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Drumetz, Françoise; Pfister, Christian - 2021

In the last few years in the U.S. and especially since the publication of Stephanie Kelton’s book, The Deficit Myth (Kelton, 2020) in Europe, the so-called Modern Monetary Theory (MMT) has been gaining prominence in the media and the public. This paper exposes the main proposals of MMT in the...

Persistent link: https://www.econbiz.de/10013323731

Regional Debt in Monetary Unions : Is it Inflationary?

Cooper, Russell; Kempf, Hubert; Peled, Dan - 2010

This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with no inflationary consequences? Or will the circulation of region debt induce monetization by a central bank? We argue here that both outcomes...

Persistent link: https://www.econbiz.de/10014190466

The Exchange Rate Pass-Through in the New EU Member States

Jimborean, Ramona - 2011

and prices in the new EU member states. We investigate the exchange rate pass-through to import, producer and consumer … prices for ten Central and Eastern European countries with quarterly data from January 1996 to June 2010. In a first step … statistically significant exchange rate pass-through to import prices is found, while no statistically significant exchange rate …

Persistent link: https://www.econbiz.de/10013121412

Leadership in Public Good Provision : A Timing Game Perspective

Kempf, Hubert - 2010

We address in this paper the issue of leadership when two governments provide public goods to their constituencies with cross border externalities as both public goods are valued by consumers in both countries. We study a timing game between two different countries: before providing public...

Persistent link: https://www.econbiz.de/10013138815

Monetary Rules and the Spillover of Regional Fiscal Policies in a Federation

Cooper, Russell - 2010

This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...

Persistent link: https://www.econbiz.de/10013138210

Insulation Impossible : Monetary Policy and Regional Fiscal Spillovers in a Federation

Cooper, Russell - 2010

Persistent link: https://www.econbiz.de/10013137047

Heterogeneity, Unemployment Benefits and Voluntary Labor Force Participation

Devulder, Antoine - 2014

In this paper, I propose a new Keynesian DSGE model with labor market search and matching frictions which replicates the low volatility and the moderate procyclicality of the labor force participation rate, that are observed in the United States at business cycle frequency. That being so,it can...

Persistent link: https://www.econbiz.de/10013052216

Public Liquidity Demand and Central Bank Independence

Barthelemy, Jean - 2020

This paper studies how private demand for public liquidity affects the independence of a central bank vis-à-vis the fiscal authority. Whereas supplying liquidity to the private sector creates degrees of freedom for fiscal and monetary authorities vis-à-vis each other, we show that the...

Persistent link: https://www.econbiz.de/10012844291

Payments Delay : Propagation and Punishment

Craig, Ben R. - 2018

We use a unique dataset of transactions from the real-time gross settlement system TARGET2 to analyze the behavior of banks with respect to the settlement of interbank claims. We focus on the time that passes between a payment's introduction to the system and its settlement, the so-called...

Persistent link: https://www.econbiz.de/10012923503

Inflation Targeting as a Shock Absorber

Fratzscher, Marcel - 2018

We study the characteristics of inflation targeting as a shock absorber in response to large shocks in the form of natural disasters for a sample of 76 countries over the period 1970-2015. We find that inflation targeting improves macroeconomic performance following such shocks as it lowers...

Persistent link: https://www.econbiz.de/10012931160

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