Narrow search
Showing 1 - 10 of 320
Cover Image
Local determinacy in incomplete-markets models
Hagedorn, Marcus - 2023
Persistent link: https://www.econbiz.de/10014431642
Cover Image
The failed theory of the price level
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
Unconventional Fiscal Policy, Inflation Expectations, and Consumption Expenditure
D'Acunto, Francesco - 2016
Unconventional fiscal policies incentivize households to accelerate consumption by generating future consumer price … study the causal effect of unconventional fiscal policies on consumption expenditure via the inflation-expectations channel … intratemporal substitution from non-durable to durable consumption …
Persistent link: https://www.econbiz.de/10012995195
Cover Image
Whither Public Interest : The Case of Greece's Public Finances
Moutos, Thomas - 2010
During the last three decades there has been an almost continuous undermining of the public interest by private interests operating either outside or inside Greek public administration. The result of this infiltration has been a gradual loss of bureaucratic autonomy to pursue the public...
Persistent link: https://www.econbiz.de/10013141505
Cover Image
Unconventional Fiscal Policy
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2021
Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation … expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We provide preliminary evidence for …
Persistent link: https://www.econbiz.de/10013315437