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Policy mix and debt sustainability : evidence from fiscal policy rules
Claeys, Peter (contributor) - 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/10002578199
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The macroeconomic policy challenges of balance sheet recession : lessons from Japan for the European crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the … characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary … well as gradual real income losses, the economic policy implication for Japan and Europe is the timely exit from the …
Persistent link: https://www.econbiz.de/10009743745
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Analysis of monetary policy and financial stability : a new paradigm
Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - 2009
This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for … the economy. Due to liquidity and endogenous default, the transmission mechanism of shocks is well defined, and their …
Persistent link: https://www.econbiz.de/10003923247
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Banking panics and liquidity in a monetary economy
Matsuoka, Tarishi; Watanabe, Makoto - 2017
This paper studies banks' liquidity provision in the Lagos and Wright model of monetary exchanges. With aggregate …
Persistent link: https://www.econbiz.de/10011747458
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Transatlantic monetary and fiscal policy interaction
Aarle, Bas van; Garretsen, Harry; Huart, Florence - 2003
This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
Persistent link: https://www.econbiz.de/10011509484
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Macroeconomic shocks and racial labour market differences in the U.S.
De, Kuhelika; Compton, Ryan A.; Giedeman, Daniel C.; … - 2019
Using 136 United States macroeconomic indicators from 1973 to 2017, and a factor augmented vector autoregression (FAVAR) framework with sign restrictions, we investigate the effects of three structural macroeconomic shocks - monetary, demand, and supply - on the labour market outcomes of black...
Persistent link: https://www.econbiz.de/10012157899
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The ECB's policy, the recovery fund and the importance of trust : the case of Greece
Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; … - 2021
This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to...
Persistent link: https://www.econbiz.de/10012650611
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The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626
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Can central banks do the unpleasant job that governments should do?
Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; … - 2023
We investigate what happens when the fiscal authorities do not react to rising public debt so that the unpleasant task of fiscal sustainability falls upon the Central Bank (CB). In particular, we explore whether the CB's bond purchases in the secondary market can restore stability and...
Persistent link: https://www.econbiz.de/10014331713
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Liquidity shortages and monetary policy
Cao, Jin (contributor); Illing, Gerhard (contributor) - 2008
Persistent link: https://www.econbiz.de/10003635213