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Tax Reduction, Debt Stabilisation and Policy Rules: An Application to New Zealand

Osborne, C.; Wells, G. - Research School of Economics, College of Business and … - 1998

Recent reforms in New Zealand have focused attention on the achievement of well-specific objectives for monetary and fiscal policy. The Reserve Bank Act requires that monetary policy be directed towards maintenance of inflation in the 0-2 per cent range. The Fiscal Responsibility Act specifies a...

Persistent link: https://www.econbiz.de/10004971347

The Roles of Monetary Policy in the Process of Economic Reform in Eastern Europe

Bofinger, Peter - C.E.P.R. Discussion Papers - 1990

The first part of the paper analyzes the inflationary risks associated with price liberalization, the welfare costs of inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the low credibility of stabilization policies and a...

Persistent link: https://www.econbiz.de/10005123602

Central Bank Communication and Output Stabilization

Eijffinger, Sylvester C W; Hoeberichts, Marco; … - C.E.P.R. Discussion Papers - 2004

Some central banks have a reputation for being secretive. A justification for this behaviour that we find in the literature is that being transparent about operations and beliefs hinders the central bank in achieving the best outcome. In other words, a central bank needs flexibility and...

Persistent link: https://www.econbiz.de/10005124006

Back to Keynes?

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005

After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...

Persistent link: https://www.econbiz.de/10005504355

The Impact of Liquidity Regulation on Bank Intermediation

Bonner, Clemens; Eijffinger, Sylvester C W - C.E.P.R. Discussion Papers - 2012

We analyze the impact of non-compliance with a requirement similar to the Basel III Liquidity Coverage Ratio and its … non-compliance with a liquidity requirement causes banks to pay and charge higher interest rates as well as to increase … be affected by the requirement. While non-compliance with a liquidity requirement does not seem to directly affect …

Persistent link: https://www.econbiz.de/10011084639

Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008

Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2009

The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...

Persistent link: https://www.econbiz.de/10008636377

Two Monetary Tools: Interest Rates and Haircuts

Ashcraft, Adam; Garleanu, Nicolae Bogdan; Pedersen, … - C.E.P.R. Discussion Papers - 2010

We study a production economy with multiple sectors financed by issuing securities to agents who face capital constraints. Binding capital constraints propagate business cycles, and a reduction of the interest rate can increase the required return of high-haircut assets since it can increase the...

Persistent link: https://www.econbiz.de/10008642875

The Distribution of Top Incomes in New Zealand

Atkinson, A. B.; Leigh, Andrew - Research School of Economics, College of Business and … - 2005

Using taxation statistics, we estimate the income share held by top income groups in New Zealand over the period 1921-2002. We find that the income share of the richest fell during the 1930s, rose again after World War II, and steadily declined from the late-1950s until the mid-1980s. From the...

Persistent link: https://www.econbiz.de/10005032878

The Distribution of Top Incomes in Five Anglo-Saxon Countries over the Twentieth Century

Atkinson, A B; Leigh, Andrew - Research School of Economics, College of Business and … - 2010

Taxation data have been used to create long-run series for the distribution of top incomes in quite a number of countries. Most of these studies have focused on the national experience of individual countries, but we can also learn from cross-country comparisons. Comparative analysis is...

Persistent link: https://www.econbiz.de/10008485492

Macroprudential policy and central bank communication

Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2010

In response to the financial crisis of 2007-2010, many central banks are getting involved in macroprudential supervision. Central bank communication will constitute a central policy tool for that purpose. The paper asks how such communication will affect financial markets, exploiting the fact...

Persistent link: https://www.econbiz.de/10008692311

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