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  • Frankfurt a. M.: European Central Bank (ECB)  (2)
  • 2015-2019  (1)
  • 2005-2009  (1)
  • 1
    Publication Date: 2017-02-24
    Description: The purpose of this paper is to evaluate the empirical relevance of real convergence on the process of nominal convergence for the new EU Member States. We discuss two of the main channels through which real convergence could affect relative prices with respect to the euro area: productivity growth and increased trade openness. Productivity growth can have a positive effect on price levels via the Balassa-Samuelson effect, whereas increased openness leads to reductions in mark-ups and costs and therefore can have a negative impact on prices. In order to assess their empirical relevance, we used a Structural VAR model to which we applied a model reduction algorithm. This method accounts for endogeneity and simultaneity and circumvents the problem of limited data availability. Our findings show that, in general, openness has had a negative impact and productivity growth a positive one on price level convergence with respect to the euro area.
    Keywords: O52 ; E31 ; ddc:330 ; inflation ; new EU Member States ; nominal convergence ; real convergence ; Wirtschaftliche Konvergenz ; Produktivität ; Handelsliberalisierung ; Inflation ; Geldpolitische Transmission ; EU-Mitgliedschaft ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Frankfurt a. M.: European Central Bank (ECB)
    Publication Date: 2017-02-24
    Description: In this paper we analyse the interaction of fiscal rules and fiscal space. We find strong evidence for fiscal rules being associated with higher fiscal space. Furthermore, the analysis shows that countries with more fiscal space tend to have higher discretionary expenditures, but that this effect is significantly reduced if fiscal rules are in place. A similar effect can be observed for the procyclicality of fiscal policy, which is significantly higher in an environment of ample fiscal space, while this difference is reduced with fiscal rules. Regarding the different types of fiscal rules, we find the strongest results for expenditure rules and to a lesser extent for balanced budget rules, but none for debt rules.
    Keywords: E61 ; E62 ; H60 ; ddc:330 ; discretionary fiscal policy ; fiscal rules ; fiscal space ; procyclicality
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
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