IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this paper

Ökonomische Wirksamkeit der Konjunktur stützenden finanzpolitischen Maßnahmen der Jahre 2008 und 2009. Forschungsvorhaben im Auftrag des Bundesministeriums der Finanzen

Listed author(s):
  • Holtemöller, Oliver
  • Brautzsch, Hans-Ulrich
  • Drechsel, Katja
  • Drygalla, Andrej
  • Giesen, Sebastian
  • Hennecke, Peter
  • Kiesel, Konstantin
  • Loose, Brigitte
  • Meier, Carsten-Patrick
  • Zeddies, Götz

Die weltweite Finanzkrise hat zu einem starken Einbruch der wirtschaftlichen Aktivität geführt. Davon waren in Deutschland vor allem der Export, aber auch die Unternehmensinvestitionen betroffen. Übertreibungen im Immobiliensektor oder eine übermäßige Verschuldung, die anderenorts eine große Rolle spielten, waren hierzulande nicht zu konstatieren. Gleichwohl war aufgrund der internationalen Verflechtungen auch das deutsche Bankensystem stark von der Krise beeinträchtigt. Der Einbruch der Konjunktur im Jahr 2009 nahm schließlich ein Ausmaß an, das die Wirtschaftspolitik über die Maßnahmen zur Stabilisierung des Finanzsystems hinaus unter Handlungsdruck setzte. Dies lag nicht zuletzt daran, dass die Möglichkeiten der Geldpolitik aufgrund der Probleme im Bankensektor eingeschränkt waren. Das Vertrauen der Menschen in die Erholung der Weltwirtschaft war erheblich beeinträchtigt. In Deutschland wurden finanzpolitische Maßnahmen beschlossen, die sich verteilt auf die Jahre 2009 bis 2012 auf insgesamt gut fünf Prozent in Relation zum Bruttoinlandsprodukt beliefen; hinzu kam ein umfangreiches Kredit- und Kreditbürgschaftsprogramm zur Sicherung der Kreditversorgung.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: https://www.econstor.eu/bitstream/10419/142205/1/io_2015-04.pdf
Download Restriction: no

Paper provided by Halle Institute for Economic Research (IWH) in its series IWH Online with number 4/2015.

as
in new window

Length:
Date of creation: 2015
Handle: RePEc:zbw:iwhonl:42015
Contact details of provider: Postal:
Kleine Märkerstrasse 8, 06108 Halle (Saale)

