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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

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 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

Monetary policy in the next recession?

Cecchetti, Stephen G.; Feroli, Michael; Kashyap, Anil K.; … - 2020

Persistent link: https://www.econbiz.de/10012312463

Globalization, macroeconomic performance, and monetary policy

Mishkin, Frederic S. - In: Journal of money, credit and banking : JMCB 41 (2009), pp. 187-196

Persistent link: https://www.econbiz.de/10003807835

Globalization, Macroeconomic Performance, and Monetary Policy

Mishkin, Frederic S. - 2010

The paper argues that many of the exaggerated claims that globalization has been an important factor in lowering inflation in recent years just do not hold up. Globalization does, however, have the potential to be stabilizing for individual economies and has been a key factor in promoting...

Persistent link: https://www.econbiz.de/10012759372

Assessing the Sources of Changes in the Volatility of Real Growth

Cecchetti, Stephen G.; Flores-Lagunes, Alfonso; Krause, … - 2021

In much of the world, growth is more stable than it once was. Looking at a sample of twentyfive countries, we find that in sixteen, real GDP growth is less volatile today than it was twenty years ago. And these declines are large, averaging more than fifty per cent. What accounts for the fact...

Persistent link: https://www.econbiz.de/10013215364

The Great Depression and the Friedman-Schwartz hypothesis

Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - In: Journal of money, credit and banking : JMCB 35 (2003) 6,2, pp. 1120-1197

Persistent link: https://www.econbiz.de/10002156006

Understanding the Great Depression : Lessons for Current Policy

Cecchetti, Stephen G. - 2021

collapse of the economy. What lessons can we draw from our study of these events? In this essay, I argue that the Federal …

Persistent link: https://www.econbiz.de/10013224184