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Taxation, corruption and the exchange rate regime
Hefeker, Carsten - 2009
. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption …
Persistent link: https://www.econbiz.de/10010264571
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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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The Fiscal Theory of the Price Level with a Bubble
Brunnermeier, Markus K. - 2020
primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed …
Persistent link: https://www.econbiz.de/10012834354
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The Euro Area Periphery Sovereigns' Fiscal Positions and Unconventional Monetary Policy
Hülsewig, Oliver - 2020
We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...
Persistent link: https://www.econbiz.de/10012843420
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The Impact of Containment Measures and Monetary and Fiscal Responses on US Financial Markets During the COVID-19 Pandemic
Aikins Abakah, Emmanuel Joel; Caporale, Guglielmo Maria; … - 2021
This paper analyses the effects of containment measures and monetary and fiscal responses on US financial markets during the Covid-19 pandemic. More specifically, it applies fractional integration methods to analyse their impact on the daily S&P500, the US Treasury Bond Index (USTB), the S&P...
Persistent link: https://www.econbiz.de/10013220137
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The Liquidity Channel of Fiscal Policy
Bayer, Christian - 2020
We provide evidence that expansionary fiscal policy lowers the return difference between more and less liquid assets—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice, in which public...
Persistent link: https://www.econbiz.de/10012830353
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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/10012832189
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Redistribution and the Monetary-Fiscal Policy Mix
Bhattarai, Saroj; Lee, Jae Won; Yang, Choongryul - 2021
tied to how much inflation it generates, which in turn hinges on monetary-fiscal adjustments that ultimately finance the … taxes to finance transfers while in the fiscal regime, inflation rises, effectively imposing inflation taxes on public debt … holders. We show analytically in a simple model how the fiscal regime generates larger and more persistent inflation than the …
Persistent link: https://www.econbiz.de/10013314763
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Monetary Policy Interactions : The Policy Rate, Asset Purchases, and Optimal Policy with an Interest Rate Peg
Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2023
a fixed policy rate. This policy induces similar welfare losses relative to dual-instrument policy as inflation …
Persistent link: https://www.econbiz.de/10014357043
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The Effects of Monetary Policy Surprises and Fiscal Sustainability Regimes in the Euro Area
Afonso, António; Alves, José; Ionta, Serena - 2023
We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn’s (1998) approach through Schlicht’s (2003)...
Persistent link: https://www.econbiz.de/10014346445