Phone: (0345) 7753-60
Fax: (0345) 7753-820
Web page: http://www.iwh-halle.de/

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as
in new window


  1. repec:nbr:nberch:13342 is not listed on IDEAS
  2. Jens Boysen-Hogrefe & Dominik Groll, 2010. "The German Labour Market Miracle," National Institute Economic Review, National Institute of Economic and Social Research, vol. 214(1), pages 38-50, October.
  3. Olga Bohachova & Bernhard Boockmann & Claudia M. Buch, 2011. "Labor Demand During the Crisis: What Happened in Germany?," CESifo Working Paper Series 3625, CESifo Group Munich.
  4. Tobias Cwik & Volker Wieland, 2011. "Keynesian government spending multipliers and spillovers in the euro area," Economic Policy, CEPR;CES;MSH, vol. 26(67), pages 493-549, 07.
  5. Baum, Anja & Koester, Gerrit B., 2011. "The impact of fiscal policy on economic activity over the business cycle - evidence from a threshold VAR analysis," Discussion Paper Series 1: Economic Studies 2011,03, Deutsche Bundesbank, Research Centre.
  6. Karl BRENKE & Ulf RINNE & Klaus F. ZIMMERMANN, 2013. "Short-time work: The German answer to the Great Recession," International Labour Review, International Labour Organization, vol. 152(2), pages 287-305, 06.
  7. Campbell, John Y. & Mankiw, N. Gregory, 1991. "The response of consumption to income : A cross-country investigation," European Economic Review, Elsevier, vol. 35(4), pages 723-756, May.
  8. Baxter, Marianne & King, Robert G, 1993. "Fiscal Policy in General Equilibrium," American Economic Review, American Economic Association, vol. 83(3), pages 315-334, June.
  9. Christopher D. Carroll, 2001. "A Theory of the Consumption Function, with and without Liquidity Constraints," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 23-45, Summer.
  10. Zeldes, Stephen P, 1989. "Consumption and Liquidity Constraints: An Empirical Investigation," Journal of Political Economy, University of Chicago Press, vol. 97(2), pages 305-346, April.
  11. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-1054, July.
  12. Ricardo J. Caballero, 2010. "Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 85-102, Fall.
  13. Ulf Rinne & Klaus F Zimmermann, 2013. "Is Germany the North Star of Labor Market Policy?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 61(4), pages 702-729, December.
  14. Miguel Almunia & Agustín Bénétrix & Barry Eichengreen & Kevin H. O'Rourke & Gisela Rua, 2010. "From Great Depression to Great Credit Crisis: similarities, differences and lessons," Economic Policy, CEPR;CES;MSH, vol. 25, pages 219-265, 04.
  15. Carsten-Patrick Meier, 2013. "Deutlicher Anstieg der Nettozuwanderung nach Deutschland," Wirtschaftsdienst, Springer;German National Library of Economics, vol. 93(7), pages 466-470, July.
  16. Bachmann, Rüdiger & Sims, Eric R., 2012. "Confidence and the transmission of government spending shocks," Journal of Monetary Economics, Elsevier, vol. 59(3), pages 235-249.
  17. Valerie A. Ramey, 2011. "Identifying Government Spending Shocks: It's all in the Timing," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 1-50.
  18. Michael Woodford, 2011. "Simple Analytics of the Government Expenditure Multiplier," American Economic Journal: Macroeconomics, American Economic Association, vol. 3(1), pages 1-35, January.
  19. Hashem M. Pesaran & Ron P. Smith, 2011. "Beyond the DSGE Straitjacket," CESifo Working Paper Series 3447, CESifo Group Munich.
  20. Athanasios Orphanides & Volker Wieland, 2013. "Complexity and Monetary Policy," International Journal of Central Banking, International Journal of Central Banking, vol. 9(1), pages 167-204, January.
  21. George A. Akerlof, 2003. "Behavioral Macroeconomics and Macroeconomic Behavior," The American Economist, Sage Publications, vol. 47(1), pages 25-47, March.
  22. Günter Coenen & Christopher J. Erceg & Charles Freedman & Davide Furceri & Michael Kumhof & René Lalonde & Douglas Laxton & Jesper Lindé & Annabelle Mourougane & Dirk Muir & Susanna Mursula & Carlos d, 2012. "Effects of Fiscal Stimulus in Structural Models," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 22-68, January.
  23. Alan J. Auerbach & Yuriy Gorodnichenko, 2012. "Fiscal Multipliers in Recession and Expansion," NBER Chapters,in: Fiscal Policy after the Financial Crisis, pages 63-98 National Bureau of Economic Research, Inc.
  24. Marco Caliendo & Jens Hogenacker, 2012. "The German labor market after the Great Recession: successful reforms and future challenges," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 1(1), pages 1-24, December.
  25. Michael C. Burda & Jennifer Hunt, 2011. "What Explains the German Labor Market Miracle in the Great Recession," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 42(1 (Spring), pages 273-335.
  26. Ray Barrell & Dawn Holland & Ian Hurst, 2012. "Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations," OECD Economics Department Working Papers 933, OECD Publishing.
  27. Henner Will, 2011. "Germany's Short Time Compensation Program: macroeconom(etr)ic insight," IMK Working Paper 1-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  28. Roberto Perotti, 2002. "Estimating the effects of fiscal policy in OECD countries," Economics Working Papers 015, European Network of Economic Policy Research Institutes.
