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Global stagflation

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

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

Understanding the Fiscal Theory of the Price Level

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

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

Time Consistency of Fiscal and Monetary Policy : A Solution

Persson, Mats; Persson, Torsten; Svensson, Lars E. O. - 2021

This paper demonstrates how time consistency of the Ramsey policy - the optimal fiscal and monetary policy under commitment - can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a...

Persistent link: https://www.econbiz.de/10013232768

Political Economics and Macroeconomic Policy

Persson, Torsten; Tabellini, Guido - 2022

This paper surveys the recent literature on the theory of macroeconomic policy. We study the effect of various incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and divided government. The survey is organized in three...

Persistent link: https://www.econbiz.de/10013323999

The aftermath of debt surges

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

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

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

The Great Depression and the Friedman-Schwartz Hypothesis

Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2022

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...

Persistent link: https://www.econbiz.de/10013309234

Optimal Fiscal Policy in a Business Cycle Model

Chari, Varadarajan V. - 2012

This paper develops the quantitative implications of optimal fiscal policy in a business cycle model. In a stationary equilibrium the ex ante tax rate on capital income is approximately zero. There is an equivalence class of ex post capital income tax rates and bond policies that support a given...

Persistent link: https://www.econbiz.de/10013114944

Government Policy, Credit Markets and Economic Activity

Christiano, Lawrence J. - 2011

The US government has recently conducted large scale purchases of assets and implemented policies that reduced the cost of funds to financial institutions. Arguably these policies have helped to correct credit market dysfunctions, allowing interest rate spreads to shrink and output to begin a...

Persistent link: https://www.econbiz.de/10013123690