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Real and financial adjustments to fiscal deficits in growing open economies

Hutchison, Michael; Pigott, Charles - Federal Reserve Bank of San Francisco - 1985

Persistent link: https://www.econbiz.de/10005078274

Fiscal constraints and incentives with monetary coordination: implications for Europe 1992

Glick, Reuven; Hutchison, Michael - Federal Reserve Bank of San Francisco - 1990

This paper analyzes how the feasible mix of government expenditure and financing arrangements may change in a monetary union such as that presently under discussion for the European Community. The effect of this institutional change on the incentives facing fiscal policymakers in their budgetary...

Persistent link: https://www.econbiz.de/10005078275

Fiscal policy in monetary unions: implications for Europe

Glick, Reuven; Hutchison, Michael - Federal Reserve Bank of San Francisco - 1992

This paper analyzes how the feasible mix of government expenditure and financing arrangements may change with the establishment of a monetary union such as that planned by members of the European Community. We find that a monetary union reduces the feasible divergence across countries in their...

Persistent link: https://www.econbiz.de/10005078335

New results in support of the fiscal policy ineffectiveness proposition

Glick, Reuven; Hutchison, Michael - Federal Reserve Bank of San Francisco - 1987

We demonstrate that previous tests of money and fiscal "policy ineffectiveness" are likely to be biased because they ignore interaction effects between policies, induced either by direct policy linkages or through the variation of policies in response to common factors. Our analysis takes into...

Persistent link: https://www.econbiz.de/10005078348

Navigating the trilemma: capital flows and monetary policy in China

Glick, Reuven; Hutchison, Michael - Federal Reserve Bank of San Francisco - 2008

In recent years China has faced an increasing trilemma—how to pursue an independent domestic monetary policy and limit exchange rate flexibility, while at the same time facing large and growing international capital flows. This paper analyzes the impact of the trilemma on China’s monetary...

Persistent link: https://www.econbiz.de/10005361491

Central bank secrecy and money surprises: international evidence

Hutchison, Michael; Judd, John P. - Federal Reserve Bank of San Francisco - 1991

force, are comparable in many important respects with publicly announced Bank of Japan money projections. Using a derivative … of the law of iterated projections, we estimate the information value of disclosure on the part of the Bank of Japan and … Japan has been small in terms of reducing money surprises, but that disclosure by the Federal Reserve would have …

Persistent link: https://www.econbiz.de/10005078333