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Money-Financed Fiscal Stimulus : The Effects of Implementation Lag

Tsuruga, Takayuki - 2019

strong positive effect on output under a reasonable degree of nominal price rigidities. This paper investigates the effects … of an implementation lag in a money-financed fiscal stimulus on output. We show that if a money-financed government … may have unstable effects on output, in contrast to the debt-financed fiscal stimulus …

Persistent link: https://www.econbiz.de/10012893619

Domestic and Global Uncertainty : A Survey and Some New Results

Castelnuovo, Efrem - 2019

This survey features three parts. The first one covers the recent literature on domestic (i.e., country-specific) uncertainty and offers ten main takeaways. The second part reviews contributions on the fast-growing strand of the literature focusing on the macroeconomic effects of uncertainty...

Persistent link: https://www.econbiz.de/10012861591

Optimal Monetary Responses to Oil Discoveries

Wills, Samuel - 2014

changes in the natural level of output, which closely approximates optimal policy. Central banks have an incentive to exploit …

Persistent link: https://www.econbiz.de/10014145828

Between a Rock and a Hard Place : A New Perspective on the Resource Curse

Arezki, Rabah; Brückner, Markus - 2021

Military expenditure shares significantly affect the relationship between the risk of civil conflict outbreak and natural resources. We show that a significant positive correlation between the risk of civil conflict outbreak and resource rents is limited to countries with low military...

Persistent link: https://www.econbiz.de/10013222431

A Closer Look at the Employment Effects of Fiscal Policy Shocks : What have Minorities Got to Do with It?

Adnan, Wifag - 2019

We investigate the employment effects of fiscal policy innovations using the narrative approach for different racial/ethnic groups, and separately for recessions and expansions. Our results show that (i) overall, tax shocks have larger effects, in terms of magnitude and significance, on the...

Persistent link: https://www.econbiz.de/10012863459

The Role of Inflation Target Adjustment in Stabilization Policy

Eo, Yunjong - 2019

-push type shocks which create a trade-off between inflation and output gap stabilization. We show that this trade-off leads to a …

Persistent link: https://www.econbiz.de/10012902051

Changes in the Inflation Target and the Comovement between Inflation and the Nominal Interest Rate

Eo, Yunjong - 2019

Does raising an inflation target require increasing the nominal interest rate in the short run? We answer this question using a standard New Keynesian model with rich backward-looking elements. We first analytically show that the short-run comovement between inflation and the nominal interest...

Persistent link: https://www.econbiz.de/10012889831

Electrification and Welfare for the Marginalized : Evidence from India

Sedai, Ashish Kumar; Jamasb, Tooraj; Nepal, Rabindra; … - 2021

Uneven electrification can be a source of welfare disparity. Given the recent progress of electrification in India, we analyze the differences in access and reliability of electricity, and its impact on household welfare for marginalized and dominant social groups by caste and religion. We carry...

Persistent link: https://www.econbiz.de/10013247579

Pandemics and Economic Activity : A Framework for Policy Analysis

Flaschel, Peter; Galanis, Giorgos; Tavani, Daniele; … - 2021

This paper studies the interaction between epidemiological dynamics and the dynamics of economic activity in a simple model in the structuralist/post-Keynesian tradition. On the one hand, rising economic activity increases the contact rate and therefore the probability of exposure to a virus. On...

Persistent link: https://www.econbiz.de/10013246345

Implications of State-Dependent Pricing for DSGE Model-Based Policy Analysis in Indonesia

Lie, Denny - 2020

This paper studies the implications of state-dependent pricing in a small open-economy dynamic stochastic general equilibrium (DSGE) model for Indonesia. I show that variations in the timing and frequency of price adjustment inherent in a state-dependent pricing assumption could have important...

Persistent link: https://www.econbiz.de/10012826399