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Exit strategies (2010)

Angeloni, Ignazio ; Faia, Ester ; Winkler, Roland

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

The "monster" of fragmentation is haunting the ECB again (2022)

Angeloni, Ignazio

To overcome the European Central Bank’s mistakes of the past, the sequencing approach needs to be abandoned.

Sollte das Abstimmungsverhalten im EZB-Rat offengelegt werden? (2020)

Angeloni, Ignazio

Ignazio Angeloni: Es heißt, dass die EZB von der Fed lernen könne, mit Dissens umzugehen. Das US-amerikanische System ist aber kein Vorbild, an das sich Europa leicht anpassen kann.

Should votes in the ECB Governing Council be disclosed? (2020)

Angeloni, Ignazio

Ignazio Angeloni: According to some, the ECB can learn from the Fed on how to deal with dissent. The US system, however, is not a reference Europe can easily conform to.

Joe Biden erbt einige wirtschaftspolitischen Herausforderungen (2020)

Angeloni, Ignazio

Der US-Wirtschaft wieder zu gewohnter Größe zu verhelfen, erfordert harte Arbeit – und ein Stück Glück

Durch den Wirecard-Skandal hat die EU gemeinsame Marktregeln nötiger denn je (2020)

Angeloni, Ignazio

Das Urteil des Bundesverfassungsgerichts kann die EZB-Maßnahmen stärken (2020)

Angeloni, Ignazio

Das Urteil zum Anleihenkaufprogramm der Europäischen Zentralbank scheint einen unlösbaren Konflikt inmitten des Euroraums zu schaffen, der fatale Folgen für die gemeinsame Währung und ihre Zentralbank haben könnte. Es kann aber auch anders kommen.

Joe Biden’s multiple economic challenges (2020)

Angeloni, Ignazio

Making America’s economy “great again” will require hard work – and a bit of luck.

The German court ruling may strengthen the ECB policies (2020)

Angeloni, Ignazio

The ruling on the European Central Bank’s quantitative easing appears to open up an irremediable conflict at the heart of the euro area, with potentially fatal consequences for the currency and its central bank. It may turn out differently.

Wirecard scandal raises need for common EU market rules (2020)

Angeloni, Ignazio

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48 search hits