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Chapter 23 Issues in the design of monetary policy rules
McCallum, Bennett T. - In: Handbook of macroeconomics : volume 1, part C, (pp. 1483-1530). 1999
policies; and the recently-developed fiscal theory of the price level. …
Persistent link: https://www.econbiz.de/10014024217
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Überschreitet die EZB mit ihren Staatsanleihekäufen ihr Mandat?
Matthes, Jürgen; Demary, Markus - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013) 9, pp. 607-615
Die Staatsanleihekäufe der EZB sind zu einem Fall für das Bundesverfassungsgericht geworden. Die Autoren des IW Köln argumentieren, dass das Outright-Monetary-Transactions-Programm noch innerhalb der Grenzen des EZB-Mandats liegt, aber wegen seiner Nachteile nur temporär eingesetzt werden...
Persistent link: https://www.econbiz.de/10010190547
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Fiscal Histories
Cochrane, John H. - National Bureau of Economic Research - 2022
The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long … pegs, the ends of hyperinflations, currency crashes, and the success of inflation targets. Going forward, fiscal theory …
Persistent link: https://www.econbiz.de/10013361983
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Chapter 14. Optimal Monetary Stabilization Policy
Woodford, Michael - In: Handbook of monetary economics : volume 3, (pp. 723-828). 2010
This chapter reviews the theory of optimal monetary stabilization policy in New Keynesian models, with particular …
Persistent link: https://www.econbiz.de/10014025628
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Policy Pre-Commitment and Institutional Design: A Synthetic Indicator Applied to Currency Boards
Gilson, Marie-Thérèse Camilleri - Economics Department, Organisation de Coopération et … - 2002
flexibility in the real economy. Along these lines, this paper describes as precisely as possible what constitutes, in theory, a …
Persistent link: https://www.econbiz.de/10005045978
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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011084413
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Interest rate persistence and monetary policy rule in light of model uncertainty
Yin, Shou-Yung; Lin, Chang-Ching; Chang, Ming-Jen - In: German economic review : GER 24 (2023) 2, pp. 145-190
Persistent link: https://www.econbiz.de/10014288261
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Chapter 26 Optimal fiscal and monetary policy
Chari, V.V.; Kehoe, Patrick J. - In: Handbook of macroeconomics : volume 1, part C, (pp. 1671-1745). 1999
We provide an introduction to optimal fiscal and monetary policy using the primal approach to optimal taxation. We use this approach to address how fiscal and monetary policy should be set over the long run and over the business cycle. We find four substantive lessons for policymaking: Capital...
Persistent link: https://www.econbiz.de/10014024214
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The value of constraints on discretionary government policy
Martin, Fernando M. - 2016
This paper investigates how institutional constraints discipline the behavior of discretionary governments subject to an expenditure bias. The focus is on constraints implemented in actual economies: monetary policy targets, limits on the deficit and debt ceilings. For a variety of aggregate...
Persistent link: https://www.econbiz.de/10011585839
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Optimal policy in an economy with human capital where money is essential
Jeong, Minhyeon - In: Economics letters 136 (2015), pp. 103-107
Persistent link: https://www.econbiz.de/10011435939