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Optimal Monetary and Fiscal Policy in a Currency Union
Gali, Jordi - 2005
We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyze its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is...
Persistent link: https://www.econbiz.de/10012466856
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NBER International Seminar on Macroeconomics 2006
Reichlin, Lucrezia (contributor);  … - National Bureau of Economic Research - 2008
Persistent link: https://www.econbiz.de/10003655859
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Aggregate Implications of Indivisible Labor, Incomplete Markets, and Labor Market Frictions
Krusell, Per - 2008
This paper analyzes a model that features frictions, an operative labor supply margin, and incomplete markets. We first provide analytic solutions to a benchmark model that includes indivisible labor and incomplete markets in the absence of trading frictions. We show that the steady state levels...
Persistent link: https://www.econbiz.de/10012464776
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Anchoring Fiscal Expectations
Leeper, Eric M. - 2009
In this lecture, I argue that there are remarkable parallels between how monetary and fiscal policies operate on the macro economy and that these parallels are sufficient to lead us to think about transforming fiscal policy and fiscal institutions as many countries have transformed monetary...
Persistent link: https://www.econbiz.de/10012463382
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A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms
Velasco, Andres - 1997
This paper develops a political-economic model of fiscal policy one in which" government resources are a common property' out of which interest groups can finance" expenditures on their preferred items. This setup has striking macroeconomic implications. " First, fiscal deficits and debt...
Persistent link: https://www.econbiz.de/10012472479
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Monetary policy rules : [papers based on the National Bureau of Economic Research Conference on Research in Business Cycles, held at Stanford University, 1998]
Taylor, John B. (ed.) - 2001 - Paperback ed.
Persistent link: https://www.econbiz.de/10001535296
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Monetary policy rules
Taylor, John B. (ed.) - 1999
Persistent link: https://www.econbiz.de/10001353848
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Generalizing the Taylor Principle
Davig, Troy - 2005
The paper generalizes the Taylor principle---the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation---to an environment in which reaction coefficients in the monetary policy rule evolve...
Persistent link: https://www.econbiz.de/10012466797
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Liquidity and Governance
Back, Kerry - 2013
Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and … information concerns her own plans for taking an active role in governance. We show that an increase in the liquidity of the firm …'s stock increases the likelihood of the large investor 'taking the Wall Street walk.' Thus, higher liquidity is harmful for …
Persistent link: https://www.econbiz.de/10012458993
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The Effect of Liquidity on Governance
Edmans, Alex - 2011
This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge … measure governance intent rather than only studying instances of actual governance. We find that liquidity increases the … likelihood that a hedge fund acquires a block in a firm. Conditional upon acquiring a stake, liquidity reduces the likelihood …
Persistent link: https://www.econbiz.de/10012461091