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Optimal inflation persistence : Ramsey taxation with capital and habits

Chugh, Sanjay K. - In: Journal of monetary economics 54 (2007) 6, pp. 1809-1836

Persistent link: https://www.econbiz.de/10003556153

Monetary and fiscal policy interactions over the cycle : some empirical evidence

Muscatelli, V. Anton; Tirelli, Patrizio; Trecroci, Carmine - 2002

This paper estimates VAR models to examine the response of monetary and fiscal policy to macroeconomic targets, and the interdependence between the two policy instruments. The models are estimated for a number of G7 countries. Our findings show that, whilst monetary and fiscal policy are...

Persistent link: https://www.econbiz.de/10011514047

Monetary and fiscal management, finance, and growth

Thorvaldur Gylfason - 2004

This lecture addresses three related aspects of monetary and fiscal management in Europe and elsewhere. First, I discuss the implications of economic integration for monetary and fiscal policy, especially the narrow focus on low inflation as the main objective of monetary policy. I argue that...

Persistent link: https://www.econbiz.de/10011404264

Post-Thatcher fiscal strategies in the UK : an interpretation

Hughes Hallett, Andrew (contributor) - 2004

Fiscal policy in Britain has changed radically since the Keynesianism of the 1960s and 1970s. After a passive period under monetarism of the 1980s, fiscal policy is said to have adopted a leadership role with long term objectives (low debt, the provision of public services/ investment, and...

Persistent link: https://www.econbiz.de/10002524201

Shocks, frictions, and inequality in US business cycles

Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020

How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...

Persistent link: https://www.econbiz.de/10012162730

The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn's (1998) approach through Schlicht's (2003)...

Persistent link: https://www.econbiz.de/10014313459

Monetary policy surprise shocks under different fiscal regimes : a panel analysis of the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

We study the effect of monetary policy surprise shocks on real output and the price level, conditioned on different fiscal stances in the period 2001Q4-2021Q4 for a panel of the 19 countries of the Euro Area. Applying local projection methodology, we find that the effect of monetary shocks...

Persistent link: https://www.econbiz.de/10014336399

Effects of US inflation on Hong Kong and Singapore

Cheung, Yin-Wong; Yuen, Jude - 2002

this paper, we examine how inflation rates in two small open economies, namely Hong Kong and Singapore, interact with those … model is used to study the inflation dynamics. It is found that Hong Kong and Singapore inflation rates, but not the U ….S. one, respond to the error correction term. Compared with Singapore, the Hong Kong inflation rate is more responsive to U …

Persistent link: https://www.econbiz.de/10011409761

The pass-through of temporary VAT rate cuts : evidence from German supermarket retail

Fuest, Clemens; Neumeier, Florian; Stöhlker, Daniel - 2021 - First draft: November 2020, this version: June 2021

On 3 June 2020, the German government announced a temporary value added tax (VAT) rate reduction. VAT rates were reduced on 1 July 2020 and went back to their previous level on 1 January 2021. We study the price effects of the temporary VAT rate reduction using a web-scraped data set covering...

Persistent link: https://www.econbiz.de/10012547036

Labor market institutions, fiscal multipliers, and macroeconomic volatility

Boeck, Maximilian; Crespo Cuaresma, Jesús; Glocker, … - 2022

We study empirically how various labor market institutions - (i) union density, (ii) unemployment benefit remuneration, and (iii) employment protection - shape fiscal multipliers and output volatility. Our theoretical model highlights that more stringent labor market institutions attenuate both...

Persistent link: https://www.econbiz.de/10013201691

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