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A Heuristic Method for Extracting Smooth Trends from Economic Time Series

Rotemberg, Julio J. - 1999

This paper proposes a method for separating economic time series into a smooth component whose mean varies over time (the trend') and a stationary component (the cycle'). The aim is to make the trends as smooth as possible while also producing cycles with plausible properties. While the main...

Persistent link: https://www.econbiz.de/10012471343

The Fallacy of the Fiscal Theory of the Price Level

Buiter, Willem H. - 1999

or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …

Persistent link: https://www.econbiz.de/10012471482

Liquidity Traps : How to Avoid Them and How to Escape Them

Buiter, Willem H. - 1999

The paper considers ways of avoiding a liquidity trap and ways of getting out of one. Unless lower short nominal interest rates are associated with significantly lower interest volatility, a lower average rate of inflation, which will be associated with lower expected nominal interest rates,...

Persistent link: https://www.econbiz.de/10012471545

Fiscal Prerequisites for a Viable Managed Exchange Rate Regime : A Non-technical Eclectic Introduction

Buiter, Willem H. - 1986

borrowing. There is not yet any "deep structural" theory justifying the (exogenous) lower bounds on the stock of foreign … exchange reserves characteristic of the collapsing exchange rate literature. Absent such a theory of "international liquidity …

Persistent link: https://www.econbiz.de/10012477028

Death, Population Growth, Productivity Growth and Debt Neutrality

Buiter, Willem H. - 1986

Debt neutrality is said to occur if, given a program for public spending on current goods and services over time, the real equilibrium of the economy (private consumption, investment, relative prices, etc.) is independent of the pattern of government borrowing and lump-sum taxation over time....

Persistent link: https://www.econbiz.de/10012477043

Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy

Buiter, Willem H. - 1986

The paper considers the response of a small, open dependent economy to a variety of fiscal and financial shocks as well as the influence of alternative budget balancing rules on the response of the system to such external shocks as a change in the world interest rate. The approach allows for...

Persistent link: https://www.econbiz.de/10012477047

Quotas and the Stability of Implicit Collusion

Rotemberg, Julio J. - 1986

Persistent link: https://www.econbiz.de/10012477124

Fiscal policy in open, interdependent economies

Buiter, Willem H. - 1984

The paper studies the effects of alternative financing policies in the open economy.There is a non-trivial role for financial policy because of the failure of first-order debt neutrality due to uncertain private lifetimes. Both the single-country case and the interdependent two-country case are...

Persistent link: https://www.econbiz.de/10012477660

Measuring Aspects of Fiscal and Financial Policy

Buiter, Willem H. - 1984

The paper develops a forward-looking comprehensive accounting framework for the public sector.By integrating the public sector budget constraint forward in time the government's present value budget constraint (PVBC) is obtained. In addition to the familiar financial assets and liabilities,...

Persistent link: https://www.econbiz.de/10012477762

Exchange Rate Dynamics with Sticky Prices : The Deutsch Mark, 1974-1982

Giovannini, Alberto - 1984

This paper estimates simultaneously dynamic equations for the Deutsche Mark/Dollar exchange rate and the German wholesale price index, which emerge from a model in which German prices are sticky. This stickiness is due to price adjustment costs which take the form posited by Rotemberg(1982).The...

Persistent link: https://www.econbiz.de/10012477815

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