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A Gains from Trade Perspective on Macroeconomic Fluctuations
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011
sectors of the economy. We provide evidence from the PSID in support of this modeling assumption. …
Persistent link: https://www.econbiz.de/10009221567
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Common Currency Areas and Currency Unions: An Analysis of the Issues
Masson, Paul R; Taylor, Mark P - C.E.P.R. Discussion Papers - 1992
This paper discusses the conditions under which currency unions would be desirable and viable. We discuss and present new empirical evidence concerning the operation of existing currency unions in federal states and among regional country groupings. In particular, we examine the traditional...
Persistent link: https://www.econbiz.de/10005662119
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An Intertemporal Version of Mundell's Two-Country Flexible Exchange Rates Model with Disequilibrium Microfoundations: Is Policy Interdependence Inevitable?
Rankin, Neil - C.E.P.R. Discussion Papers - 1987
As a companion to a previous paper, monetary and fiscal policy are analyzed in (a) a small open economy and (b) a two …
Persistent link: https://www.econbiz.de/10005662363
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Is There a Case for the MTFS?
Westaway, Peter; Wren-Lewis, Simon - C.E.P.R. Discussion Papers - 1990
This paper offers a critique of the UK government's Medium Term Financial Strategy from a policy optimization perspective. It argues that recent versions of the MTFS can be interpreted as representing the outcome of a policy optimization exercise, but that certain key aspects remain unclear....
Persistent link: https://www.econbiz.de/10005666678
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Rational Expectations and Monetary Policy
Minford, Patrick - C.E.P.R. Discussion Papers - 1986
This survey essay considers how rational expectations have changed our evaluation of monetary policy. In the first section, various underpinnings of the "Phillips curve" relation between inflation and output are reviewed. All are concluded to be products of particular institutional set-ups whose...
Persistent link: https://www.econbiz.de/10005666800
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Debt Stabilisation Bias and the Taylor Principle: Optimal Policy in a New Keynesian Model with Government Debt and Inflation Persistence
Stehn, Sven Jari; Vines, David - C.E.P.R. Discussion Papers - 2008
-debt economy, it may be optimal for discretionary monetary policy to cut the interest rate in response to a cost-push shock …
Persistent link: https://www.econbiz.de/10005666963
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Government Deficits and Speculation
Honkapohja, Seppo; Lempinen, Urho - C.E.P.R. Discussion Papers - 1987
We consider a simple general equilibrium model for the determination of asset prices together with full equilibria in the commodity and money markets. In this way portfolio aspects are introduced into a dynamic macro model which has many features from growth theory. Money holdings are modelled...
Persistent link: https://www.econbiz.de/10005666980
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Protectionism and the US Trade Deficit: An Empirical Analysis
Helkie, W; Hughes Hallett, Andrew; Marquez, Jaime - C.E.P.R. Discussion Papers - 1989
The persistence of large trade and budget imbalances has led to increasing demands for protectionist policies. Despite a substantial theoretical literature there appears to be no empirical literature on the use of tariffs as a macroeconomic policy instrument. This paper fills that gap, using the...
Persistent link: https://www.econbiz.de/10005667059
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Compatibility Between Monetary and Fiscal Policy Under EMU
leith, Campbell; Wren-Lewis, Simon - Department of Economics, Adam Smith Business School
stability. In this paper, we relax the assumptions underpinning the FTPL by developing a two country open economy model, where …
Persistent link: https://www.econbiz.de/10005729948
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Interactions Between Monetary and Fiscal Policy under Flexible Exchange Rates
Leith, Campbell; Wren-Lewis, Simon - Department of Economics, Adam Smith Business School
operating under flexible exchange rates has suggested that, in contrast to the closed economy FTPL, insolvent fiscal policy may … FTPL by developing a two country open economy model, where each country has overlapping generations of non … stabilise the debt of another fiscal authority, and there is no requirement that these policy makers operate in the same economy …
Persistent link: https://www.econbiz.de/10005729954