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Local determinacy in incomplete-markets models

Hagedorn, Marcus - 2023

Persistent link: https://www.econbiz.de/10014431642

Hagedorn, Marcus - 2024

The Fiscal Theory of the Price Level (FTPL) is a promise to obtain price level determinacy even if the nominal interest rate is constant. The idea is that a unique current price level ensures that the present value government budget constraint holds. I establish that this idea hinges on the...

Persistent link: https://www.econbiz.de/10014464269

The subjective inflation expectations of households and firms : measurement, determinants, and implications

Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022

Persistent link: https://www.econbiz.de/10013269793

Fiscal devaluation in a monetary union : conference paper

Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014

Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...

Persistent link: https://www.econbiz.de/10010487256

Fiscal devaluation in a Monetary Union

Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013

Persistent link: https://www.econbiz.de/10010221275

Harnessing Windfall Revenues : Optimal Policies for Resource-Rich Developing Economies

van der Ploeg, Rick - 2009

, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We … show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …

Persistent link: https://www.econbiz.de/10012764524

Fiscal Policy and Dutch Disease

van der Ploeg, Rick - 2021

In this paper we revisit the Dutch disease paying particular attention to the role of specific factors of production and capital stock dynamics. The main insight is that if the natural resource rich windfall is substantial but not large enough for the country to become a rentier, capital goods...

Persistent link: https://www.econbiz.de/10013316031

Fiscal Divergence and Current Account Imbalances in Europe

Schnabl, Gunther - 2013

Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...

Persistent link: https://www.econbiz.de/10013086602

Saving Alberta's Resource Revenues : Role of Intergenerational and Liquidity Funds

Van Den Bremer, Ton - 2016

We use a welfare-based intertemporal stochastic optimization model and historical data to estimate the size of the optimal intergenerational and liquidity funds and the corresponding resource dividend available to the government of the Canadian province Alberta. To first-order of approximation,...

Persistent link: https://www.econbiz.de/10012979602

Spending effects of child-related fiscal transfers

Goldfayn-Frank, Olga; Lewis, Vivien; Wehrhöfer, Nils - 2022

As part of Germany’s fiscal response to the Covid-19 pandemic, parents received three payments totalling e450 per child. Randomization in the payment dates and daily scanner data allow us to identify the effects of these transfers on household spending. We find a significant but small spending...

Persistent link: https://www.econbiz.de/10013268076

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