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Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska - 2022

Persistent link: https://www.econbiz.de/10013262657

What Do We Know About the Effects of Austerity?

Alesina, Alberto F. - 2018

This paper summarizes the results of a large recent literature on multi year fiscal plans for deficit reduction (austerity). The key results are that deficit reduction policies based upon spending cuts are much less costly in terms of short run output losses than tax based adjustments. On...

Persistent link: https://www.econbiz.de/10012929010

Fiscal Adjustments in OECD Countries : Composition and Macroeconomic Effects

Alesina, Alberto F.; Perotti, Roberto - 2021

This ppaer studies how the composition of fiscal adjustments influences their likelihood of success, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill...

Persistent link: https://www.econbiz.de/10013244895

The Costs and Benefits of Fiscal Rules : Evidence from U.S. States

Alesina, Alberto F.; Bayoumi, Tamim - 2022

This paper shows that in American states balanced budget rules are effective in enforcing fiscal discipline but they have no costs in terms of increased output variability. More specifically, we show that tighter fiscal rules are associated with larger average surplus and lower cyclical...

Persistent link: https://www.econbiz.de/10013322308

Understanding the Fiscal Theory of the Price Level

Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021

Persistent link: https://www.econbiz.de/10013223567

Crunch Time : Fiscal Crises and the Role of Monetary Policy

Greenlaw, David - 2013

Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...

Persistent link: https://www.econbiz.de/10013077956

The aftermath of debt surges

Kose, M. Ayhan; Ohnsorge, Franziska; Reinhart, Carmen M.; … - 2021

Persistent link: https://www.econbiz.de/10012617494

Is Monetary Policy Effective During Financial Crises?

Mishkin, Frederic S. - 2010

This short paper argues that the view that monetary policy is ineffective during financial crises is not only wrong, but may promote policy inaction in the face of a severe contractionary shock. To the contrary, monetary policy is more potent during financial crises because aggressive monetary...

Persistent link: https://www.econbiz.de/10012757933

Monetary Policy in a Financial Crisis

Christiano, Lawrence J.; Gust, Christopher; Roldos, Jorge E. - 2021

What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what … ffects? We answer these questions in a general class of open economy models, where a financial crisis is modeled as a time … the traded good sector and in adjusting the rate at which that output can be used in other parts of the economy, then a …

Persistent link: https://www.econbiz.de/10013248087

Inflation during the pandemic : what happened? what is next?

Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska - 2021

Persistent link: https://www.econbiz.de/10012588342