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Policy mix and debt sustainability : evidence from fiscal policy rules
Claeys, Peter - 2005
This paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of...
Persistent link: https://www.econbiz.de/10010261142
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Taxation, corruption and the exchange rate regime
Hefeker, Carsten - 2009
The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...
Persistent link: https://www.econbiz.de/10010264571
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Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies
Berentsen, Aleksander; Waller, Christopher Jude - 2010
When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in …
Persistent link: https://www.econbiz.de/10010277131
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Japan's Low Inflation Conundrum
Mayer, Thomas; Schnabl, Gunther - 2022
The paper analyses the reasons for Japan's persistently low inflation since the bursting of the Japanese bubble economy … (low inflation conundrum). It is shown that Japan experienced a structural break from a high-growth period with relatively … creation in Japan's post-bubble period. With the price level being assumed to be dependent on both goods with free market …
Persistent link: https://www.econbiz.de/10013353433
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Monetary policy and redistribution: What can or cannot be neutralized with Mirrleesian taxes
Gahvari, Firouz; Micheletto, Luca - 2012
This paper develops an overlapping-generations model with heterogeneous agents in terms of earning ability and cash-in-advance constraint. It shows that tax policy cannot fully replicate or neutralize the redistributive implications of monetary policy. While who gets the extra money becomes...
Persistent link: https://www.econbiz.de/10010280805
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Is Optimal Monetary Policy Always Optimal?
Davig, Troy; Gürkaynak, Refet S. - 2015
No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy...
Persistent link: https://www.econbiz.de/10011307139
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Monetary Policy in Turkey after Central Bank Independence
Gürkaynak, Refet S.; Kantur, Zeynep; Tas, M. Anil; … - 2015
We present an accessible narrative of the Turkish economy since its great 2001 crisis. We broadly survey economic developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong inflation targeter early in this period but began to pay...
Persistent link: https://www.econbiz.de/10011388254
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Secular Stagnation: Insights from a New Keynesian Model with Hysteresis Effects
van Aarle, Bas - 2016
To analyse the most important aspects of the Secular Stagnation hypothesis, this paper considers the effects of hysteresis in potential output in a New-Keynesian model that is extended with endogenous potential output. To do so, a number of simulations of relevant scenarios is undertaken. It is...
Persistent link: https://www.econbiz.de/10011451403
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Designing the Policy Mix in a Monetary Union
Kempf, Hubert - 2020
This paper studies the design of the policy mix in a monetary union, that is, the institutional arrangement specifying the relationships between the various policymakers present in the union and the extent of their capacity of action. It is assumed that policymakers do not cooperate. Detailing...
Persistent link: https://www.econbiz.de/10012227661
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Does Policy Communication During Covid Work?
Coibion, Olivier; Gorodnichenko, Yuriy; Weber, Michael - 2020
Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households’ expectations. We provide random subsets of participants in the Nielsen Homescan panel with different...
Persistent link: https://www.econbiz.de/10012269439