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Redistribution and the monetary-fiscal policy mix
Bhattarai, Saroj; Lee, Jae Won; Yang, Choongryul - 2020
We show that the effectiveness of redistribution policy in stimulating the economy and improving welfare is directly tied to how much inflation it generates, which in turn hinges on monetary-fiscal adjustments that ultimately finance the transfers. We compare two distinct types of...
Persistent link: https://www.econbiz.de/10012388237
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Inflation targeting by debtor central banks in emerging market economies
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2010
to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic … stability. To contain domestic inflation these central banks absorb rather then provide liquidity in their regular monetary … surplus liquidity is less efficient, because absorbing liquidity raises the costs of monetary policy operations. By …
Persistent link: https://www.econbiz.de/10003994520
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Does institutional change really matter? : inflation targets, central bank reform and interest rate policy in the OECD countries
Muscatelli, V. Anton; Tirelli, Patrizio; Trecroci, Carmine - 2000
We estimate forward-looking interest-rate reaction functions for the G3 economies and for a group of countries which recently adopted inflation targets. Some significant shifts in the conduct of monetary policy are detected in the G3 countries, especially in the US A and Japan. In contrast with...
Persistent link: https://www.econbiz.de/10009781553
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Assessing monetary policy in Norway
Andreassen, Harald Magnus; De Grauwe, Paul; Solheim, Haakon - 2001
We evaluate the policy of flexible inflation targeting implemented by the Norges Bank since March 2001. We discuss the reasons why the real interest rates are significantly higher in Norway than in the rest of Europe. Finally we propose some institutional changes that can improve the policy...
Persistent link: https://www.econbiz.de/10011408405
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Interaction of carbon reduction and green energy promotion in a small fossil-fuel importing economy
Pethig, Rüdiger; Wittlich, Christian - 2009
We study the incidence of carbon-reduction and green-energy promotion policies in an open fossil-fuel importing general equilibrium economy. The focus is on mixed price-based or quantity-based policies. Instruments directed toward promoting green energy are shown to reduce also carbon emissions...
Persistent link: https://www.econbiz.de/10003872440
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Discretionary fiscal policy : review and estimates for the EU
Beetsma, Roel; Giuliodori, Massimo - 2010
We briefly review the theoretical and empirical consequences of discretionary fiscal policy changes, after which we provide our own estimates for the EU countries. A fiscal expansion raises output and consumption and reduces the trade balance. Moreover, the stimulating effect of higher...
Persistent link: https://www.econbiz.de/10003937804
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The impact of fiscal rules on public finances : theory and empirical evidence for the Euro area
Marneffe, Wim; Aarle, Bas van; Wielen, Wouter van der; … - 2010
This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...
Persistent link: https://www.econbiz.de/10008808242
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Does the Swiss debt brake induce sound federal finances? : a synthetic control analysis
Pfeil, Christian F.; Feld, Lars P. - 2016
The Swiss debt brake is widely appreciated as one of the most rationally designed fiscal rules in the world and was thus also discussed as blueprint in the debates about fiscal rules in Germany, the European Union member states and Israel. However, evidence that this rule really contributes to...
Persistent link: https://www.econbiz.de/10011521945
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Optimal fiscal policy
Lukkezen, Jasper; Teulings, Coen N. - 2013
This paper derives and estimates rules for fiscal policy that prescribe the optimal response to changes in unemployment and debt. We combine the reduced-form model of the economy from a linear VAR with a non-linear welfare function and obtain analytic solutions for optimal policy. The variables...
Persistent link: https://www.econbiz.de/10009743779
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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