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The unintended consequences of the debt: Will increased government expenditure hurt the economy?
Werner, Richard A. - Center for Financial Studies - 2011
that of Japan in the 1990s. Then a weak economy with risk-averse banks seemed to require some of the largest peacetime …
Persistent link: https://www.econbiz.de/10010958773
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Credit risk transfers and the macroeconomy
Faia, Ester - Center for Financial Studies - 2010
credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets …
Persistent link: https://www.econbiz.de/10010986438
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Is optimal monetary policy always optimal?
Davig, Troy; Gürkaynak, Refet S. - 2015
No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy...
Persistent link: https://www.econbiz.de/10011310396
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A new comparative approach to macroeconomic modeling and policy analysis
Wieland, Volker; Cwik, Tobias J.; Müller, Gernot J.; … - Center for Financial Studies - 2012
In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of...
Persistent link: https://www.econbiz.de/10010986439
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Exit strategies
Angeloni, Ignazio; Faia, Ester; Winkler, Roland C. - Center for Financial Studies - 2010
We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using the model of Angeloni and Faia (2010), that combines a standard DSGE framework with a fragile banking sector, suitably modified and calibrated for the euro area. Credibly announced and fast fiscal...
Persistent link: https://www.econbiz.de/10010958696
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A Gains from Trade Perspective on Macroeconomic Fluctuations
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011
Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...
Persistent link: https://www.econbiz.de/10009221567
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Is There a Fiscal Free Lunch in a Liquidity Trap?
Erceg, Christopher; Lindé, Jesper - C.E.P.R. Discussion Papers - 2010
This paper uses a DSGE model to examine the effects of an expansion in government spending in a liquidity trap. The … spending multiplier can be much larger than in the normal situation if the liquidity trap is very prolonged, and the budgetary … expansion. Our paper addresses this question in a model environment where the duration of the liquidity trap is determined …
Persistent link: https://www.econbiz.de/10008468666
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Aspects of Fiscal Performance in some Transition Economies under Fund-supported Programs
Buiter, Willem H. - C.E.P.R. Discussion Papers - 1996
This paper contains a selective review of some of the key fiscal issues faced by transition economies. The twelve countries that provide the empirical background for this study have all been under Fund programmes for at least some of the time since they initiated their transitions from plan to...
Persistent link: https://www.econbiz.de/10005123808
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Bankers' Versus Workers' Europe (I): Adverse Selection in EMU
Bottazzi, Laura; Manasse, Paolo - C.E.P.R. Discussion Papers - 1998
The delegation of monetary policy to a supranational Central Bank creates a conflict of interest between residents of different countries. For example, the country in recession favours more inflation to boost output, while the country in boom prefers exactly the opposite. This conflict gives...
Persistent link: https://www.econbiz.de/10005124355
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Workers' Versus Bankers' Europe (II): Policy Externalities and Credibility in EMU
Bottazzi, Laura; Manasse, Paolo - C.E.P.R. Discussion Papers - 1998
In this paper we analyse how the creation of a single currency regime changes the strategic relationship between policy-makers, both within and across countries. In particular we look at the role of cross-country externalities and lack of commitment. When labour taxation is excessive, due to...
Persistent link: https://www.econbiz.de/10005136411