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The Costs of Macroprudential Deleveraging in a Liquidity Trap

Chen, Jiaqian - 2020

We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...

Persistent link: https://www.econbiz.de/10012828224

U.S. And Euro Area Monetary and Fiscal Interactions During the Pandemic : A Structural Analysis

Hodge, Andrew; Jakab, Zoltan; Lindé, Jesper; Nguyen, … - 2022

This paper employs a two-country New Keynesian DSGE model to assess the macroeconomic impact of the changes in monetary policy frameworks and the fiscal support in the U.S. and euro area during the pandemic. Moving from a previous target of “below, but close to 2 percent” to a formal...

Persistent link: https://www.econbiz.de/10014237881

Unstash the Cash! Corporate Governance Reform in Japan

Aoyagi, Chie - 2014

Japan's high corporate savings might be holding back growth. We focus on the causes and consequences of the current … corporate behavior and suggest options for reform. In particular, Japan's weak corporate governance - as measured by available … comprehensive corporate governance reform should be a key component of Japan's growth strategy …

Persistent link: https://www.econbiz.de/10013048363

Foreign Help Wanted : Easing Japan's Labor Shortages

Ganelli, Giovanni - 2015

Data and anecdotal evidence suggest that Japan is suffering from labor shortages, which are large in an international … focuses on policy options to ease Japan's labor shortages. In particular, we focus on possible measures to increase reliance …

Persistent link: https://www.econbiz.de/10013015603

Spillovers from Japan's Unconventional Monetary Policy to Emerging Asia : A Global VAR Approach

Ganelli, Giovanni - 2016

We use a Global VAR model to study spillovers from the Bank of Japan's quantitative and qualitative easing (QQE) on …

Persistent link: https://www.econbiz.de/10012977736

Fiscal Devaluation in a Monetary Union

Engler, Philipp - 2014

Using a DSGE model calibrated to the euro area, we analyze the international effects of afiscal devaluation (FD) implemented as a revenue-neutral shift from employer's socialcontributions to the Value Added Tax. We find that a FD in 'Southern European countries' has a strong positive effect on...

Persistent link: https://www.econbiz.de/10013040409

The International Effects of Government Spending Composition

Ganelli, Giovanni - 2021

This paper helps resolve a paradox in the literature, noticed by Alesina and Perotti (1995), which is that, although government employment is an important component of public spending, the debate on the effects of fiscal policy focuses almost exclusively on shocks to non-wage government...

Persistent link: https://www.econbiz.de/10013318101

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

Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes

Erceg, Christopher; Lindé, Jesper - C.E.P.R. Discussion Papers - 2012

This paper uses a two country DSGE model to examine the effects of tax-based versus expenditure-based fiscal consolidation in a currency union. We find three key results. First, given limited scope for monetary accommodation, tax-based consolidation tends to have smaller adverse effects on...

Persistent link: https://www.econbiz.de/10011083421

Fiscal Consolidation in an Open Economy

Erceg, Christopher; Lindé, Jesper - C.E.P.R. Discussion Papers - 2012

This paper uses a New Keynesian DSGE model of a small open economy to compare how the effects of fiscal consolidation differ depending on whether monetary policy is constrained by currency union membership or by the zero lower bound on policy rates. We show that there are important differences...

Persistent link: https://www.econbiz.de/10011083967