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Monetary Concequences of Alternative Fiscal Policy Rules
Railavo, Jukka - Society for Computational Economics - SCE - 2005
. Under discretionary monetary policy the size of the inflation bias depends on the fiscal policy regime. Using the timeless … alternative fiscal policy rules, and inflation and output persistence reflects the economic data. With the deficit rules, the …
Persistent link: https://www.econbiz.de/10005345042
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The Design of Monetary and Fiscal Policy: A Global Perspective
Eusepi, Stefano; Benhabib, Jess - Society for Computational Economics - SCE - 2005
We study the the emergence of multiple equilibria in models with capital and bonds under various monetary and fiscal policies. We show that the presence of capital is indeed another independent source of local and global multiplicites, even under active policies that yield local determinacy. We...
Persistent link: https://www.econbiz.de/10005343016
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Monetary Instrument Problem Revisited: The Role of Fiscal Policy
Kim, Soyoung - Society for Computational Economics - SCE - 2001
minimizing the variance of inflation as the policy objective. Following current developments in the theory of fiscal … unique equilibrium. The responses of inflation to various structural disturbances in the constant money growth rate … nominal government debts (bonds) reduces the variance of inflation in the passive monetary-active fiscal regime. …
Persistent link: https://www.econbiz.de/10005345606
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Indeterminacy and interest rate rules: The role of fiscal policy
Heinemann, Maik - Society for Computational Economics - SCE - 2003
Persistent link: https://www.econbiz.de/10005706795
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The estimated general equilibrium effects of fiscal policy: the case of the euro area
Forni, Lorenzo; Monteforte, Libero - Society for Computational Economics - SCE - 2006
We reconsider the macroeconomic effects of fiscal policy in the context of a new-keynesian dynamic stochastic general equilibrium model. We assume that a fraction of the agents are non Ricardian and estimate the model parameters using Bayesian techniques. Our results show that the estimates of...
Persistent link: https://www.econbiz.de/10005706262
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How Well Do Alternative Time-Varying Parameter Models of the NAIRU Help Policymakers Forecast Unemployment and Inflation in the OECD Countries?
Boone, Laurence; Juillard, Michel; Laxton, Doug; … - Society for Computational Economics - SCE - 2002
Persistent link: https://www.econbiz.de/10005706636
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Measuring the Natural Rate of Interest
Laubach, Thomas; Williams, John C. - Society for Computational Economics - SCE - 2001
The natural rate of interest -- the real interest rate consistent with output equaling potential -- plays an important role in both economic forecasting and monetary policy. Much of the literature has assumed that the natural rate of interest is constant. For example, the Taylor rule includes a...
Persistent link: https://www.econbiz.de/10005132898
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Monetary and Fiscal Interactions without Commitment and the Value of Monetary Conservatism
Billi, Roberto; Adam, Klaus - Society for Computational Economics - SCE - 2005
spending bias, while lack of monetary commitment generates the well-known inflation bias. An appropriately conservative …
Persistent link: https://www.econbiz.de/10005537486
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Oil Price Shocks, Monetary Policy Rules and Welfare.
Fiore, Fiorella de; Lombardo, Giovenni; Stebunovs, Viktors - Society for Computational Economics - SCE - 2006
Sudden and protracted oil-price increases are generally accompanied by economic contractions and high inflation. How … strongly and positively to inflation and output deviations from the steady state, while it reacts negatively to deviations of …
Persistent link: https://www.econbiz.de/10005537449
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The Optimality of the US and Euro Area Taylor Rule
MIHOUBI, Ferhat; JACQUINOT, Pascal - Society for Computational Economics - SCE - 2004
-area medium size model MARCOS (US and euro areas). The parameters and the horizons of output gap and inflation expectations of the …
Persistent link: https://www.econbiz.de/10005345271