Similar Search Results

Monetary Policy Issues in a Low Inflation Environment

Viñals, José - C.E.P.R. Discussion Papers - 2001

stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main … policy issues arising in a low inflation environment and their practical relevance so as to identify the main challenges … nominal wage or price rigidities? What does the low inflation environment imply about the relative importance and effects of …

Persistent link: https://www.econbiz.de/10005666924

On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013

Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, government’s capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for granted. As regulation of dynamic financial...

Persistent link: https://www.econbiz.de/10011084186

Monetary Policy and Fiscal Policy: Impact Effects with a New Keynesian `Assignment' of Weapons to Targets

Meade, James; Vines, David - C.E.P.R. Discussion Papers - 1988

, control of inflation and control over the growth of national wealth, and a third outcome of importance, a high level of …). The assignment problem considers whether fiscal policy should be used to control inflation, leaving monetary policy to …

Persistent link: https://www.econbiz.de/10005497740

Long-Term Public Debt and the Fiscal Theory of the Price Level

Bloise, Gaetano; Reichlin, Pietro - C.E.P.R. Discussion Papers - 2006

The fiscal theory of the price level asserts that the price level is determined by the ratio of outstanding public nominal debt into the present value of real primary budget surpluses of the government. We here argue that the logic of the fiscal theory fails when at least part of the public debt...

Persistent link: https://www.econbiz.de/10005123617

Some Cross-Country Evidence about Debt, Deficits and the Behaviour of Monetary and Fiscal Authorities

Melitz, Jacques - C.E.P.R. Discussion Papers - 1997

This paper assesses how monetary authorities behave and how they interact. Pooled data for the 15 members of the European Union except Luxembourg and five other OECD countries serves to answer these questions. Three basic conclusions emerge. First, fiscal policy responds to the ratio of public...

Persistent link: https://www.econbiz.de/10005497715

A Gold Standard Isn't Viable Unless Supported by Sufficiently Flexible Monetary and Fiscal Policy

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1986

The paper studies an idealized gold standard in a two-country setting. Unless national policies for domestic credit expansion (dce) are flexible enough to offset the effect of money demand shocks on international gold reserves, the gold standard collapses with certainty in finite time through a...

Persistent link: https://www.econbiz.de/10005497804

The Steady Inflation Rate of Economic Growth

Dungey, Mardi; Pitchford, John - Research School of Economics, College of Business and … - 1999

This paper considers the existence of a path of GDP corresponding to steady inflation in the prices of domestic goods …. We estimate the steady inflation rate of growth, denoted the SIRG, at a little over 4 per cent per annum in the post …-float period. Changes in inflation are modelled as a nonlinear combination of growth and changes in import price inflation. Because …

Persistent link: https://www.econbiz.de/10004971376