Konferenzbeitrag
Getting into GEAR: German and the Rest of Euro Area Fiscal Policy During the Crisis
In this paper, we use the estimated three-region DSGE model GEAR, which pictures Germany, the Euro Area and the Rest of the world and which is used by the Deutsche Bundesbank for policy analysis, to analyze how discretionary fiscal policy in Germany and the rest of EMU affected GDP growth and unemployment during the crisis. Not surprisingly, stimulus programmes positively affected domestic GDP growth rates while consolidation measures had a negative impact. The contribution of fiscal policy on domestic GDP growth was only small, however, amounting to a maximum of 1.6% for Germany and 0.8% for the rest of the Euro Area in terms of annualized quarter-on quarter growth rates. The main driver for the evolution of GDP were rest of the world and risk premia shocks, followed by domestic non-fiscal shocks, amongst them the technology shock being the most important one. Spillovers of fiscal policy shocks are negligibly small, which holds for spillovers of fiscal shocks in Germany to the rest of the Euro Area and vice versa. This latter finding is confirmed by an impulse-response analysis and by calculating the corresponding multipliers. Hence, relating these findings to current discussions, our analysis suggests that domestic fiscal policy has little effects on the other regions' GDP within EMU and can, therefore, contribute only little to solving the imbalances problem.
- Sprache
-
Englisch
- Erschienen in
-
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2014: Evidenzbasierte Wirtschaftspolitik - Session: Euro Area: Monetary Stress and Fiscal Adjustments ; No. D07-V1
- Klassifikation
-
Wirtschaft
Fiscal Policy
Business Fluctuations; Cycles
Taxation, Subsidies, and Revenue: General
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Stähler, Nikolai
Gadatsch, Niklas
Hauzenberger, Klemens
- Ereignis
-
Veröffentlichung
- (wer)
-
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
- (wo)
-
Kiel und Hamburg
- (wann)
-
2014
- 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
- Konferenzbeitrag
Beteiligte
- Stähler, Nikolai
- Gadatsch, Niklas
- Hauzenberger, Klemens
- ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
Entstanden
- 2014
Ähnliche Objekte (12)
The Fiscal Crisis
Is the debt crisis getting out of control?
Fiscal Policy For The Crisis
The Employment and Fiscal Crisis
The fiscal crisis as a crisis in trust
The fiscal crisis as a crisis in trust
Managing the financial crisis - is Europe getting it right?
Managing the financial crisis : is Europe getting it right?
Fiscal Reform Agenda: Getting Ready for the Bumpy Ride Ahead
Fiscal responses to the financial crisis
Fiscal responses to the financial crisis
Endgame? The fiscal crisis of the German state
The Fiscal Crisis
Is the debt crisis getting out of control?
Fiscal Policy For The Crisis
The Employment and Fiscal Crisis
The fiscal crisis as a crisis in trust
The fiscal crisis as a crisis in trust
Managing the financial crisis - is Europe getting it right?
Managing the financial crisis : is Europe getting it right?
Fiscal Reform Agenda: Getting Ready for the Bumpy Ride Ahead
Fiscal responses to the financial crisis
Fiscal responses to the financial crisis
Endgame? The fiscal crisis of the German state
The Fiscal Crisis
Is the debt crisis getting out of control?
Fiscal Policy For The Crisis
The Employment and Fiscal Crisis
The fiscal crisis as a crisis in trust
The fiscal crisis as a crisis in trust
Managing the financial crisis - is Europe getting it right?
Managing the financial crisis : is Europe getting it right?
Fiscal Reform Agenda: Getting Ready for the Bumpy Ride Ahead
Fiscal responses to the financial crisis
Fiscal responses to the financial crisis