Narrow search
Showing 1 - 10 of 316
Cover Image
The Macroeconomic Costs and Benefits of the EMU and other Monetary Unions: An Overview of Recent Research
Beetsma, Roel; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2009
. We are primarily interested in Europe’s monetary union. Given that unification entails the loss of a policy instrument … discussion of monetary unification outside Europe. The cost-benefit trade-off of unification may differ substantially between …
Persistent link: https://www.econbiz.de/10008477181
Cover Image
Is the Euro Sustainable?
Wickens, Michael R. - C.E.P.R. Discussion Papers - 2007
It is widely recognised that the "one-size-fits-all" monetary policy of the euro-zone is a potential problem. How much … of a problem has not been much investigated. It is argued in this paper that it may result in the euro not being … competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to …
Persistent link: https://www.econbiz.de/10005789110
Cover Image
Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt
Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015
This paper uses a New Keynesian framework to study the coordination of fiscal and monetary policies, in response to an inflation shock when the policymaker acts with commitment. We first show that, in the simplest New Keynesian model, fiscal policy plays no part in the optimal policy response,...
Persistent link: https://www.econbiz.de/10011276383
Cover Image
Optimal Monetary and Fiscal Policy in an Economy with Inflation Persistence
Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015
This paper studies a simple New-Keynesian model of fiscal and monetary policy coordination when the policymaker acts under commitment. With a New Keynesian Phillips curve it is optimal to control inflation only through the use of monetary policy. But, when price-setters use a Steinsson (2003)...
Persistent link: https://www.econbiz.de/10011276384
Cover Image
India's Public Finances: Excessive Budget Deficits, a Government-Abused Financial System and Fiscal Rules
Buiter, Willem H.; Patel, Urjit R. - C.E.P.R. Discussion Papers - 2006
Capital formation is a key driver of the growth of potential output. With continuing widespread capital controls and persistently small inward FDI the volume of capital formation in India is constrained by domestic saving. The national saving rate in India (the sum of the saving rates of...
Persistent link: https://www.econbiz.de/10005123636
Cover Image
Fiscal Policy, Labour Unions and Monetary Institutions: Their Long Run Impact on Unemployment, Inflation and Welfare
Cukierman, Alex; Dalmazzo, Alberto - C.E.P.R. Discussion Papers - 2007
OBJECTIVES AND MOTIVATION: This paper considers the impact of interactions between fiscal policy and monetary institutions in the presence of unionized labour markets on economic outcomes and welfare in the long run. Two main classes of questions are investigated. First, what is the impact of...
Persistent link: https://www.econbiz.de/10005124139
Cover Image
Fiscal-Monetary Policy Interactions in the Presence of Unionized Labour Markets
Cukierman, Alex; Dalmazzo, Alberto - C.E.P.R. Discussion Papers - 2005
This paper develops a framework for studying the interactions between labour unions, fiscal policy, monetary policy and monopolistically competitive firms. The framework is used to investigate the effects of labour taxes, the replacement ratio, labour market institutions and monetary...
Persistent link: https://www.econbiz.de/10005124224
Cover Image
Political Economics and Macroeconomic Policy
Persson, Torsten; Tabellini, Guido - C.E.P.R. Discussion Papers - 1997
This paper surveys the recent literature on the theory of macroeconomic policy. We study the effect of various incentive constraints on the policy-making process, such as lack of credibility, political opportunism, political ideology, and divided government. The survey is organized in three...
Persistent link: https://www.econbiz.de/10005498016
Cover Image
Keynesian Economics, Monetary Policy and the Business Cycle - New and Old
Cukierman, Alex - C.E.P.R. Discussion Papers - 2005
After a brief review of the main differences between New and Old Keynesian economics from the 1960s this paper focuses on a tension between traditional sluggish measures of potential output commonly used by policy-makers and the New Keynesian (NK) notion of this variable which conceptualizes it...
Persistent link: https://www.econbiz.de/10005504456
Cover Image
Is Numérairology the Future of Monetary Economics? Unbundling Numéraire and Medium of Exchange Through a Virtual Currency and a Shadow Exchange Rate
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2007
The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numéraire. The issues are introduced by formalising a proposal, attributed to Eisler, to remove the zero lower bound on nominal interest rates by unbundling the numéraire and...
Persistent link: https://www.econbiz.de/10005504750