  29. Henzel, Steffen R., 2013. "Fitting survey expectations and uncertainty about trend inflation," Journal of Macroeconomics, Elsevier, vol. 35(C), pages 172-185.
  30. Mathias Dolls & Clemens Fuest & Andreas Peichl, 2010. "Wie wirken die automatischen Stabilisatoren in der Wirtschaftskrise? Deutschland im Vergleich zu anderen EU-Staaten und den USA," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(2), pages 132-145, 05.
  31. Claudia M. Buch & Oliver Holtemöller, 2014. "Do we need new modelling approaches in macroeconomics?," Chapters,in: Financial Cycles and the Real Economy, chapter 3, pages 36-58 Edward Elgar Publishing.
  32. M. Hashem Pesaran & Ron P. Smith, 2011. "BEYOND THE DSGE STRAITJACKET-super-1," Manchester School, University of Manchester, vol. 79(s2), pages 5-16, September.
  33. Balleer, Almut & Gehrke, Britta & Lechthaler, Wolfgang & Merkl, Christian, 2016. "Does short-time work save jobs? A business cycle analysis," European Economic Review, Elsevier, vol. 84(C), pages 99-122.
  34. James Cloyne & Patrick Hürtgen, 2016. "The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom," American Economic Journal: Macroeconomics, American Economic Association, vol. 8(4), pages 75-102, October.
  35. Jordi Galí & J. David López-Salido & Javier Vallés, 2007. "Understanding the Effects of Government Spending on Consumption," Journal of the European Economic Association, MIT Press, vol. 5(1), pages 227-270, 03.
  36. Lawrence Christiano & Martin Eichenbaum & Sergio Rebelo, 2011. "When Is the Government Spending Multiplier Large?," Journal of Political Economy, University of Chicago Press, vol. 119(1), pages 78-121.
  37. Jean-Marie Dufour & Eric Renault, 1998. "Short Run and Long Run Causality in Time Series: Theory," Econometrica, Econometric Society, vol. 66(5), pages 1099-1126, September.
  38. Alan J. Auerbach & Yuriy Gorodnichenko, 2012. "Measuring the Output Responses to Fiscal Policy," American Economic Journal: Economic Policy, American Economic Association, vol. 4(2), pages 1-27, May.
  39. Tenhofen Jörn & Wolff Guntram B. & Heppke-Falk Kirsten H., 2010. "The Macroeconomic Effects of Exogenous Fiscal Policy Shocks in Germany: A Disaggregated SVAR Analysis," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 230(3), pages 328-355, June.
  40. Eric M. Leeper & Todd B. Walker & Shu‐Chun Susan Yang, 2013. "Fiscal Foresight and Information Flows," Econometrica, Econometric Society, vol. 81(3), pages 1115-1145, 05.
  41. Holger Bonin, 2012. "The Two German Labour Market Miracles: Blueprints for Tackling the Unemployment Crisis?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 54(4), pages 787-807, December.
  42. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
  43. Sebastian Gechert, 2015. "What fiscal policy is most effective? A meta-regression analysis," Oxford Economic Papers, Oxford University Press, vol. 67(3), pages 553-580.
  44. Carroll, Christopher D. & Kimball, Miles S., 2006. "Precautionary Saving and Precautionary Wealth," CFS Working Paper Series 2006/02, Center for Financial Studies (CFS).
  45. Michael Weber & Oskar Krohmer & Joachim Ragnitz, 2012. "Analyse der Selbstfinanzierungsquote von staatlichen Förderprogrammen," ifo Dresden Studien, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 66, October.
  46. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  47. Sebastian Gechert & Henner Will, 2012. "Fiscal Multipliers: A Meta Regression Analysis," IMK Working Paper 97-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  48. Alexander Hijzen & Sébastien Martin, 2012. "The Role of Short-Time Working Schemes During the Global Financial Crisis and Early Recovery: A Cross-Country Analysis," OECD Social, Employment and Migration Working Papers 144, OECD Publishing.
  49. Trimborn, Timo & Strulik, Holger, 2011. "The Dark Side of Fiscal Stimulus," Annual Conference 2011 (Frankfurt, Main): The Order of the World Economy - Lessons from the Crisis 48725, Verein für Socialpolitik / German Economic Association.
  50. Hermann Gartner & Sabine Klinger, 2010. "Verbesserte Institutionen für den Arbeitsmarkt in der Wirtschaftskrise," Wirtschaftsdienst, Springer;German National Library of Economics, vol. 90(11), pages 728-734, November.
  51. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
  52. Christian Dustmann & Bernd Fitzenberger & Uta Sch?nberg & Alexandra Spitz-Oener, 2014. "From Sick Man of Europe to Economic Superstar: Germany's Resurgent Economy," Journal of Economic Perspectives, American Economic Association, vol. 28(1), pages 167-188, Winter.
  53. Döhrn, Roland & Kambeck, Rainer & Schmidt, Christoph M., 2008. "Senkt die Einkommensteuer jetzt!," RWI Positionen 28, RWI - Leibniz-Institut für Wirtschaftsforschung.
  54. repec:zbw:rwipos:028 is not listed on IDEAS
  55. John Y. Campbell & N. Gregory Mankiw, 1989. "Consumption, Income and Interest Rates: Reinterpreting the Time Series Evidence," NBER Chapters,in: NBER Macroeconomics Annual 1989, Volume 4, pages 185-246 National Bureau of Economic Research, Inc.
