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Central bank perspectives on stabilization policy : articles from the bank's 2002 Economic Policy Symposium "Rethinking Stabilization Policy"
Greenspan, Alan (contributor); Issing, Otmar (contributor);  … - 2002
Persistent link: https://www.econbiz.de/10001748689
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Monetary conservatism and fiscal policy
Adam, Klaus; Billi, Roberto M. - Federal Reserve Bank of Kansas City - 2007
Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setting with endogenous fiscal … optimal inflation rate internalizing this distortion is positive, but lack of monetary commitment robustly generates too much … inflation. A conservative monetary authority thus remains desirable. When fiscal policy is determined before monetary policy …
Persistent link: https://www.econbiz.de/10005410691
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The conduct of monetary policy with a shrinking stock of government debt
Schreft, Stacey L.; Smith, Bruce D. - Federal Reserve Bank of Kansas City - 2001
conduct of monetary policy. Specifically, the nominal interest rate and the inflation rate cannot be below their seigniorage … Pareto inferior side of the seigniorage Laffer curve, with an unnecessarily high inflation rate and nominal interest rate … inflation rates implied by a decline in the stock of government debt outstanding. Unless the economy is on the Pareto inferior …
Persistent link: https://www.econbiz.de/10005410715
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The performance of monetary and fiscal rules in an open economy with imperfect capital mobility
Meirelles-Aurelio, Marcela - Federal Reserve Bank of Kansas City - 2005
1999 has targets for inflation and for the primary surplus. The main finding is that a fiscal regime characterized by a …
Persistent link: https://www.econbiz.de/10005410735
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The social value of risk-free government debt
Schreft, Stacey L.; Smith, Bruce D. - Federal Reserve Bank of Kansas City - 2003
This paper considers whether eliminating the stock of government debt outstanding would reduce welfare. It models an economy with three assets—currency, government bonds, and storage, a transactions role for money, and a demand for liquidity and thus a role for banks. The Friedman rule is not...
Persistent link: https://www.econbiz.de/10005410789
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How important are monetary and fiscal policy in explaining postwar aggregate U.S. data?: a vector autoregressive approach
Kretzmer, Peter E. - Federal Reserve Bank of Kansas City - 1992
Persistent link: https://www.econbiz.de/10005410791
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Using near-VARs to examine phase-dependent monetary and fiscal policy
Filardo, Andrew J. - Federal Reserve Bank of Kansas City - 1997
Economic policies are known to have different effects on the economy depending on the size of policy changes and on business cycle conditions. For example, monetary policy might be more stimulative in recessions and around turning points in the business cycle than during expansions. Such...
Persistent link: https://www.econbiz.de/10005410807
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Monetary and fiscal policy switching
Davig, Troy; Leeper, Eric M.; Chung, Hess - Federal Reserve Bank of Kansas City - 2005
A growing body of evidence finds that policy reaction functions vary substantially over different periods in the United States. This paper explores how moving to an environment in which monetary and fiscal regimes evolve according to a Markov process can change the impacts of policy shocks. In...
Persistent link: https://www.econbiz.de/10005410818