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Can the Central Bank Alleviate Fiscal Burdens?

Reis, Ricardo - 2017

constraint. It discusses five channels: (i) how inflation can (and cannot) lower the real burden of the public debt, (ii) how …

Persistent link: https://www.econbiz.de/10012948206

How Experts Decide : Preferences or Private Assessments on a Monetary Policy Committee?

Hansen, Stephen; McMahon, Michael F.; Rivera, Carlos - 2021

Using voting data from the Bank of England, we show that different individual assessments of the economy strongly influence votes after controlling for individual policy preferences. We estimate that internal members form more precise assessments than externals and are also more hawkish, though...

Persistent link: https://www.econbiz.de/10013315799

Inflation Targets Versus International Monetary Integration - A Canadian Perspective

Laidler, David - CESifo - 2002

economic performance under inflation targets, and arguments that the flexible exchange rate has undermined real economic …

Persistent link: https://www.econbiz.de/10005406116

Resolving Sovereign Debt Crises : The Role of Political Risk

Trebesch, Christoph - 2018

Sovereign defaults are bad news for investors and debtor countries, in particular if a default becomes messy and protracted. Why are some debt crises resolved quickly, in a matter of months, while others take many years to settle? This paper studies the duration of sovereign debt crises based on...

Persistent link: https://www.econbiz.de/10012910995

Sovereign Debt Relief and its Aftermath

Reinhart, Carmen - 2015

This paper studies sovereign debt relief in a long-term perspective. We quantify the relief achieved through default and restructuring in two distinct samples: 1920-1939, focusing on the defaults on official (government to government) debt in advanced economies after World War I; and 1978-2010,...

Persistent link: https://www.econbiz.de/10013019408

Private Debt Overhang and the Government Spending Multiplier : Evidence for the United States

Bernardini, Marco - 2015

Using state-dependent local projection methods and historical U.S. data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal consumption and investment in low-debt states, resulting...

Persistent link: https://www.econbiz.de/10013024365

Public Debt Sustainability and Defaults

Guillard, Michel - 2017

We offer a new methodology for the assessment of public debt sustainability in a stochastic economy when sovereign default taken into account. The default threshold differs from the no-Ponzi condition and depends on the post-default debt recovery rule. We distinguish sustainability and...

Persistent link: https://www.econbiz.de/10012950605

A Mechanism to Regulate Sovereign Debt Restructuring in the Euro Area

Andritzky, Jochen R. - 2016

To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a two-stage...

Persistent link: https://www.econbiz.de/10012982263

Central Bank Balance Sheets : Expansion and Reduction Since 1900

Ferguson, Niall - 2015

In this paper we study the evolution of central banks' balance sheets in 12 advanced economies since 1900. We find that balance sheet size in most developed countries has fluctuated within rather clearly defined bands relative to output. Historically, clusters of big expansions and contractions...

Persistent link: https://www.econbiz.de/10013021414

Inflation and Inflation Uncertainty in the Euro Area

Caporale, Guglielmo Maria - 2013

This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the … policy regime change associated with the start of EMU in 1999. The main findings are as follows. Steady-state inflation and … inflation uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly …

Persistent link: https://www.econbiz.de/10013095747

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