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Managing households' expectations with salient economic policies

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2019 - This version: August 2019

consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …

Persistent link: https://www.econbiz.de/10012057290

Macroeconomic policy making and current account imbalances in the euro area

Murai, Taiki; Schnabl, Gunther - 2021

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10012550195

Fiscal divergence and current account imbalances in Europe

Schnabl, Gunther; Wollmershäuser, Timo - 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/10009702880

Unconventional fiscal policy, inflation expectations, and consumption expenditure

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 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/10011436147

Does household borrowing reduce the trade balance? : evidence from developing and developed countries

Xu, Can; Jacobs, Jan; Haan, Jakob de - 2021

We examine the dynamic impact of household borrowing on the trade balance using data from 33 developing countries and 36 developed countries over the 1980-2017 period. Our findings suggest that the impact of household borrowing on the trade balance is by and large negative, both in the short and...

Persistent link: https://www.econbiz.de/10012534684

Harnessing windfall revenues : optimal policies for resource-rich developing economies

Ploeg, Frederick van der; Venables, Anthony - 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/10003813611

Keynesian, non-Keynesian or no effects of fiscal policy changes? : the EMU case

Aarle, Bas van - 2001

periodon private consumption. Thereby, we also take the specific context of thetransition towards EMU explicitly into …

Persistent link: https://www.econbiz.de/10011400376

Fiscal policy and Dutch disease

Ploeg, Frederick van der - 2011

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/10009011986

Saving Alberta's resource revenues : role of intergenerational and liquidity funds

Bremer, Ton S. van den; Ploeg, Frederick van der - 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/10011541123

Government spending and durable goods

Boehm, Christoph E. - 2016

This paper shows that the fiscal multiplier for purchases of durable and investment goods is very small - much smaller than the multiplier for nondurable goods. Standard models predict small durables multipliers because private sector purchases of durable goods are highly intertemporally...

Persistent link: https://www.econbiz.de/10011573302

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