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Why Some Times are Different : Macroeconomic Policy and the Aftermath of Financial Crises
Romer, Christina D. - 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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Macroeconomic Adjustment with Segmented Labor Markets
Agenor, 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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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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Monetary-Fiscal Policy Interactions and Fiscal Stimulus
Davig, Troy - 2013
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/10013095786
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Clearing Up the Fiscal Multiplier Morass : Prior and Posterior Analysis
Leeper, Eric M. - 2015
We use Bayesian prior and posterior analysis of a monetary DSGE model, extended to include fiscal details and two distinct monetary-fiscal policy regimes, to quantify government spending multipliers in U.S. data. The combination of model specification, observable data, and relatively diffuse...
Persistent link: https://www.econbiz.de/10013017938
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Inspecting the Mechanism : Leverage and the Great Recession in the Eurozone
Martin, Philippe - 2014
We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage, fiscal policy, labor costs and interest rates and we propose a strategy to separate the impact of credit cycles, excessive government spending, and sudden stops. We then ask...
Persistent link: https://www.econbiz.de/10013045645
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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/10012830487
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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/10012829783
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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