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Cochrane, John H. - National Bureau of Economic Research - 2022

The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long … pegs, the ends of hyperinflations, currency crashes, and the success of inflation targets. Going forward, fiscal theory …

Persistent link: https://www.econbiz.de/10013361983

Helicopter Drops and Liquidity Traps

Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2023

We show that if the central bank operates without commitment and faces constraints on its balance sheet, helicopter drops can be a useful stabilization tool during a liquidity trap. With commitment, even with balance sheet constraints, helicopter drops are irrelevant

Persistent link: https://www.econbiz.de/10014247967

On the Fundamentals of Self-Fulfilling Speculative Attacks

Burnside, Craig - 2000

This paper proposes a theory of twin banking-currency crises in which both fundamentals and self-fulfilling beliefs …

Persistent link: https://www.econbiz.de/10012471221

Political Contagion in Currency Crises

Drazen, Allan - 1999

Existing models of contagious currency crises are summarized and surveyed, and it is argued that more weight should be put on political factors. Towards this end, the concept of political contagion introduced, whereby contagion in speculative attacks across currencies arises solely because of...

Persistent link: https://www.econbiz.de/10012471578

Prospective Deficits and the Asian Currency Crisis

Burnside, Craig - 1998

This paper argues that the recent Southeast Asian currency crisis was caused by large prospective deficits associated with implicit bailout guarantees to failing banking systems. We articulate this view using a simple dynamic general equilibrium model whose key feature is that a speculative...

Persistent link: https://www.econbiz.de/10012472055

Perspectives on the Recent Currency Crisis Literature

Flood, Robert - 1998

In the 1990s, currency crises in Europe, Mexico and Southeast Asia have drawn worldwide attention to speculative attacks on government-controlled exchange rates. To improve our understanding of these events, researchers have undertaken new theoretical and empirical work. In this paper, we...

Persistent link: https://www.econbiz.de/10012472438

A Model of Crises in Emerging Markets

Dooley, Michael P. - 1997

First generation models of speculative attacks show that apparently random speculative attacks on policy regimes can be fully consistent with rational and well-informed speculative behavior. Unfortunately, models driven by a conflict between exchange rate policy and other macroeconomic...

Persistent link: https://www.econbiz.de/10012472513

Contagious Currency Crises

Eichengreen, Barry - 1996

This paper is concerned with the fact that the incidence of speculative attacks tends to be temporally correlated; that is, currency crises appear to pass contagiously from one country to another. The paper provides a survey of the theoretical literature, and analyzes the contagious nature of...

Persistent link: https://www.econbiz.de/10012473161

Optimal Monetary Policy with Heterogeneous Agents : Discretion, Commitment, and Timeless Policy

Dávila, Eduardo; Schaab, Andreas - National Bureau of Economic Research - 2023

This paper characterizes optimal monetary policy in a canonical heterogeneous-agent New Keynesian (HANK) model with wage rigidity. Under discretion, a utilitarian planner faces the incentive to redistribute towards indebted, high marginal utility households, which is a new source of inflationary...

Persistent link: https://www.econbiz.de/10014226158

Monetary Policy without Commitment

Afrouzi, Hassan; Halac, Marina; Rogoff, Kenneth S.; … - National Bureau of Economic Research - 2023

This paper studies the implications of central bank credibility for long-run inflation and inflation dynamics. We introduce central bank lack of commitment into a standard non-linear New Keynesian economy with sticky-price monopolistically competitive firms. Inflation is driven by the...

Persistent link: https://www.econbiz.de/10014287308

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