogeneous fashion across regions. Although the housing channel plays a minor role in the transmission of monetary policy to the economy on average, its importance increases in the case of unconventional monetary policy. We also explore the determinants of the diverse transmis- sion of monetary policy to economic activity across regions, finding a larger impact in areas with lower labour income and more widespread homeownership. An expansionary monetary policy can thus be effective in mitigating regional inequality via its stimulus to the economy.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289954006
    Other identifier:
    hdl: 10419/278227
    Series: Working paper series / European Central Bank ; no 2752 (November 2022)
    Subjects: housing market; conventional and unconventional monetary policy; regional inequality; business cycles
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  3. Systemic risk and home bias in the euro area
    Author: Battistini, Niccolò; Pagano, Marco; Simonelli, Saverio
    Published: 2013
    Publisher:  Europ. Comm., Directorate-General for Economic and Financial Affairs, Brussels

    Location:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Signature:
    EDZ online a
    Inter-library loan:
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 289 (494)
    Inter-library loan:
    No inter-library loan
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    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789279285769
    Other identifier:
    Series: Array ; 494
    Subjects: euro-area financial integration; sovereign debt yield differentials; dynamic latent factor model; sovereign portfolio home bias; vector error-correction model
    Scope: Online-Ressource (45 S.), graph. Darst.