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Browsing Department of Economics (ECO) by Author "MÜLLER, Gernot J."
Now showing items 1-15 of 15
Title:Debt Consolidation and Fiscal Stabilization of Deep Recessions
Author(s):CORSETTI, Giancarlo; KUESTER, Keith; MEIER, André; MÜLLER, Gernot J.Date:2010Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:The global financial crisis of 2008–09 has sent public debt on sharply
higher trajectories. With the economic recovery gradually taking hold, the
focus is now shifting to fiscal “exit” strategies. Medium-term ...
Title:Cross-Border Spillovers from Fiscal Stimulus
Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2010Type of Publication:ArticleAbstract:The global recession of 2008–09 has revived interest in the international repercussions of domestic policy choices. This paper focuses on the case of fiscal stimulus, investigating cross-border spillovers from an increase ...
Title:Is the New Keynesian Phillips Curve Flat?
Author(s):STÖLTING, Sarah; KUESTER, Keith; MÜLLER, Gernot J.Date:2009Type of Publication:ArticleAbstract:This paper provides Monte Carlo evidence that GMM estimates of the New Keynesian Phillips curve are biased towards finding too much price rigidity if cost-push shocks are auto-correlated. This result may reconcile GMM ...
Title:Fiscal Stimulus with Spending Reversals
Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2009Type of Publication:Working PaperSeries/Report no.:IMF working paper
Title:Fiscal Stimulus with spending reversals
Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2009Type of Publication:Working PaperSeries/Report no.:CEPR discussion paperAbstract:The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending ...
Title:Twin Deficits, Openness, and the Business Cycle
Author(s):CORSETTI, Giancarlo; MÜLLER, Gernot J.Date:2008Type of Publication:ArticleAbstract:In this article, we study the co-movement of the government budget balance and the trade balance at business-cycle frequencies. In a sample of 10 OECD countries we find that the correlation of the two time series is negative, ...
Title:Is the New Keynesian Phillips Curve Flat?
Author(s):STÖLTING, Sarah; KUESTER, Keith; MÜLLER, Gernot J.Date:2007Type of Publication:Working PaperSeries/Report no.:ECB Working PaperAbstract:Macroeconomic data suggest that the New Keynesian Phillips curve is quite flat - despite microeconomic evidence implying frequent price adjustments. While real rigidities may help to account for the conflicting evidence, ...
Title:Twin Deficits, Openness and the Business Cycle
Author(s):CORSETTI, Giancarlo; MÜLLER, Gernot J.Date:2007Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:In this paper, we study the co-movement of the government budget balance and the trade balance at business cycle frequencies. In a sample of 10 OECD countries we find that the correlation of the two time series is negative, ...
Title:S-Curve Redux: On the International Transmission of Technology Shocks
Author(s):ENDERS, Zeno; MÜLLER, Gernot J.Date:2006Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:Using vector autoregressions on U.S. time series, we find that technology shocks induce an ‘S’-
shaped cross-correlation function for the trade balance and the terms of trade (S-curve). In calibrating
a prototypical ...
Title:Fleshing Out the Monetary Transmission Mechanism: Output Composition and the Role of Financial Frictions
Author(s):MEIER, André; MÜLLER, Gernot J.Date:2006Type of Publication:ArticleAbstract:Financial frictions affect the way in which different macroeconomic series respond to a monetary policy shock. We embed the financial accelerator of Bernanke, Gertler, and Gilchrist (1999) into a medium-scale DSGE model ...
Title:Twin Deficit: Squaring Theory, Evidence and Common Sense
Author(s):CORSETTI, Giancarlo; MÜLLER, Gernot J.Date:2006Type of Publication:ArticleAbstract:Simple accounting suggests that shocks to the government budget move the current account in the same direction, and this `twin deficits' intuition leads many observers to call for fiscal consolidation in the US as a necessary ...