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Diskussionspapiere 1724 / 2018

Early Warning System of Government Debt Crises

The European debt crisis has revealed serious deficiencies and risks on a proper functioning of the monetary union. Against this backdrop, early warning systems are of crucial importance. In this study that focuses on euro area member states, the ...

2018| Christian Dreger, Konstantin A. Kholodilin
Externe referierte Aufsätze

Gut investierte Schulden sind eine Entlastung in der Zukunft

In: Wirtschaftsdienst 99 (2019), 5, S. 313-317 | Marcel Fratzscher, Alexander Kriwoluzky, Claus Michelsen

Essays in International Finance: Dissertation

Opinions regarding capital account openness have been undergoing changes. On the one hand, financial liberalization and integration are viewed as sources of economic growth and prosperity due to a better allocation of capital to productive uses. In .

Berlin: FU Berlin, 2019, 121, XXX S. | Tatsiana Kliatskova
Weekly Report

EU Commission proposal for 2021–2027 budget: lost opportunities

In May, the EU Commission presented its proposal for the EU budget for 2021 to 2027—a period of change for the EU. Not only will Great Britain’s exit from the Union leave a significant hole in the budget, but at the same time the budget .

16.10.2018| Kristina van Deuverden

Austerity: When It Works and When It Doesn´t

A timely and incisive look at austerity measures that succeed—and those that don’t. Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that ...

DIW Roundup 120 / 2018

What Determines the Costs of Fiscal Consolidations?

Recent studies have proposed several factors that determine how fiscal consolidations affect the economy. This Roundup focuses on several of these determinants. Namely, it discusses how the composition of the consolidation measure, the state of the .

2018| Mathias Klein
Diskussionspapiere 1806 / 2019

Monetary Policy and Household Deleveraging

This study investigates the interrelation between the household leverage cycle, collateral constraints, and monetary policy. Using data on the U.S. economy, we find that a contractionary monetary policy shock leads to a large and significant fall in

2019| Martin Harding, Mathias Klein
Externe referierte Aufsätze

Austerity, Inequality, and Private Debt Overhang

Using panel data of 17 OECD countries for 1980–2011, we find that the distributional consequences of fiscal consolidations depend significantly on the level of private indebtedness. Austerity leads to a strong and persistent increase in income ...

In: European Journal of Political Economy 57 (2019), S. 89-106 | Mathias Klein, Roland Winkler
Externe referierte Aufsätze

Macroeconomic Effects of Government Spending: The Great Recession was (Really) Different

We estimate the effect of government spending shocks on the U.S. economy with a time‐varying parameter vector autoregression. The recent Great Recession period appears to be characterized by uniquely large impulse responses of output to fiscal shoc

In: Journal of Money, Credit and Banking 51 (2019), 5, S. 1237-1264 | Mathias Klein, Ludger Linnemann
DIW Weekly Report 31 / 2019

Public Investment a Key Prerequisite for Private Sector Activity

Ten years after the 2008 financial crisis, in the euro area investment is still below the pre-crisis level. Public and private investment growth is so weak that capital per worker (capital intensity) has virtually remained constant. An increase in ..

2019| Marius Clemens, Marius Goerge, Claus Michelsen
235 results, from 1