TY  - UNPD
A1  - Angeloni, Ignazio
A1  - Faia, Ester
A1  - Winkler, Roland
T1  - Exit strategies
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2010,25
N2  - We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using the model of Angeloni and Faia (2010), that combines a standard DSGE framework with a fragile banking sector, suitably modified and calibrated for the euro area. Credibly announced and fast fiscal consolidations dominate – based on simple criteria – alternative strategies incorporating various degrees of gradualism and surprise. The fiscal adjustment should be based on spending cuts or else be relatively skewed towards consumption taxes. The phasing out of monetary accommodation should be simultaneous or slightly delayed. We also find that, contrary to widespread belief, Basel III may well have an expansionary macroeconomic effect. Keywords: Exit Strategies , Debt Consolidation , Fiscal Policy , Monetary Policy , Capital Requirements , Bank Runs JEL Classification: G01, E63, H12
T3  - CFS working paper series - 2010, 25 
KW  - exit strategies
KW  - debt consolidation
KW  - …fiscal policy
KW  - monetary policy
KW  - capital requirements
KW  - bank runs
Y1  - 2010
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/20480
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-87138
IS  - Version December 3, 2010
ER  -