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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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A Simple Dynamic Model of Credit and Aggregate Demand
Diaz-Bautista, Alejandro; Escandon, Julio R. - EconWPA - 2003
The purpose of the paper is to present a tractable model of an old topic which is becoming more important in macroeconomics: the link between financial structure and economic activity.
Persistent link: https://www.econbiz.de/10005126180
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Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union
Clausen, Volker; Wohltmann, Hans-Werner - EconWPA - 2002
This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...
Persistent link: https://www.econbiz.de/10005126325
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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
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Double-Edged Incentives: Institutions and Policy Coordination
Persson, Torsten; Tabellini, Guido - C.E.P.R. Discussion Papers - 1995
This paper illustrates some of the most important insights of the literature on international fiscal and monetary policy coordination. It notes that the analysis of international policy interactions is enriched by taking the incentives in the domestic policy process into account. These...
Persistent link: https://www.econbiz.de/10005067609
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Simple Rules for the Open Economy: Evaluating Alternative Proposals
Tirelli, Patrizio; Vines, David - C.E.P.R. Discussion Papers - 1991
The paper evaluates some proposals for macroeconomic stabilization in an open economy, which take the form of simple rules. The first rule assigns monetary policy to inflation control and does not require fiscal intervention. The second rule adds fiscal control of a foreign wealth target to the...
Persistent link: https://www.econbiz.de/10005067614
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Expectations, Deflation Traps and Macroeconomic Policy
Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2009
We examine global economic dynamics under infinite-horizon learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), we find that under normal monetary and fiscal policy the intended steady state is locally but...
Persistent link: https://www.econbiz.de/10005048553