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Monetary vs. Fiscal Policy Effects : A Review of the Debate
McCallum, Bennett T. - 1985
This paper reviews empirical findings, econometric issues,and theoretical results bearing upon the "monetary vs. fiscal policy" debate that began with the 1963 Friedrnan-Meiselman study.The main substantive conclusions are not very dramatic.The clearest is that an open-market increase in the...
Persistent link: https://www.econbiz.de/10012477529
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Inflation Targeting and the Liquidity Trap
McCallum, Bennett T. - 2001
perspective, a quantitative open-economy model is developed and the likelihood of encountering a liquidity trap is explored for …
Persistent link: https://www.econbiz.de/10012470499
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Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination
McCallum, Bennett T. - 1998
The recently-developed fiscal theory of price level determination contends that there is an important class of policy rules in which there exists a unique rational expectations solution that shows the price level to be dependent upon fiscal policy and independent of monetary variables. The...
Persistent link: https://www.econbiz.de/10012472349
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Macroeconomic factors and microlevel bank behavior
Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - In: Journal of money, credit and banking : JMCB 46 (2014) 4, pp. 715-751
Persistent link: https://www.econbiz.de/10010466885
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Macroeconomic factors and micro-level bank risk
Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - 2010
The interplay between banks and the macroeconomy is of key importance for financial and economic stability. We analyze this link using a factor-augmented vector autoregressive model (FAVAR) which extends a standard VAR for the U.S. macroeconomy. The model includes GDP growth, inflation, the...
Persistent link: https://www.econbiz.de/10008697545
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Circumventing the zero lower bound with monetary policy rules based on money
Belongia, Michael T.; Ireland, Peter N. - In: Journal of macroeconomics 54 (2017) 1, pp. 42-58
Persistent link: https://www.econbiz.de/10011927726
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Targets, Indicators, and Instruments of Monetary Policy
McCallum, Bennett T. - 1989
It has become increasingly evident that the Federal Reserve's official strategy of the past decade, involving the adherence to target paths for monetary aggregates, is not currently being utilized to any significant extent. While some commentators welcome and others deplore this development,...
Persistent link: https://www.econbiz.de/10012476001
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Circumventing the Zero Lower Bound with Monetary Policy Rules Based on Money
Belongia, Michael T. - 2017
Discussions of monetary policy rules after the 2007-2009 recession highlight the potential ineffectiveness of a central bank's actions when the short-term interest rate under its control is limited by the zero lower bound. This perspective assumes, in a manner consistent with the canonical New...
Persistent link: https://www.econbiz.de/10012455524
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The 1920s and the 1990s in Mutual Reflection
Gordon, Robert J. - 2005
accumulation that reflected the larger share of agriculture and manufacturing in the economy of the 1920s. Failures of public …This paper develops a new analysis of the U. S. economy in the 1920s that is illuminated by contrasts with the 1990s …The stability of the American economy after the 2000-01 collapse of investment and the stock market proves that good …
Persistent link: https://www.econbiz.de/10012466893
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The Role of Labor Market Changes in the Slowdown of European Productivity Growth
Dew-Becker, Ian - 2008
Throughout the postwar era until 1995 labor productivity grew faster in Europe than in the United States. Since 1995, productivity growth in the EU-15 has slowed while that in the United States has accelerated. But Europe's productivity growth slowdown was largely offset by faster growth in...
Persistent link: https://www.econbiz.de/10012464806