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We show that optimal monetary and fiscal policies are time consistent for a class of economies often used in applied work, economies appealing because they are consistent with the growth facts. We establish our results in two steps. We first show that for this class of economies, the Friedman...
Persistent link: https://www.econbiz.de/10005367747
With integrated trade and financial markets, a collapse in aggregate demand in a large country can cause "natural real interest rates" to fall below zero in all countries, giving rise to a global "liquidity trap." This paper explores the optimal policy response to this type of shock, when...
Persistent link: https://www.econbiz.de/10009292929
This paper examines how the scale and composition of public debt can affect economies that implement a combination of “passive” monetary policy and “active” fiscal policy. This policy configuration is argued to be of both historical and contemporary interest in the cases of the U.S. and...
Persistent link: https://www.econbiz.de/10009320709
Remarks at Queens Chamber of Commerce and Queens Economic Development Corporation, Flushing, New York City.
Persistent link: https://www.econbiz.de/10010724943
Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.
Persistent link: https://www.econbiz.de/10010724974
Remarks at the National Association for Business Economics Annual Meeting, New York City.
Persistent link: https://www.econbiz.de/10010724979
Remarks at New York University's Stern School of Business, New York City.
Persistent link: https://www.econbiz.de/10010724985
Remarks at Fordham University's Gabelli School of Business, Bronx, New York.
Persistent link: https://www.econbiz.de/10010724994
Remarks at Panel Discussion at 2012 U.S. Monetary Policy Forum, New York City.
Persistent link: https://www.econbiz.de/10010725016
The literature has argued that developing countries are unable to adopt counter-cyclical monetary and fiscal policies due to financial imperfections and unfavorable politicaleconomy conditions. Using a world sample of 115 industrial and developing countries for 1984-2008, we find that the level...
Persistent link: https://www.econbiz.de/10011026846