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Why Some Times are Different : Macroeconomic Policy and the Aftermath of Financial Crises
Romer, Christina - 2017
Analysis based on a new measure of financial distress for 24 advanced economies in the postwar period shows substantial variation in the aftermath of financial crises. This paper examines the role that macroeconomic policy plays in explaining this variation. We find that the degree of monetary...
Persistent link: https://www.econbiz.de/10012945611
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Europe after enlargement: what's next?
Hefeker, Carsten - In: Intereconomics : review of European economic policy 39 (2004) 3, pp. 114-115
Persistent link: https://www.econbiz.de/10002090294
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The Effect of Fiscal Stimulus : Evidence from Covid-19
Garza Casado, Miguel - 2020
Policymakers, faced with different options for replacing lost earnings, have had limited evidence to inform their decisions. The current economic crisis has highlighted the need for data that are local and timely so that different fiscal policy options on local economies can be more immediately...
Persistent link: https://www.econbiz.de/10012826133
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Macroeconomic Adjustment with Segmented Labor Markets
Agénor, Pierre-Richard; Aizenman, Joshua - 2022
. The basic framework considers an economy with a large informal production sector and a heterogeneous work force. The labor … improves competitiveness, and expands the formal sector at the expense of the informal sector. Hence, in a two-sector economy …
Persistent link: https://www.econbiz.de/10013308614
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Monetary vs. Fiscal Policy Effects : a Review of the Debate
McCallum, Bennett T. - 2004
This paper reviews empirical findings, econometric issues,and theoretical results bearing upon the "monetary vs. fiscal policy" debate that began with the 1963 Friedrnan-Meiselman study.The main substantive conclusions are not very dramatic.The clearest is that an open-market increase in the...
Persistent link: https://www.econbiz.de/10014157284
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A Behavioral New Keynesian Model
Gabaix, Xavier - 2017
) Fiscal stimulus or “helicopter drops of money” are powerful and, indeed, pull the economy out of the zero lower bound. More …
Persistent link: https://www.econbiz.de/10012966932
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The Dire Effects of the Lack of Monetary and Fiscal Coordination
Bianchi, Francesco - 2017
monetary tightening, further debt accumulation, and additional inflationary pressure. Thus, the economy will go through a …
Persistent link: https://www.econbiz.de/10012951351
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Macroeconomic Effects of China'S Financial Policies
Chen, Kaiji - 2018
The Chinese economy has undergone three major phases: the 1978-1997 period marked as the SOE-led economy, the 1998 …-2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the … one economy to another was driven mainly by regime changes in financial policies …
Persistent link: https://www.econbiz.de/10012908470
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Monetary Science, Fiscal Alchemy
Leeper, Eric M. - 2010
Monetary policy decisions tend to be based on systematic analysis of alternative policy choices and their associated macroeconomic impacts: this is science. Fiscal policy choices, in contrast, spring from unsystematic speculation, grounded more in politics than economics: this is alchemy. In...
Persistent link: https://www.econbiz.de/10013136545
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Clearing Up the Fiscal Multiplier Morass
Leeper, Eric M. - 2011
Bayesian prior predictive analysis of five nested DSGE models suggests that model specifications and prior distributions tightly circumscribe the range of possible government spending multipliers. Multipliers are decomposed into wealth and substitution effects, yielding uniform comparisons...
Persistent link: https://www.econbiz.de/10013120209