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Budget rules and resource booms and busts : a dynamic stochastic general equilibrium analysis
Devarajan, Shantayanan; Dissou, Yazid; Go, Delfin S.; … - In: The World Bank economic review 31 (2017) 1, pp. 71-96
Persistent link: https://www.econbiz.de/10011752732
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Chapter 22. The New Keynesian Approach to Dynamic General Equilibrium Modeling: Models, Methods and Macroeconomic Policy Evaluation
Schmidt, Sebastian; Wieland, Volker - In: Handbook of computable general equilibrium modeling : …, (pp. 1439-1512). 2013
This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...
Persistent link: https://www.econbiz.de/10014025269
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Chapter 17. The Interaction Between Monetary and Fiscal Policy
Canzoneri, Matthew; Cumby, Robert; Diba, Behzad - In: Handbook of monetary economics : volume 3, (pp. 935-999). 2010
Our chapter reviews positive and normative issues in the interaction between monetary and fiscal policy, with an emphasis on how views on policy coordination have changed over the last 25 five years. On the positive side, noncooperative games between a government and its central bank have given...
Persistent link: https://www.econbiz.de/10014025625
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A microfounded approach to currency substitution and government policy
Madison, Florian - In: Journal of economic theory : JET 219 (2024), pp. 1-24
Persistent link: https://www.econbiz.de/10015070978
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The possible trinity : optimal interest rate, exchange rate, and taxes on capital flows in a DSGE model for a small open economy
Escudé, Guillermo J. - 2014
A traditional way of thinking about the exchange rate (XR) regime and capital account openness has been framed in terms of the 'impossible trinity' or 'trilemma', in which policymakers can only have 2 of 3 possible outcomes: open capital markets, monetary independence and pegged XRs. This paper...
Persistent link: https://www.econbiz.de/10010370928
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Fiscal Consequences of Central Bank Losses
Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024
In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...
Persistent link: https://www.econbiz.de/10014544756
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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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Exit strategies
Angeloni, Ignazio; Faia, Ester; Winkler, Roland - 2014 - First draft: August 2010. This draft: April 2014
We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using a macromodel where banks choose their capital structure and are subject to runs. Under a Taylor rule, the post-crisis interest rate hits the zero lower bound (ZLB) and remains there for several...
Persistent link: https://www.econbiz.de/10010354007
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Bank and Sovereign Risk Interdependence in the Euro Area
Kollintzas, Tryphon; Tsoukalas, Konstantinos - C.E.P.R. Discussion Papers - 2015
We develop a dynamic stochastic general equilibrium model to study bank risk and sovereign risk interdependence in the Euro Area. We find that an increase in capital investment risk shock, results in a considerably deeper recession when sovereign risk is also present. This result has three...
Persistent link: https://www.econbiz.de/10011201352
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Helicopter Drops and Liquidity Traps
Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2023
We show that if the central bank operates without commitment and faces constraints on its balance sheet, helicopter drops can be a useful stabilization tool during a liquidity trap. With commitment, even with balance sheet constraints, helicopter drops are irrelevant
Persistent link: https://www.econbiz.de/10014247967