Showing 1 - 10 of 33
Persistent link: https://www.econbiz.de/10002527947
We would like to propose a new framework for monetary policy analysis that encompasses, as a special case, the Neo-Wicksellian paradigm. A general form of an aggregate-demand equation reveals a role for liquidity, as well as less effective movements in future real rates with respect to current...
Persistent link: https://www.econbiz.de/10012584354
We propose a new framework for monetary policy analysis to study monetary policy normalization when exiting a liquidity trap. The optimal combination of reserves and interest rate policy requires an increase in liquidity (reserves) a few quarters after the policy rate is set at the effective...
Persistent link: https://www.econbiz.de/10013193365
Persistent link: https://www.econbiz.de/10001501433
Persistent link: https://www.econbiz.de/10009790516
Persistent link: https://www.econbiz.de/10012139750
This paper analyses the international dimension of fiscal policy using a small open economy framework in which the government finances its spending by levying distortionary taxation and issuing non-state-contingent debt. The main finding of the paper is that, once the open economy aspect of the...
Persistent link: https://www.econbiz.de/10003867915
After liberalizing international transactions of financial assets, many countries experience large swings in asset prices, capital flows, and aggregate production. This paper studies how the adjustment to capital account liberalization depends upon the degree of development of a domestic...
Persistent link: https://www.econbiz.de/10003868102
Persistent link: https://www.econbiz.de/10003405163
Persistent link: https://www.econbiz.de/10008666885