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Sharing the burden: monetary and fiscal responses to a world liquidity trap
Cook, David; Devereux, Michael B. - Federal Reserve Bank of Dallas - 2011
interest rates" to fall below zero in all countries, giving rise to a global "liquidity trap." This paper explores the optimal …. ; The key feature of demand shocks in a liquidity trap is that relative prices respond perversely. A negative shock causes … response to conditions generating a global liquidity trap, there is a critical mutual interaction between monetary and fiscal …
Persistent link: https://www.econbiz.de/10009292929
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Some alternative perspectives on macroeconomic theory and some policy implications
White, William R. - Federal Reserve Bank of Dallas - 2010
The macroeconomic theories and models favoured by academics, as well as those used more commonly by policymakers, effectively rule out by assumption economic and financial crises of the sort we are living through. In particular, the longer run dangers posed by the rapid expansion of credit and...
Persistent link: https://www.econbiz.de/10008598684
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Buy a ticket! (with reference to the Strauss Brothers, Ambassador Mike Moore, Kenneth Arrow, financial sharpies, Martin Luther King Jr. and Gov. Dewey)
Fisher, Richard W. - Federal Reserve Bank of Dallas - 2011
Remarks before the Dallas Friday Group, Dallas, Texas, October 21, 2011 ; "Absent some shock, I envision a slow but steady improvement in the economy into 2012. That is, if our fiscal authorities will remove their stranglehold on clarifying fiscal initiatives. If not, then, in my view, I expect...
Persistent link: https://www.econbiz.de/10010723065
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Racing to the top: how global competition disciplines public policy
Fisher, Richard W. - Federal Reserve Bank of Dallas - 2006
Remarks before the Dallas Friday Group, Dallas, Texas, April 11, 2006 ; "Competition brings benefits to the public sector the same way it does the private sector. Because factors of production are increasingly mobile in an era of globalization, governments vie to gain and hold onto them. Mobile...
Persistent link: https://www.econbiz.de/10010723067
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Comments on current conundra
Fisher, Richard W. - Federal Reserve Bank of Dallas - 2007
Remarks to the 2007 Annual Conference of the Investment Adviser Association, Austin, Texas, April 26, 2007 ; "Many options would improve the fiscal fitness of our entitlement system and reduce the need for drastic action elsewhere in the federal budget. But let's be honest. These remedies work...
Persistent link: https://www.econbiz.de/10010725998
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The limits of monetary policy: 'Monetary policy responsibility cannot substitute for government irresponsibility'
Fisher, Richard W. - Federal Reserve Bank of Dallas - 2011
Remarks before a luncheon meeting of the Manhattan Institute and e21, New York City, January 12, 2011 ; "The key to correcting the underperformance of the American economy and American job creation does not rest with the Federal Reserve. It is in the hands of those who make fiscal and regulatory...
Persistent link: https://www.econbiz.de/10010726047
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The fiscal multiplier and spillover in a global liquidity trap
Fujiwara, Ippei; Ueda, Kozo - Federal Reserve Bank of Dallas - 2010
liquidity trap. Using an optimizing two-country sticky price model, we show that the fiscal multiplier and spillover are …
Persistent link: https://www.econbiz.de/10008465683
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Fiscal deficits, debt, and monetary policy in a liquidity trap
Devereux, Michael B. - Federal Reserve Bank of Dallas - 2010
interest rates. Given that the liquidity trap is generated by a large increase in the desire to save on the part of the private … financed by deficits may be far more expansionary than that financed by tax increases in such an environment. In a liquidity …
Persistent link: https://www.econbiz.de/10008475891
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Insulation impossible: fiscal spillovers in a monetary union
Cooper, Russell; Kempf, Hubert; Peled, Dan - Federal Reserve Bank of Dallas - 2009
This paper studies the effects of monetary policy rules in a monetary union. The focus of the analysis is on the interaction between the fiscal policy of member countries (regions) and the central monetary authority. When capital markets are integrated, the fiscal policy of one country will...
Persistent link: https://www.econbiz.de/10005009937
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Fiscal stabilization with partial exchange rate pass-through
Kersting, Erasmus K. - Federal Reserve Bank of Dallas - 2009
This paper examines the role of fiscal stabilization policy in a two-country framework that allows for a general degree of exchange rate pass-through. I derive analytical solutions for optimal monetary and fiscal policy which are shown to depend on the degree of pass-through. In the case of...
Persistent link: https://www.econbiz.de/10005009940