Narrow search
Showing 1 - 10 of 38
Cover Image
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
Cover Image
Monetary-Fiscal Policy Interactions and Fiscal Stimulus
Davig, Troy - 2013
ultimate impacts on the economy hinge on current and expected monetary and fiscal policy behavior. Studies that impose active …
Persistent link: https://www.econbiz.de/10013095786
Cover Image
New-Keynesian Economics : An As-Ad View
Benigno, Pierpaolo - 2010
economy is depressed because some agents are deleveraging, fiscal policy is more powerful and the multiplier can be quite big …
Persistent link: https://www.econbiz.de/10012757664
Cover Image
Optimal Monetary and Fiscal Policy : A Linear Quadratic Approach
Benigno, Pierpaolo; Woodford, Michael - 2021
We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which …
Persistent link: https://www.econbiz.de/10013218299
Cover Image
Understanding the Fiscal Theory of the Price Level
Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021
Persistent link: https://www.econbiz.de/10013223567
Cover Image
Optimal Inflation Targeting Under Alternative Fiscal Regimes
Benigno, Pierpaolo; Woodford, Michael - 2021
Standard discussions of flexible inflation targeting as an optimal monetary policy abstract completely from the consequences of monetary policy for the government budget. But at least some of the countries now adopting inflation targeting have substantial difficulty in controlling fiscal...
Persistent link: https://www.econbiz.de/10013238733
Cover Image
Fluctuating Macro Policies and the Fiscal Theory
Davig, Troy; Leeper, Eric M. - 2021
This paper estimates regime-switching rules for monetary policy and tax policy over the post-war period in the United States and imposes the estimated policy process on a calibrated dynamic stochastic general equilibrium model with nominal rigidities. Decision rules are locally unique and...
Persistent link: https://www.econbiz.de/10013246400
Cover Image
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
Cover Image
Monetary and Fiscal Policy Switching
Davig, Troy; Leeper, Eric M.; Chung, Hess - 2022
rule) in one regime is not sufficient to insulate the economy against tax shocks in that regime and it can have the …
Persistent link: https://www.econbiz.de/10013323486
Cover Image
"Unfunded Liabilities" and Uncertain Fiscal Financing
Davig, Troy - 2013
will change as the economy evolves through the 21st century. Beliefs based on that distribution determine the existence of …
Persistent link: https://www.econbiz.de/10013095076