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Global liquidity, world savings glut and global policy coordination

Belke, Ansgar; Gros, Daniel - 2010

The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during...

Persistent link: https://www.econbiz.de/10003934687

A behavioral heterogeneous agent New Keynesian model

Pfäuti, Oliver; Seyrich, Fabian - 2022 - Updated version, August 2022

We develop a New Keynesian model with household heterogeneity and bounded rationality in the form of cognitive discounting. The interaction of household heterogeneity and bounded rationality generates amplification of monetary and fiscal policy through indirect general equilibrium effects while...

Persistent link: https://www.econbiz.de/10013336069

A simple model of an oil based global savings glut : the "China factor" and the OPEC cartel

Belke, Ansgar; Gros, Daniel - 2009

The purpose of this contribution is to illustrate the mechanism by which higher oil prices might lead to lower interest rates in the context of a simple model that takes into account the global external savings equilibrium. The simple model has interesting implications for how one views the huge...

Persistent link: https://www.econbiz.de/10003863065

Current account imbalances and structural adjustment in the euro area : how to rebalance competitiveness

Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - 2009

Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...

Persistent link: https://www.econbiz.de/10003844342

Multicointegration in US consumption data

Siliverstovs, Boriss - 2003

The present paper tests for the existence of multicointegration between real per capita private consumption expenditure … income and consumption expenditure on the one hand, and the stock of consumers' wealth, which can be considered as cumulative … multicointegrating relations and find supporting evidence for the existence of multicointegration in US consumption data. …

Persistent link: https://www.econbiz.de/10011439261

On the international spillovers of US quantitative easing

Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - 2013

The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US...

Persistent link: https://www.econbiz.de/10009763863

Unconventional fiscal policy in HANK

Seidl, Hannah; Seyrich, Fabian - 2021

its transmission mechanism. Consumption taxes and labor taxes replicate the effects of monetary policy through the …

Persistent link: https://www.econbiz.de/10012549562

Unconventional fiscal policy in HANK

Seidl, Hannah; Seyrich, Fabian - 2021 - This version: August 10, 2022

monetary policy: three simple conditions for consumption taxes, labor taxes, and the government debt level are sufficient to … induce the same consumption and labor supply of each household and, thus, the same allocation as interest rate policies. When …

Persistent link: https://www.econbiz.de/10013342046

Lottery tax windfalls, state-level fiscal policy, and consumption

Da, Zhi; Warachka, Mitch; Yun, Hayong - In: Economics letters 129 (2015), pp. 9-12

Persistent link: https://www.econbiz.de/10011421857

The impact of terms of trade and macroeconomic regimes on private saving

Grigoli, Francesco; Herman, Alexander; Schmidt-Hebbel, Klaus - In: Economics letters 145 (2016), pp. 172-175

Persistent link: https://www.econbiz.de/10011618385

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