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Optimal Monetary Policy and Fiscal Interactions in a Non-Ricardian Economy

Rigon, Massimiliano - 2017

This paper studies optimal discretionary monetary policy and its interaction with fiscal policy in a New Keynesian model with finitely-lived consumers and government debt. Optimal discretionary monetary policy involves debt stabilization to reduce consumption dispersion across cohorts of...

Persistent link: https://www.econbiz.de/10012941746

The COVID-19 Shock and a Fiscal-Monetary Policy Mix in a Monetary Union

Bartocci, Anna; Notarpietro, Alessandro; Pisani, … - 2021

This paper evaluates the macroeconomic effects of a monetary and fiscal policy mix implemented in a two-region monetary union in response to the COVID-19 shock. The pandemic is modelled as a mix of recessionary demand and supply shocks affecting both regions simultaneously and symmetrically,...

Persistent link: https://www.econbiz.de/10013233159

“Green” fiscal policy measures and non-standard monetary policy in the euro area

Bartocci, Anna; Notarpietro, Alessandro; Pisani, … - 2022

This paper evaluates the macroeconomic effects of increasing taxes on fossil fuels (“carbon tax”) and subsidies for renewable energy and reducing labor income tax in the euro area, and the interaction of these effects with domestic monetary policy. The tax increase is announced, gradually...

Persistent link: https://www.econbiz.de/10014238019

How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area

Batini, Nicoletta; Cantelmo, Alessandro; Melina, Giovanni; … - 2020

This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint monetary and fiscal policy stance in the euro area (EA) and its three largest member countries over the period 2007-2018. The index is based on the relative...

Persistent link: https://www.econbiz.de/10014092440

Safety Traps, Liquidity and Information-Sensitive Assets

Loberto, Michele - 2019

equilibrium outcome. The intrinsic characteristics and supply of the assets determine their liquidity properties and degree of …

Persistent link: https://www.econbiz.de/10012865225

Firm liquidity and the transmission of monetary policy

Bottero, Margherita; Schiaffi, Stefano - 2022

-financial corporations over the period 2006-2018, banks view firm liquidity favourably since it is associated, on average, with cheaper bank … firms reallocate their liquidity in and out of their deposits following changes in the slope of the yield curve, which … liquidity that banks anticipate and price into the credit contracts they offer …

Persistent link: https://www.econbiz.de/10014235922

On Detecting End-of-Sample Instabilities

Busetti, Fabio - 2012

Tests of parameter instabilities are likely to have low power when change-points occur towards the end of the sample. This paper considers various modifications of existing tests and introduces new statistics designed to have high power in such circumstances. The properties of both Wald-type...

Persistent link: https://www.econbiz.de/10013098957

Managerial Incentives, Financial Constraints and Ownership Concentration

Protopapa, Marco - 2011

This work investigates the role of equity ownership for the purpose of committing the management to the pursuit of shareholder value in the presence of separation between ownership and control. By rooting the conflicts of interests between managers and shareholders upon the control of internal...

Persistent link: https://www.econbiz.de/10013125625

Board Composition and Performance of State-owned Enterprises : Quasi-experimental Evidence

Baltrunaite, Audinga; Cannella, Mario; Mocetti, Sauro; … - 2021

The quality of governance crucially affects corporate outcomes, and may be particularly important for state-owned enterprises (SOEs) not disciplined by market competition forces. We examine the impact of board composition on the performance of companies controlled by public entities in Italy....

Persistent link: https://www.econbiz.de/10013226479

Trainspotting : Board Appointments in Private Firms

Baltrunaite, Audinga - 2020

We examine how the size of the corporate directors' labor market affects the quality of board appointments in Italian private firms. To establish the causality of the relationship, we exploit exogenous variations in firms' access to non-local potential directors following the gradual...

Persistent link: https://www.econbiz.de/10012827465

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