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Where next for monetary policy? Lessons from the financial crisis and the pandemic
Minford, Patrick - 2023
Monetary developments of recent decades began with much promise with inflation targeting by independent central banks; the financial crisis of 2007 ushered in a period of great monetary instability. There are lessons for a return to more stability. Central banks need to stabilize money supply...
Persistent link: https://www.econbiz.de/10014480560
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Stabilizing expectations under monetary and fiscal policy coordination
Eusepi, Stefano; Preston, Bruce - 2008
heavily indebted the economy, the greater is the likelihood of expectations-driven instability. More generally, regardless of …
Persistent link: https://www.econbiz.de/10010283550
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Finland and Its Northern Peers in the Great Recession
Suni, Paavo; Vihriälä, Vesa - 2016
exceptional negative shocks in combination with a too weak capacity of the economy to improve its cost competitiveness in the …
Persistent link: https://www.econbiz.de/10012037669
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Power of many: Assessing the economic impact of the global fiscal stimulus
De Resende, Carlos; Lalonde, René; Snudden, Stephen - 2010
The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary …
Persistent link: https://www.econbiz.de/10010289704
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Roles of Fiscal Policy in New Zealand
Barker, Felicity C; Buckle, Robert A; Clair, Robert W St - 2008
Economic growth is one of the objectives of the current government. Fiscal policy, encompassing government expenditure and taxation decisions, can significantly impact on economic growth. This paper proposes a framework which views fiscal policy through three lenses and applies this approach to...
Persistent link: https://www.econbiz.de/10012115607
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Finanzpolitik in Deutschland: Herausforderungen und Lösungswege
Boss, Alfred - 2009
In many countries, fiscal policy became strongly expansionary in order to fight the recession. Structural budget deficits increased sharply and might remain high after the end of the recession. This would raise real interest rates and would impair economic growth. Some measures to reduce the...
Persistent link: https://www.econbiz.de/10010265251
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Estimating the output gap to support the management of interest rates in Vietnam
2014
In this paper, I apply three methods to estimate the output gap for Vietnam to support the conduct of monetary policy … the estimation of the output gap for the State Bank of Vietnam. For the Bayesian approach, my paper closedly relies on the … paper of Tim Willems (2011) with some modifications to fit the situation of Vietnam. The output gap estimated by Bayesian …
Persistent link: https://www.econbiz.de/10011381207
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Fiscal policy under imperfect competition with flexible prices: An overview and survey
Costa, Luís F.; Dixon, Huw David - In: Economics: The Open-Access, Open-Assessment E-Journal 5 (2011) 2011-3, pp. 1-57
This paper surveys the link between imperfect competition and the effects of fiscal policy on output, employment and welfare. We examine static and dynamic models, with and without entry under a variety of assumptions using a common analytical framework. We find that in general there is a robust...
Persistent link: https://www.econbiz.de/10010304314
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The Effects of Fiscal Policy in New Zealand: Evidence from a VAR Model with Debt Constraints
Parkyn, Oscar; Vehbi, Tugrul - 2013
This paper investigates the macroeconomic effects of fiscal policy in New Zealand using a structural Vector Autoregression (SVAR) model. The model is the five-variable structural vector autoregression (SVAR) framework proposed by Blanchard and Perotti (2005), further augmented to allow for the...
Persistent link: https://www.econbiz.de/10012115638
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Keynesian, Classical and New Keynesian Approaches to Fiscal Policy: Comparison and Critique
Palley, Thomas I. - 2012
The short-run macroeconomic effectiveness of fiscal policy depends on the effect of policy on AD and the effect of AD on output. This paper examines how macroeconomic perspectives (Keynesian, Post Keynesian, monetarist, classical, new classical, and new Keynesian) describe the effect of AD on...
Persistent link: https://www.econbiz.de/10010460522