Arbeitspapier
Fiscal policy in the semi-structural model ECB-BASE
Fiscal policy constitutes a key tool for business cycle stabilisation next to monetary policy. In this context, having a well-suited macroeconomic model for analysing fiscal policy at a central bank is of primary importance. This paper documents the fiscal block of the ECB-BASE, which is a semi-structural model for the euro area developed at the ECB for projections and policy analysis. The set-up of the fiscal block ensures comprehensive coverage of the government sector and tight links to the quarterly fiscal accounts. Thanks to this design, it is possible to simulate the model with a wide range of fiscal shocks, which, as shown in the paper, have distinct propagation mechanisms. Having discussed the set-up and the potency of fiscal policy in the model, this paper also includes the following applications for fiscal policy analysis: counterfactual scenarios with alternative fiscal rules, assessment of fiscal policy conducted in the euro area in the past and stochastic fiscal projections.
- ISBN
-
978-92-899-5998-8
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 2802
- Klassifikation
-
Wirtschaft
- Thema
-
Semi-structural model
euro area
simulations
forecasting
fiscal policy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bańkowski, Krzysztof
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2023
- DOI
-
doi:10.2866/468260
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Bańkowski, Krzysztof
- European Central Bank (ECB)
Entstanden
- 2023
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