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Eser, Fabian; Leith, Campbell; Wren-Lewis, Simon - Department of Economics, Adam Smith Business School - 2009

We consider optimal monetary and fiscal policies in a New Keynesian model of a small open economy with sticky prices …

Persistent link: https://www.econbiz.de/10005012846

Monetary and fiscal policy under deep habits

Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - Department of Economics, Adam Smith Business School - 2009

to optimal monetary policy. We explore this consensus assignment in an economy subject to ‘deep’ habits at the level of … economy subject to the additional externality of deep habits and explore the ability of simple (but potentially nonlinear …

Persistent link: https://www.econbiz.de/10005103166

Fiscal Sustainability in a New Keynesian Model - Additional Appendix

Leith, Campbell; Wren-Lewis, Simon - Department of Economics, Adam Smith Business School - 2012

Recent work on optimal monetary and fiscal policy in New Keynesian models suggests that it is optimal to allow steady-state debt to follow a random walk. Leith and Wren-Lewis (2012) consider the nature of the timeinconsistency involved in such a policy and its implication for discretionary...

Persistent link: https://www.econbiz.de/10010896995

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

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

Electoral uncertainty and the deficit bias in a New Keynesian Economy

Leith, Campbell; Wren-Lewis, Simon - Department of Economics, Adam Smith Business School - 2008

Political Economy, has focused on real economies where there is strategic use of policy instruments in a world of political … conflict. In this paper we combine these literatures and assume that policy is set in a New Keynesian economy by one of two …/or composition). Given the environment, policy shall be realistically constrained to be time-consistent. In a sticky-price economy …

Persistent link: https://www.econbiz.de/10005729959

Tax Structure, Growth and Welfare in the UK

Angelopoulos, Konstantinos; Malley, Jim; … - Department of Economics, Adam Smith Business School - 2008

expected lifetime utility in the UK economy over 1970-2005. Our setup is a dynamic stochastic general equilibrium model …

Persistent link: https://www.econbiz.de/10005549028

Fiscal Policy, Rent Seeking and Growth under Electoral Uncertainty Theory and Evidence from the OECD

Angelopoulos, Konstantinos; Economides, George - Department of Economics, Adam Smith Business School

We construct a general equilibrium model of economic growth and optimally chosen fiscal policy, in which individuals compete with each other for a share of government spending and two political parties can alternate in power according to an exogenous reelection probability. The main prediction...

Persistent link: https://www.econbiz.de/10005727918

Rent-seeking competition from state coffers in a calibrated DSGE model of the euro area

Angelopoulos, Konstantinos; Philippopoulos, Apostolis; … - Department of Economics, Adam Smith Business School - 2007

We incorporate an uncoordinated redistributive struggle for extra fiscal privileges into an otherwise standard dynamic stochastic general equilibrium model. The main aim is to get model-consistent quantitative evidence of the extent of rent seeking. Our work is motivated by the common belief...

Persistent link: https://www.econbiz.de/10005811772

The Global Dimension to Fiscal Sustainability

Byrne, Joseph P.; Fiess, Norbert; MacDonald, Ronald - Department of Economics, Adam Smith Business School - 2008

This paper examines the issue of fiscal sustainability in emerging market countries and industrial countries. We highlight the importance of the time series properties of the primary surplus and debt, and find evidence of a positive long run relationship. Consequently we emphasise, that...

Persistent link: https://www.econbiz.de/10005811778