Josef Hollmayr

Classification of Monetary and Fiscal Dominance Regimes Using Machine Learning Techniques: The Euro Area Case

Natascha Hinterlang, Josef Hollmayr

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Classification of monetary and fiscal dominance regimes using machine learning techniques

Natascha Hinterlang, Josef Hollmayr

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Classification of Monetary and Fiscal Dominance Regimes Using Machine Learning Techniques

Natascha Hinterlang, Josef Hollmayr

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Learning about banks’ net worth and the slow recovery after the financial crisis

Josef Hollmayr, Michael Kühl

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Comparing Fiscal Consolidation Multipliers across Models in Europe

Juha Kilponen, Massimiliano Pisani, Sebastian Schmidt, Vesna Corbo et autres

This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the macroeconomic effects of a temporary fiscal tightening when the zero lower bound (ZLB) on monetary policy holds for two years. The main results are …

Monetary–fiscal interaction and quantitative easing

Josef Hollmayr, Michael Kühl

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Fiscal Regimes and the (Non)Stationarity of Debt

Josef Hollmayr

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Fiscal multipliers of central, state and local government and of the social security funds in Germany: Evidence of a SVAR

Josef Hollmayr, Jan Kuckuck

By applying a Structural Vector Autoregressive (SVAR) approach this paper estimates the effects of fiscal policy shocks of different government sub-sectors on aggregate GDP in Germany. From a general government perspective, the results show that besides investment, it is particularly changes in …

Monetary-Fiscal Interaction and Quantitative Easing

Josef Hollmayr

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Monetary-fiscal interaction and quantitative easing

Josef Hollmayr, Michael Kühl

This paper analyzes the monetary-fiscal interaction if the central bank conducts quantitative easing. Although asset purchases have similar effects on the real economy under monetary and fiscal dominance, wealth effects yield a qualitatively different response on the rate of inflation. Our results …

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The Effect of Unemployment Insurance Benefits on (Self-)Employment: Two Sides of the Same Coin?

Josef Hollmayr, Jan Kuckuck

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Fiscal Regimes and the (Non)Stationarity of Debt

Josef Hollmayr

This paper analyzes the sustainability of fiscal debt contingent on fiscal policy operating in two fiscal regimes. The first regime is characterized by active policy (not reacting to debt) and the other by passive fiscal policy (reacting to debt). The average duration …

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