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On the Desirability of Fiscal Constraints in a Monetary Union

Chari, Varadarajan V.; Kehoe, Patrick J. - 2021

The desirability of fiscal constraints in monetary unions depends critically on whether the monetary authority can commit to follow its policies. If it can commit, then debt constraints can only impose costs. If it cannot commit, then fiscal policy has a free-rider problem, and debt constraints...

Persistent link: https://www.econbiz.de/10013223181

Monetary policy, bond risk premia, and the economy

Ireland, Peter N. - 2015

Persistent link: https://www.econbiz.de/10011372600

Optimal fiscal and monetary policy under sticky prices

Schmitt-Grohé, Stephanie; Uribe, Martín - 2001

stochastic production economy without capital. The government finances an exogenous stream of purchases by levying distortionary …

Persistent link: https://www.econbiz.de/10010318338

Optimal fiscal and monetary policy under imperfect competition

Schmitt-Grohé, Stephanie; Uribe, Martín - 2001

This paper studies optimal fiscal and monetary policy

Persistent link: https://www.econbiz.de/10010318348

New Keynesian models : not yet useful for policy analysis

Chari, Varadarajan V.; Kehoe, Patrick J.; McGrattan, … - 2008

Persistent link: https://www.econbiz.de/10003754693

The Barnett critique after three decades : a new Keynesian analysis

Belongia, Michael T.; Ireland, Peter N. - 2012

Persistent link: https://www.econbiz.de/10009516799

Real exchange rate targeting and macroeconomic instability

Uribe, Martín - 2002

Persistent link: https://www.econbiz.de/10001709751

The Macroeconomic Effects of Interest on Reserves

Ireland, Peter N. - 2012

This paper uses a New Keynesian model with banks and deposits to study the macroeconomic effects of policies that pay interest on reserves. While their effects on output and inflation are small, these policies require major adjustments in the way that the monetary authority manages the supply of...

Persistent link: https://www.econbiz.de/10013100359

New Keynesian Models : Not Yet Useful for Policy Analysis

Chari, Varadarajan V. - 2010

Macroeconomists have largely converged on method, model design, reduced-form shocks, and principles of policy advice. Our main disagreements today are about implementing the methodology. Some think New Keynesian models are ready to be used for quarter-to-quarter quantitative policy advice; we do...

Persistent link: https://www.econbiz.de/10012758420

Adjustment to Small, Large, and Sunspot Shocks in Open Economies with Stock Collateral Constraints

Schmitt-Grohé, Stephanie - 2016

This paper characterizes analytically the adjustment of an open economy with a stock collateral constraint to … are established: (1) Adjustment to external shocks is nonlinear. In response to small negative output shocks, the economy … output shocks the economy experiences a sudden stop with debt deleveraging, trade and current account reversals, and a …

Persistent link: https://www.econbiz.de/10012976973