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The simple analytics of helicopter money : why it works - always
Buiter, Willem H. - 2014
The author provides a rigorous analysis of Milton Friedman's parable of the "helicopter" drop of money a permanent/irreversible increase in the nominal stock of fiat base money rate which respects the intertemporal budget constraint of the consolidated Central Bank and Treasury - the State....
Persistent link: https://www.econbiz.de/10010392960
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The simple analytics of helicopter money: Why it works - always
Buiter, Willem H. - In: Economics - The Open-Access, Open-Assessment E-Journal 8 (2014), pp. 1-51
The author provides a rigorous analysis of Milton Friedman's parable of the "helicopter" drop of money a permanent/irreversible increase in the nominal stock of fiat base money rate which respects the intertemporal budget constraint of the consolidated Central Bank and Treasury - the State....
Persistent link: https://www.econbiz.de/10010954781
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The Return of Financial Repression
Reinhart, Carmen M. - C.E.P.R. Discussion Papers - 2012
Periods of high indebtedness have historically been associated with a rising incidence of default or restructuring of public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression'. Consistent negative real interest rates are equivalent to...
Persistent link: https://www.econbiz.de/10011083679
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The Simple Analytics of Helicopter Money:Why It Works – Always
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
This paper aims to provide a rigorous analysis of Milton Friedman’s famous parable of the ‘helicopter’ drop of money. A helicopter drop of money is a permanent/irreversible increase in the nominal stock of fiat base money with a zero nominal interest rate, which respects the intertemporal...
Persistent link: https://www.econbiz.de/10011084422
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DOES THE CONSTRAINT IN THE MATRIX OF LONG RUN EFFECTS BIAS THE RICARDIAN EQUIVALENCE TEST?
GHASSAN, Hassan - In: Applied Econometrics and International Development 7 (2007) 1
The purpose of this paper is to test the Ricardian Equivalence Hypothesis REH by estimating a SVAR model. In this …
Persistent link: https://www.econbiz.de/10005406761
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Wealth inequality and the optimal level of government debt
Röhrs, Sigrid; Winter, Christoph - 2011
In this paper, we quantitatively analyze to what extent a benevolent government should issue debt in a model where … the model that is consistent with the skewed wealth and earnings distribution observable in the U.S., the government …
Persistent link: https://www.econbiz.de/10009740581
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Will China Eat Our Lunch or Take Us Out to Dinner? Simulating the Transition Paths of the U.S., EU, Japan, and China
Fehr, Hans; Kotlikoff, Laurence; Jokisch, Sabine - National Bureau of Economic Research (NBER) - 2005
This paper develops a dynamic, life-cycle, general equilibrium model to study the interdependent demographic, fiscal …, reducing real wages per unit of human capital. Adding China to the model dramatically alters this prediction. Even though China … countries. If this continues to be the case, the model's long run looks much brighter. China eventually becomes the world …
Persistent link: https://www.econbiz.de/10005084642
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How Do Laffer Curves Differ Across Countries?
Uhlig, Harald; Trabandt, Mathias - National Bureau of Economic Research (NBER) - 2012
We seek to understand how Laffer curves differ across countries in the US and the EU-14, thereby providing insights into fiscal limits for government spending and the service of sovereign debt. As an application, we analyze the consequences for the permanent sustainability of current debt...
Persistent link: https://www.econbiz.de/10009652855
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Bad Luck or Bad Decisions? Macroeconomic Implications of Persistent Heterogeneity in Cognitive Skills and Overconfidence
Pfäuti, Oliver; Seyrich, Fabian; Zinman, Jonathan - National Bureau of Economic Research - 2024
add persistent heterogeneity in cognitive skills and overconfidence to an otherwise standard HANK model. Overconfidence …
Persistent link: https://www.econbiz.de/10014528345
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Fiscal Reform and Government Debt in Japan: A Neoclassical Perspective
Hansen, Gary; Imrohoroglu, Selo - National Bureau of Economic Research (NBER) - 2013
payments relative to output are projected to continue to rise until at least 2050. In this paper we use a standard growth model …
Persistent link: https://www.econbiz.de/10010692202