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Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2004

monetary policy framework. Inclusion of judgement in forecasts can lead to self-fulfilling fluctuations, but without the …

Persistent link: https://www.econbiz.de/10005707643

Expectations, Deflation Traps and Macroeconomic Policy

Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2009

We examine global economic dynamics under infinite-horizon learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), we find that under normal monetary and fiscal policy the intended steady state is locally but...

Persistent link: https://www.econbiz.de/10005048553

Liquidity Traps, Learning and Stagnation

Evans, George W.; Guse, Eran; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2007

We examine global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy, the intended steady state is locally but not globally stable. Large pessimistic shocks to expectations can lead...

Persistent link: https://www.econbiz.de/10005497854

Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?

Benhabib, Jess; Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2012

We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after...

Persistent link: https://www.econbiz.de/10011083804

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

Expectations, Learning and Monetary Policy: An Overview of Recent Research

Evans, George; Honkapohja, Seppo - Scottish Institute for Research in Economics (SIRE) - 2008

Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations with explicit models of expectations formation that rely on...

Persistent link: https://www.econbiz.de/10010552353

Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch

Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2008

Persistent link: https://www.econbiz.de/10005666454

Optimal taxation with imperfect competition and aggregate returns to specialization

Coto-Martínez, Javier; Garriga, Carlos; … - Federal Reserve Bank of St. Louis - 2007

In this paper we explore the proposition that in economies with imperfect competitive markets the optimal capital income tax is negative and the optimal tax on firms profits is confiscatory. We show that if the total factor productivity as well as the measure of firms or varieties are endogenous...

Persistent link: https://www.econbiz.de/10005352792

Optimal fiscal policy in the design of Social Security reforms

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2007

sizeable welfare gains, arising because of the reduction in labor supply distortions. In contrast, the welfare gains coming …

Persistent link: https://www.econbiz.de/10005352854

Intergenerational policy and the measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2013

Policymakers often use measures of tax incidence (generational accounts) as criteria for policy selection. We use a quantitative model of optimal intergenerational policy to evaluate the ability of the tax incidence metric to capture the identity of recipients and contributors and the magnitudes...

Persistent link: https://www.econbiz.de/10010640522