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What Ends Recessions?
Romer, Christina D. - 1994
This paper analyzes the contributions of monetary and fiscal policy to postwar economic recoveries. We find that the Federal Reserve typically responds to downturns with prompt and large reductions in interest rates. Discretionary fiscal policy, in contrast, rarely reacts before the trough in...
Persistent link: https://www.econbiz.de/10012474154
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What Ends Recessions?
Romer, Christina D.; Romer, David H. - 2022
This paper analyzes the contributions of monetary and fiscal policy to postwar economic recoveries. We find that the Federal Reserve typically responds to downturns with prompt and large reductions in interest rates. Discretionary fiscal policy, in contrast, rarely reacts before the trough in...
Persistent link: https://www.econbiz.de/10013309225
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Understanding the Fiscal Theory of the Price Level
Christiano, Lawrence J. - 2000
Persistent link: https://www.econbiz.de/10012471099
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Understanding the Fiscal Theory of the Price Level
Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021
Persistent link: https://www.econbiz.de/10013223567
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The Evolution of Economic Understanding and Postwar Stabilization Policy
Romer, Christina D.; Romer, David H. - 2022
functioning of the economy and the effects of policy. We document the changes in beliefs using contemporaneous discussions of the … economy and policy by monetary and fiscal policymakers and, for the period since the late 1960s, using the Federal Reserve …'s internal forecasts. We find that policymakers' understanding of the economy has not exhibited steady improvement. Instead, the …
Persistent link: https://www.econbiz.de/10013322316
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The Evolution of Economic Understanding and Postwar Stabilization Policy
Romer, Christina D. - 2002
functioning of the economy and the effects of policy. We document the changes in beliefs using contemporaneous discussions of the … economy and policy by monetary and fiscal policymakers and, for the period since the late 1960s, using the Federal Reserve …'s internal forecasts. We find that policymakers' understanding of the economy has not exhibited steady improvement. Instead, the …
Persistent link: https://www.econbiz.de/10012469435
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The Great Depression and the Friedman-Schwartz Hypothesis
Christiano, Lawrence J. - 2004
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/10012468438
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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
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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
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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