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Trust What You Hear : Policy Communication, Expectations, and Fiscal Credibility

End, Nicolas; Hong, Gee Hee - 2022

How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy announcements anchor expectations, based on the...

Persistent link: https://www.econbiz.de/10013295113

Achieving the Bank of Japan's Inflation Target

Anand, Rahul - 2019

The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to … analysis (FPAS) for Japan. In the model's baseline scenario, the likelihood of the Bank of Japan reaching its 2 percent …

Persistent link: https://www.econbiz.de/10012858390

Should Korea Worry About a Permanently Weak Yen?

Ree, Jack - 2015

Three years have passed since the Bank of Japan's asset purchase program was introduced in 2011, causing a sharp … decline in the value of the Japanese Yen. What would be the implications for Japan and Korea's exporters if the weak Yen is … shocks. We find that if the weak Yen persists, it would strengthen Japan's price competitiveness over time as export prices …

Persistent link: https://www.econbiz.de/10013016594

Pushed Past the Limit? How Japanese Banks Reacted to Negative Interest Rates

Hong, Gee Hee - 2018

In this paper, we investigate how negative interest rate policy (NIRP) introduced in January2016 by the Bank of Japan …

Persistent link: https://www.econbiz.de/10012913933

Fiscal Policy and the Current Account

Ali Abbas, S.M.; Bouhga-Hagbe, Jacques; Fatás, Antonio; … - C.E.P.R. Discussion Papers - 2010

This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector auto-regressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the...

Persistent link: https://www.econbiz.de/10008468562

The Macroeconomic Effects of Fiscal Rules in the US States

Fatás, Antonio; Mihov, Ilian - C.E.P.R. Discussion Papers - 2004

Fiscal policy restrictions are often criticized for limiting the ability of governments to react to business cycle fluctuations. Therefore, the adoption of quantitative restrictions is viewed as inevitably leading to increased macroeconomic volatility. In this Paper we use data from 48 US states...

Persistent link: https://www.econbiz.de/10005136666

Government Size and Automatic Stabilizers: International and Intranational Evidence

Fatás, Antonio; Mihov, Ilian - C.E.P.R. Discussion Papers - 1999

This paper studies the role of automatic stabilizers using a sample of OECD countries and US states. We find that there is a strong and robust negative correlation between measures of government size and the volatility of output. This correlation is robust to the inclusion of a large set of...

Persistent link: https://www.econbiz.de/10005504602

Policy Volatility, Institutions and Economic Growth

Fatás, Antonio; Mihov, Ilian - C.E.P.R. Discussion Papers - 2005

There is a significant controversy among academics and policy-makers about whether policies matter for economic growth. Recently, Acemoglu et al. (2003) and Easterly (2004) have presented empirical evidence against the commonly held view that policies play an important role in the process of...

Persistent link: https://www.econbiz.de/10005114327

Fiscal Policy as a Stabilization Tool

Fatás, Antonio; Mihov, Ilian - C.E.P.R. Discussion Papers - 2012

We analyze empirically the cyclical behavior of fiscal policy among a group of 23 OECD countries. We introduce a framework to capture fiscal policy stance in a way that brings together automatic stabilizers and discretionary fiscal policy. We show that, for most countries, automatic changes in...

Persistent link: https://www.econbiz.de/10011084611

The Effects of Fiscal Policy on Consumption and Employment: Theory and Evidence

Fatás, Antonio; Mihov, Ilian - C.E.P.R. Discussion Papers - 2001

This Paper compares the dynamic impact of fiscal policy on macroeconomic variables implied by a large class of general equilibrium models with the empirical results from an identified vector autoregression. In the data we find that positive innovations in government spending are followed by...

Persistent link: https://www.econbiz.de/10005792318