Narrow search
Showing 1 - 10 of 728
Cover Image
Monetary and fiscal policy in times of crises : a new Keynesian perspective in continuous time
Hayo, Bernd; Niehof, Britta - 2014 - This version: October 27, 2014
To analyse the interdependence between monetary and fiscal policy during a financial crisis, we develop an open-economy DSGE model with monetary and fiscal policy as well as financial markets in a continuous-time framework based on stochastic differential equations. Monetary policy is modelled...
Persistent link: https://www.econbiz.de/10010419528
Cover Image
Survey on New Zealanders' attitudes towards and knowledge of macroeconomic policy issues : documentation of survey methodology and descriptive results
Hayo, Bernd; Neumeier, Florian - 2016 - This version: 19 July 2016
This paper provides background information and basic descriptive statistics for a representative survey of the New Zealand population conducted on our behalf by Research New Zealand in May 2016. The survey addresses important fiscal and monetary policy issues, including: (1) public preferences...
Persistent link: https://www.econbiz.de/10011516900
Cover Image
Is the Fiscal Theory of the Price Level Learnable?
McCallum, Bennett T. - 2010
This paper presents a prototype model for development of the fiscal theory of the price level.' In this simple setting, the fiscal theory's distinctiveness relies upon adoption of a bubble solution, rather than the rational-expectations fundamentals solution. The paper then shows that the fiscal...
Persistent link: https://www.econbiz.de/10013136352
Cover Image
Monetary and Fiscal Policy in Times of Crises : A New Keynesian Perspective in Continuous Time
Hayo, Bernd - 2016
To analyse the interdependence between monetary and fiscal policy during a financial crisis, we develop an open-economy DSGE model with monetary and fiscal policy as well as financial markets in a continuous-time framework based on stochastic differential equations. Monetary policy is modelled...
Persistent link: https://www.econbiz.de/10013000528
Cover Image
Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination
McCallum, Bennett T. - 2021
The recently-developed fiscal theory of price level determination contends that there is an important class of policy rules in which there exists a unique rational expectations solution that shows the price level to be dependent upon fiscal policy and independent of monetary variables. The...
Persistent link: https://www.econbiz.de/10013215355
Cover Image
Inflation Targeting and the Liquidity Trap
McCallum, Bennett T. - 2021
This paper considers whether 'liquidity trap' issues have important bearing on the desirability of inflation targeting … perspective, a quantitative open-economy model is developed and the likelihood of encountering a liquidity trap is explored for … several policy rules. Also, it is emphasized that, if the usual interest rate instrument is immobilized by a liquidity trap …
Persistent link: https://www.econbiz.de/10013222228
Cover Image
Monetary vs. Fiscal Policy Effects : A Review of the Debate
McCallum, Bennett T. - 1985
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/10012477529
Cover Image
Is the Fiscal Theory of the Price Level Learnable?
McCallum, Bennett T. - 2003
This paper presents a prototype model for development of the fiscal theory of the price level.' In this simple setting, the fiscal theory's distinctiveness relies upon adoption of a bubble solution, rather than the rational-expectations fundamentals solution. The paper then shows that the fiscal...
Persistent link: https://www.econbiz.de/10012468736
Cover Image
Inflation Targeting and the Liquidity Trap
McCallum, Bennett T. - 2001
This paper considers whether 'liquidity trap' issues have important bearing on the desirability of inflation targeting … perspective, a quantitative open-economy model is developed and the likelihood of encountering a liquidity trap is explored for … several policy rules. Also, it is emphasized that, if the usual interest rate instrument is immobilized by a liquidity trap …
Persistent link: https://www.econbiz.de/10012470499
Cover Image
Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination
McCallum, Bennett T. - 1998
The recently-developed fiscal theory of price level determination contends that there is an important class of policy rules in which there exists a unique rational expectations solution that shows the price level to be dependent upon fiscal policy and independent of monetary variables. The...
Persistent link: https://www.econbiz.de/10012472349