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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

Changing Effects of Monetary Policy on Real Economic Activity

Friedman, Benjamin M. - 2021

Major changes have taken place in the U.S. economy within the past quarter century. Changes with implications that are … Regulation Q interest ceilings and the development of the secondary mortgage market, the greater openness of the U.S. economy …

Persistent link: https://www.econbiz.de/10013310812

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

Gold and South Africa's Great Depression

Eichengreen, Barry - 2021

Persistent link: https://www.econbiz.de/10012482948

From Benign Neglect to Malignant Preoccupation : U.S. Balance-of-Payments Policy in the 1960s

Eichengreen, Barry - 2010

expanding world economy was dollar balances. The role of the United States was to act as banker to the world, borrowing short …

Persistent link: https://www.econbiz.de/10014161214

From Benign Neglect to Malignant Preoccupation : U.S. Balance-of-Payments Policy in the 1960s

Eichengreen, Barry - 2021

expanding world economy was dollar balances. The role of the United States was to act as banker to the world, borrowing short …

Persistent link: https://www.econbiz.de/10013229056

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

Crowding Out or Crowding in? The Economic Consequences of Financing Government Deficits

Friedman, Benjamin M. - 2021

The prevailing view of the economic consequences of financing government deficits, as reflected in the recent economics literature and in recent public policy debates, reflects serious misunderstandings. Debt-financed deficits need not "crowd out" any private investment, and may even "crowd in"...

Persistent link: https://www.econbiz.de/10013233786

Fiscal Policy and Monetary Union : Is There a Tradeoff between Federalism and Budgetary Restrictions?

Eichengreen, Barry; von Hagen, Jürgen - 2021

The Maastricht Treaty on Europe Union features an Excessive Deficit Procedure limiting the freedom to borrow of governments participating in the European monetary union. One justification is to prevent states from over- borrowing and demanding a bailout which could divert the European Central...

Persistent link: https://www.econbiz.de/10013249559