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Monetary and fiscal policy interaction and government debt stabilization

Bovenberg, A.L.Bovenberg; van Aarle, B.; Raith, M. - Tilburg University, Center for Economic Research - 1995

In many developing and developed countries, government debt stabilization is an important policy issue. This paper models the strategic interaction between the monetary authorities who control monetization and the fiscal authorities who control primary fiscal deficits. Government debt dynamics...

Persistent link: https://www.econbiz.de/10011092845

A Theory of Central Bank Accountability

Eijffinger, Sylvester; Hoeberichts, M.M.; Schaling, E. - Tilburg University, Center for Economic Research - 1998

. Transparency enhances the central bank’s accountability. Another way to make the central bank accountable is to shift final … central bank lower. The paper shows that accountability through transparency leads to a lower expected rate of inflation and …This paper develops a theory of central bank accountability. Two aspects of accountability are considered. The first …

Persistent link: https://www.econbiz.de/10011092603

Money, Fiscal Defecits and Government Debt in a Monetary Union

Bovenberg, A.L.Bovenberg; van Aarle, B.; Raith, M. - Tilburg University, Center for Economic Research - 1996

The replacement of national currencies by a common currency in the EMU causes a monetary externality if the European Central Bank is inclined to monetize part of outstanding government debt in the community.High government debt in one part of the EU then increases the common inflation rate.We...

Persistent link: https://www.econbiz.de/10011092899

An Analysis of the Stability Pact

Uhlig, H.F.H.V.S.; Beetsma, R.M.W.J. - Tilburg University, Center for Economic Research - 1997

We analyse the proposed "Stability Pact" for countries joining a European Monetary Union (EMU). In an EMU shortsighted governments fail to fully internalise the inflationary consequences of their debt policies. This results in excessive debt accumulation. Therefore, while in the absence of EMU...

Persistent link: https://www.econbiz.de/10011092348

Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply : Evidence from the Spanish Dynamic Provisioning Experiments

Jiménez, G.; Ongena, S.; Peydro, J.L.; Saurina, J. - Tilburg University, Center for Economic Research - 2012

Abstract: We analyze the impact of the countercyclical capital buffers held by banks on the supply of credit to firms and their subsequent performance. Countercyclical ‘dynamic’ provisioning that is unrelated to specific loan losses was introduced in Spain in 2000, and modified in 2005 and...

Persistent link: https://www.econbiz.de/10011091652

Incentive Contracts for Central Bankers under Uncertainty : Walsh-Svensson Non-Equivalence Revisited

Eijffinger, Sylvester; Schaling, E.; Hoeberichts, M.M. - Tilburg University, Center for Economic Research - 1998

We look at the implications of uncertain monetary policy preferences for the targeting and contracting approach to monetary stability. It turns out that in presence of uncertain preferences a linear incentive contract in the sense of Walsh (1995) performs better in terms of social welfare than...

Persistent link: https://www.econbiz.de/10011090529

Inflation targets and contracts with uncertain central banker preferences

Beetsma, R.M.W.J.; Jensen, H. - Tilburg University, Center for Economic Research - 1996

Persistent link: https://www.econbiz.de/10011091003

The Nonlinear Phillips Curve and Inflation Forecast Targeting - Symmetric Versus Asymmetric Monetary Policy Rules

Schaling, E. - Tilburg University, Center for Economic Research - 1998

We extend the Svensson (1997a) inflation forecast targeting framework with a convex Phillips curve. We derive an asymmetric target rule, that implies a higher level of nominal interest rates than the Svensson (1997a) forward looking version of the reaction function popularised by Taylor (1993)....

Persistent link: https://www.econbiz.de/10011091859

Accountability of Central Banks : Aspects and Quantification

Eijffinger, Sylvester; de Haan, J.; Amtenbrink, F. - Tilburg University, Center for Economic Research - 1998

This paper starts with a discussion of the various aspects of accountability of central banks. On the basis of this … discussion we construct an indicator for accountability for 16 central banks, including the European Central Bank. It is shown … that the degree of accountability differs considerably and that the ECB has a rather low score. The indicator is used to …

Persistent link: https://www.econbiz.de/10011090566

Essays on the political economy of Central Bank policy

Lin, Xiang - 1998

Persistent link: https://www.econbiz.de/10000998442

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