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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
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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
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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
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Between a Rock and a Hard Place : A New Perspective on the Resource Curse
Arezki, Rabah; Brueckner, 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
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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
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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
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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
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Can Loss Aversion Shed Light on the Deflation Puzzle?
Lye, Jenny - 2019
This paper argues that the application of loss aversion to wage determination can explain the deflation puzzle: the failure of persistently high unemployment to exert a persistent downward impact on the rate of inflation in money wages. This is an improvement on other theories of the deflation...
Persistent link: https://www.econbiz.de/10012868345
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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
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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