  56. Campbell, John Y & Mankiw, N Gregory, 1990. "Permanent Income, Current Income, and Consumption," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(3), pages 265-279, July.
  57. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-438, July.
  58. Olivier Blanchard & Roberto Perotti, 2002. "An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1329-1368.
  59. Werner Roeger & Jan in 't Veld, 2010. "Fiscal stimulus and exit strategies in the EU: a model-based analysis," European Economy - Economic Papers 2008 - 2015 426, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  60. Alexander Herzog-Stein & Fabian Lindner & Simon Sturn, 2013. "Explaining the German Employment Miracle in the Great Recession – The Crucial Role of Temporary Working Time Reductions," IMK Working Paper 114-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  61. Martin Dietz & Michael Stops & Ulrich Walwei, 2010. "Safeguarding Jobs through Labor Hoarding in Germany," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot, Berlin, vol. 61(Supplemen), pages 125-166.
  62. Ilzetzki, Ethan & Mendoza, Enrique G. & Végh, Carlos A., 2013. "How big (small?) are fiscal multipliers?," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 239-254.
  63. repec:fth:harver:1435 is not listed on IDEAS
  64. Bernanke, Ben S., 1986. "Alternative explanations of the money-income correlation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 49-99, January.
  65. Giesen, Sebastian & Holtemöller, Oliver & Scharff, Juliane & Scheufele, Rolf, 2012. "The Halle Economic Projection Model," Economic Modelling, Elsevier, vol. 29(4), pages 1461-1472.
  66. David G. Blanchflower & Andrew J. Oswald, 1994. "Estimating a Wage Curve for Britain 1973-1990," NBER Working Papers 4770, National Bureau of Economic Research, Inc.
  67. Giovanni Callegari & Giovanni Melina & Nicoletta Batini, 2012. "Successful Austerity in the United States, Europe and Japan," IMF Working Papers 12/190, International Monetary Fund.
  68. Anja Baum & Marcos Poplawski-Ribeiro & Anke Weber, 2012. "Fiscal Multipliers and the State of the Economy," IMF Working Papers 12/286, International Monetary Fund.
  69. Valerie A. Ramey, 2011. "Can Government Purchases Stimulate the Economy?," Journal of Economic Literature, American Economic Association, vol. 49(3), pages 673-685, September.
  70. Perotti, Roberto, 2002. "Estimating the effects of fiscal policy in OECD countries," Working Paper Series 0168, European Central Bank.
  71. Jocelyn Boussard & Francisco de Castro & Matteo Salto, 2012. "Fiscal Multipliers and Public Debt Dynamics in Consolidations," European Economy - Economic Papers 2008 - 2015 460, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  72. Martin Gornig & Hendrik Hagedorn, 2010. "Konjunkturprogramme: Stabilisierung der Bauwirtschaft gelungen, befürchtete Einbrüche bleiben aus," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 77(47), pages 2-11.
  73. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501.
  74. Favero, Carlo A., 2001. "Applied Macroeconometrics," OUP Catalogue, Oxford University Press, number 9780198296850.
  75. Fagan, Gabriel & Henry, Jerome & Mestre, Ricardo, 2005. "An area-wide model for the euro area," Economic Modelling, Elsevier, vol. 22(1), pages 39-59, January.
  76. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
  77. Nelson, Charles R. & Plosser, Charles I., 1982. "Trends and random walks in macroeconmic time series : Some evidence and implications," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 139-162.
  78. Scheufele, Rolf, 2009. "Im Fokus: Konjunkturprogramme und ihre Wirkung – Eine Simulation mit dem makroökonometrischen Modell des IWH," Wirtschaft im Wandel, Halle Institute for Economic Research (IWH), vol. 15(1), pages 4-7.
  79. Gerhard Illing & Sebastian Watzka, 2014. "Fiscal Multipliers and Their Relevance in a Currency Union – A Survey," German Economic Review, Verein für Socialpolitik, vol. 15(2), pages 259-271, May.
  80. Davide Furceri & Annabelle Mourougane, 2010. "The Effects of Fiscal Policy on Output: A DSGE Analysis," OECD Economics Department Working Papers 770, OECD Publishing.
  81. repec:zbw:iwhwiw:3-09-5 is not listed on IDEAS
  82. Dawn Holland & Jonathan Portes, 2012. "Self-Defeating Austerity?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 222(1), pages 4-10, October.
  83. György Barabas & Roland Döhrn & Heinz Gebhardt, 2011. "Was brachte das Konjunkturpaket II?," Wirtschaftsdienst, Springer;German National Library of Economics, vol. 91(7), pages 496-498, July.
  84. Lutz Kilian, 1998. "Confidence intervals for impulse responses under departures from normality," Econometric Reviews, Taylor & Francis Journals, vol. 17(1), pages 1-29.
  85. Alexander Hijzen & Sebastien Martin, 2013. "The role of short-time work schemes during the global financial crisis1 and early recovery: a cross-country analysis," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 2(1), pages 1-31, December.
  86. Blanchflower, David G & Oswald, Andrew J, 1994. "Estimating a Wage Curve for Britain: 1973-90," Economic Journal, Royal Economic Society, vol. 104(426), pages 1025-1043, September.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:zbw:iwhonl:42015. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.