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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

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

Understanding the Fiscal Theory of the Price Level

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

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

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

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

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

Fiscal Space and the Aftermath of Financial Crises : How it Matters and Why

Romer, Christina D. - 2019

In OECD countries over the period 1980–2017, countries with lower debt-to-GDP ratios responded to financial distress with much more expansionary fiscal policy and suffered much less severe aftermaths. Two lines of evidence together suggest that the relationship between the debt ratio and the...

Persistent link: https://www.econbiz.de/10012871942

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