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The inflationary impact of wage indexation
Heinemann, Frank - 2003
It is an open question whether and how indexed wage contracts reduce welfare or raise average inflation. This paper … analyzes the impact of indexed wage contracts on inflation and social welfare in a Barro Gordon model with discretionary … monetary policy by endogenizing social costs of indexation. Main results are: Wage indexation reduces the inflation bias but …
Persistent link: https://www.econbiz.de/10011505896
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Strategic interactions between fiscal and monetary authorities in a multi-country new-Keynesian model of a monetary union
Michalak, Tomasz; Engwerda, Jacob Christiaan; Plasmans, … - 2009
parameter combinations our results confirm the findings of Beetsma et al. (2001) that for symmetric inflation and output gap … central bank and the coalition of national governments is most intense under a symmetric inflation shocks when there is strong … conflict concerning the orientation of stabilisation policies. This conflict is less pronounced under an asymmetric inflation …
Persistent link: https://www.econbiz.de/10003807838
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A vicious cycle of manias, crashes and asymmetric policy responses : an overinvestment view
Hoffmann, Andreas; Schnabl, Gunther - 2009
The business cycles theories of Wicksell (1898), Schumpeter (1912), Mises (1912), Hayek (1929, 1935) and Minsky (1986, 1992) explain business cycles by distorted prices on capital markets, buoyant credit expansion and overinvestment. The exuberance during the boom endogenously causes the...
Persistent link: https://www.econbiz.de/10003910416
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To react or not? : fiscal policy, volatility and welfare in the EU-3
Malley, James R. (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003495749
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Optimal stabilization policy with flexible prices
Berentsen, Aleksander (contributor);  … - 2005
, thereby controlling inflation expectations, it can improve welfare by stabilizing short-run aggregate shocks. The optimal …
Persistent link: https://www.econbiz.de/10003300933
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Automatic stabilizers and economic crisis : US vs. Europe
Dolls, Mathias; Fuest, Clemens; Peichl, Andreas - 2009
This paper analyzes the effectiveness of the tax and transfer systems in the European Union and the US to act as an automatic stabilizer in the current economic crisis. We find that automatic stabilizers absorb 38 per cent of a proportional income shock in the EU, compared to 32 per cent in the...
Persistent link: https://www.econbiz.de/10003922975
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Investigating the U.S. oil-macroeconomy nexus using rolling impulse responses
Gronwald, Marc - 2009
This paper is concerned with the apparent change in the U.S. oil price-macroeconomy relationship. It is investigated to what extent this change can be accounted for by the large oil price surges witnessed in the 1970s. The innovative approach of rolling impulse responses is applied and both the...
Persistent link: https://www.econbiz.de/10003857164
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Monetary and fiscal policy interaction in the EMU : a dynamic game approach
Aarle, Bas van; Engwerda, Jacob Christiaan; Plasmans, … - 2001
The interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area as the European Union. We argue that EMU, which introduced a common monetary policy and restrictions on fiscal policy at the national level, increases the need for macroeconomic policy...
Persistent link: https://www.econbiz.de/10011398097
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Worker identity, employment fluctuations and stabilization policy
Lechthaler, Wolfgang; Snower, Dennis J. - 2013
This paper provides a model of "social hysteresis", whereby long, deep recessions demotivate workers and thereby lead them to change their work ethic. In switching from a pro-work to an anti-work identity, their incentives to seek and retain work fall and consequently their employment chances...
Persistent link: https://www.econbiz.de/10009753001
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Credit shocks and macroeconomic fluctuations in emerging markets
Houssa, Romain; Mohimont, Jolan; Otrok, Christopher M. - 2013
In this paper, we examine the role of global and domestic credit supply shocks in macroeconomic fluctuations for Emerging Markets. For this purpose, we impose a set of zero and sign restrictions within a medium-scale Bayesian Vector Auto-Regressive model. Quarterly data from South Africa and G-7...
Persistent link: https://www.econbiz.de/10009754529