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Electoral Uncertainty and the Deficit Bias in a New Keynesian Economy
Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2009
Recent attempts to incorporate optimal fiscal policy into New Keynesian models subject to nominal inertia, have tended to assume that policy makers are benevolent and have access to a commitment technology. A separate literature, on the New Political Economy, has focused on real economies where...
Persistent link: https://www.econbiz.de/10010550767
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When is Monetary Policy All we Need?
Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2009
discrepancy between the private and social evaluation of the marginal rate of substitution between consumption and leisure …
Persistent link: https://www.econbiz.de/10010550812
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Monetary and Fiscal Policy under Deep Habits
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - Scottish Institute for Research in Economics (SIRE) - 2009
individual goods where the counter-cyclicality of mark-ups this implies can result in government spending crowding-in private … consumption in the short run. We explore the robustness of this mechanism to the existence of price discrimination in the supply … of goods to the public and private sectors. We then describe optimal monetary and fiscal policy in our New Keynesian …
Persistent link: https://www.econbiz.de/10010552368
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A Simple Dynamic Model of Credit and Aggregate Demand
Diaz-Bautista, Alejandro; Escandon, Julio R. - EconWPA - 2003
The purpose of the paper is to present a tractable model of an old topic which is becoming more important in macroeconomics: the link between financial structure and economic activity.
Persistent link: https://www.econbiz.de/10005126180
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Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union
Clausen, Volker; Wohltmann, Hans-Werner - EconWPA - 2002
This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...
Persistent link: https://www.econbiz.de/10005126325
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Fiscal Sustainability in a New Keynesian Model
Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2012
Recent work on optimal monetary and fiscal policy in New Keynesian models suggests that it is optimal to allow steady-state debt to follow a random walk. Leith and Wren-Lewis (2012) consider the nature of the timeinconsistency involved in such a policy and its implication for discretionary...
Persistent link: https://www.econbiz.de/10011075679
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Fiscal Sustainability in a New Keynesian Model
Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2012
Recent work on optimal monetary and fiscal policy in New Keynesian models suggests that it is optimal to allow steady-state debt to follow a random walk. Leith and Wren-Lewis (2012) consider the nature of the timeinconsistency involved in such a policy and its implication for discretionary...
Persistent link: https://www.econbiz.de/10011075700
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Exchange Rate Floating and Inflation Targeting Implementing - Lessons from a succesful transition - The Brazilian Case
Deheza, Juan Carlos Soldano - EconWPA - 2003
El objetivo de este paper es realizar una descripción del caso brasileño, en lo que hace a la salida de un sistema en el cual el ancla nominal de la economía era un tipo de cambio semi-fijo, hacia un régimen de flotación “cuasi” limpia de la moneda, en el que el ancla de la economía...
Persistent link: https://www.econbiz.de/10005076607
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A look at exchange rate and monetary policy in Malawi
Simwaka, Kisu - EconWPA - 2004
effective exchange rate misalignment. The results show that excess money supply predict real effective exchange rate …, money supply growth and real effective exchange rate misalignment. The adjustment speed from the error correction term is … consistent with a market-determined exchange rate responding to excess money supply. Keywords: Exchange Rate; Monetary Policy …
Persistent link: https://www.econbiz.de/10005076782
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La Política Monetaria y el Corto en México
Díaz-Bautista, Alejandro; Seyffert, Diego Prieto; … - EconWPA - 2004
El corto es un instrumento de política monetaria que utiliza el Banco de México para abatir la inflación. El corto ha sido un instrumento muy útil para Banco de México en la conducción de la política monetaria, porque ha permitido que los choques a los mercados se distribuyan y se...
Persistent link: https://www.econbiz.de/10005076789