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Imperfect Competition and Macroeconomics: A Survey
Dixon, Huw David; Rankin, Neil - C.E.P.R. Discussion Papers - 1992
. Although money is of itself neutral in these models, the presence of menu costs, expectations which are not unit elastic, or …
Persistent link: https://www.econbiz.de/10005661642
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A Gains from Trade Perspective on Macroeconomic Fluctuations
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011
the potential mechanisms driving economic fluctuations as well as modify key policy implications. We first show how a …
Persistent link: https://www.econbiz.de/10009221567
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Common Currency Areas and Currency Unions: An Analysis of the Issues
Masson, Paul R; Taylor, Mark P - C.E.P.R. Discussion Papers - 1992
This paper discusses the conditions under which currency unions would be desirable and viable. We discuss and present new empirical evidence concerning the operation of existing currency unions in federal states and among regional country groupings. In particular, we examine the traditional...
Persistent link: https://www.econbiz.de/10005662119
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An Intertemporal Version of Mundell's Two-Country Flexible Exchange Rates Model with Disequilibrium Microfoundations: Is Policy Interdependence Inevitable?
Rankin, Neil - C.E.P.R. Discussion Papers - 1987
As a companion to a previous paper, monetary and fiscal policy are analyzed in (a) a small open economy and (b) a two-country world, where in addition to a fixed wage causing unemployment, countries now produce specialized products whose prices are fixed, causing excess supply. There are two...
Persistent link: https://www.econbiz.de/10005662363
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Is There a Case for the MTFS?
Westaway, Peter; Wren-Lewis, Simon - C.E.P.R. Discussion Papers - 1990
This paper offers a critique of the UK government's Medium Term Financial Strategy from a policy optimization perspective. It argues that recent versions of the MTFS can be interpreted as representing the outcome of a policy optimization exercise, but that certain key aspects remain unclear....
Persistent link: https://www.econbiz.de/10005666678
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Rational Expectations and Monetary Policy
Minford, Patrick - C.E.P.R. Discussion Papers - 1986
This survey essay considers how rational expectations have changed our evaluation of monetary policy. In the first section, various underpinnings of the "Phillips curve" relation between inflation and output are reviewed. All are concluded to be products of particular institutional set-ups whose...
Persistent link: https://www.econbiz.de/10005666800
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Debt Stabilisation Bias and the Taylor Principle: Optimal Policy in a New Keynesian Model with Government Debt and Inflation Persistence
Stehn, Sven Jari; Vines, David - C.E.P.R. Discussion Papers - 2008
Leith and Wren-Lewis (2007) have shown that government debt is returned to its pre-shock level in a New Keynesian model under optimal discretionary policy. This has two important implications for monetary and fiscal policy. First, in a high-debt economy, it may be optimal for discretionary...
Persistent link: https://www.econbiz.de/10005666963
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Government Deficits and Speculation
Honkapohja, Seppo; Lempinen, Urho - C.E.P.R. Discussion Papers - 1987
the commodity and money markets. In this way portfolio aspects are introduced into a dynamic macro model which has many … features from growth theory. Money holdings are modelled through a simple cash-in-advance constraint and all the assets are … anticipations about some money-financed fiscal policies. As the analytically simplest case we study the effects of temporary taxes …
Persistent link: https://www.econbiz.de/10005666980
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Protectionism and the US Trade Deficit: An Empirical Analysis
Helkie, W; Hughes Hallett, Andrew; Marquez, Jaime - C.E.P.R. Discussion Papers - 1989
The persistence of large trade and budget imbalances has led to increasing demands for protectionist policies. Despite a substantial theoretical literature there appears to be no empirical literature on the use of tariffs as a macroeconomic policy instrument. This paper fills that gap, using the...
Persistent link: https://www.econbiz.de/10005667059
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Monetary Union and Fiscal Policy Discipline
Wyplosz, Charles - C.E.P.R. Discussion Papers - 1991
The possible emergence of a monetary union in Europe raises a number of new and difficult questions. A central concern is the implication for fiscal policy-making. Fiscal policy assumes an increased importance once the monetary policy instrument is lost. The Delors Report has suggested that...
Persistent link: https://www.econbiz.de/10005789118