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Crunch time : fiscal crises and the role of monetary policy
Greenlaw, David; Hamilton, James D.; Hooper, Peter; … - 2013
Persistent link: https://www.econbiz.de/10009788187
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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
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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
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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
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Crunch Time : Fiscal Crises and the Role of Monetary Policy
Greenlaw, David - 2013
Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...
Persistent link: https://www.econbiz.de/10013077956
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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
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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
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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
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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
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Crunch Time : Fiscal Crises and the Role of Monetary Policy
Greenlaw, David - 2013
Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...
Persistent link: https://www.econbiz.de/10012459364