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The Fiscal Multiplier of Public Investment : The Role of Corporate Balance Sheet

Espinoza, Raphael A.; Gamboa-Arbelaez, Juliana; Sy, … - 2021

This paper explores whether public investment crowds out or crowds in private investment. To this aim, we build a database of about half a million firms from 49 countries. We find that the effect of public investment on corporate investment depends both on leverage and financial constraints....

Persistent link: https://www.econbiz.de/10013315095

How Do Fiscal and Labor Policies in France Affect Inequality?

Espinoza, Raphael A. - 2016

This paper explores the impact of fiscal and labor market policies on efficiency, inequality, and fiscal outcomes in France. We extend the general equilibrium model calibrated for France by Alla and others (2015), with measures of labor and capital income for different groups in the economy (the...

Persistent link: https://www.econbiz.de/10012996059

The Fiscal Multiplier of European Structural Investment Funds : Aggregate and Sectoral Effects with an Application to Slovenia

Durand, Luigi; Espinoza, Raphael A. - 2022

In this paper, we estimate the aggregate and sectoral fiscal multipliers of EU Structural Investment (ESI) Funds and of public investment at the EU level. We complement these results with a specific application to the case of Slovenia. We first analyze aggregate data and find large and...

Persistent link: https://www.econbiz.de/10013305624

Monetary Policy Transmission in the GCC Countries

Espinoza, Raphael A. - 2012

macroprudential tools to affect liquidity and credit. Nonetheless, a panel vector auto regression model suggests that U.S. monetary …

Persistent link: https://www.econbiz.de/10013102271

Monetary Transaction Costs and the Term Premium

Espinoza, Raphael A. - 2013

We show that, in a monetary equilibrium, trade and asset prices depend on both the supply of the liquidity by the … Central Bank and the liquidity of assets and commodities. As a result, monetary aggregates are informative for the conduct of … monetary policy. We also show asset prices are higher in liquidity-constrained states of nature. This generates a term premium …

Persistent link: https://www.econbiz.de/10013082855

FX Intervention in the New Keynesian Model

Alla, Zineddine - 2017

We develop an open economy New Keynesian Model with foreign exchange intervention inthe presence of a financial accelerator mechanism. We obtain closed-form solutions for theoptimal interest rate policy and FX intervention under discretionary policy, in the face ofshocks to risk appetite in...

Persistent link: https://www.econbiz.de/10012944973

Unconventional Policy Instruments in the New Keynesian Model

Alla, Zineddine - 2016

This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence' breaks down. The paper discusses the role of a second instrument and its coordination with conventional interest rate policy, and presents theoretical results on...

Persistent link: https://www.econbiz.de/10012993725

Effective Fiscal-Monetary Interactions in Severe Recessions

Chen, Jiaqian; Espinoza, Raphael A.; Goncalves, Carlos; … - 2022

The COVID-19 pandemic and the subsequent need for policy support have called the traditional separation between fiscal and monetary policies into question. Based on simulations of an open economy DSGE model calibrated to emerging and advance economies and case study evidence, the analysis shows...

Persistent link: https://www.econbiz.de/10013491963