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Macroeconomic Adjustment with Segmented Labor Markets
Agenor, Pierre-Richard - 1994
. 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/10012474150
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Trapped in the Trilemma : When Security Trumps Economics
Bordo, Michael D.; James, Harold - National Bureau of Economic Research - 2022
economy trilemma between capital mobility, democracy and sovereignty; 4. The Financial stability trilemma between capital …
Persistent link: https://www.econbiz.de/10013388862
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Addressing household indebtedness : monetary, fiscal or macroprudential policy?
Alpanda, Sami; Zubairy, Sarah - 2014
In this paper, we build a dynamic stochastic general-equilibrium model with housing and household debt, and compare the effectiveness of monetary policy, housing-related fiscal policy, and macroprudential regulations in reducing household indebtedness. The model features long-term fixed-rate...
Persistent link: https://www.econbiz.de/10010457935
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Fiscal and monetary stabilization policy at the zero lower bound : consequences of limited foresight
Woodford, Michael; Xie, Yinxi - 2021 - Last updated: October 18, 2021
This paper reconsiders the degree to which macroeconomic stabilization is possible when the zero lower bound is a relevant constraint on the effectiveness of conventional monetary policy, under an assumption of bounded rationality. In particular, we reconsider the potential role of...
Persistent link: https://www.econbiz.de/10012650211
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Uncertain fiscal consolidations
Bi, Huixin; Leeper, Eric M.; Leith, Campbell B. - 2013
The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the composition of the fiscal consolidation, its duration, the monetary policy stance, the level of government debt, and...
Persistent link: https://www.econbiz.de/10009781108
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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/10012480873
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Does Policy Communication During Covid Work?
Coibion, Olivier - 2020
Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households' expectations. We provide random subsets of participants in the Nielsen Homescan panel with different combinations...
Persistent link: https://www.econbiz.de/10012481579
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Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone : COVID-19 Dominance During January - June 2020
Jinjarak, Yothin - 2020
This case study compares the importance of prevailing market factors against that of COVID-19 dynamics and policy responses in explaining the evolution of Eurozone (EZ) sovereign spreads during the first half of 2020. Focusing on daily Eurozone CDS spreads, we adopt a multi-stage econometric...
Persistent link: https://www.econbiz.de/10012481646
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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/10012462148
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Monetary-Fiscal Policy Interactions and Fiscal Stimulus
Davig, Troy - 2009
ultimate impacts on the economy hinge on current and expected monetary and fiscal policy behavior. Studies that impose active …
Persistent link: https://www.econbiz.de/10012463517