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The quantity theory of money and Friedmanian monetary policy : an empirical investigation

Hillinger, Claude; Süssmuth, Bernd; Sunder, Marco - 2012

We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the...

Persistent link: https://www.econbiz.de/10009508095

Big G

Cox, Lydia; Müller, Gernot J.; Pasten, Ernesto; … - 2020

impact inﬂation, little crowding out of private expenditure exists, and the multiplier tends to be larger compared to a one …

Persistent link: https://www.econbiz.de/10012206057

What do we know about the macroeconomic effects of fiscal policy? : a brief survey of the literature on fiscal multipliers

Castelnuovo, Efrem; Lim, Guay C. - 2018

This article reviews recent research findings on the effects of fiscal multipliers in normal times, during booms/busts, and in the presence of the zero lower bound. Studies on the effects of fiscal policy in open economy settings as well as contributions on the fiscal-monetary policy mix are...

Persistent link: https://www.econbiz.de/10011933907

Fiscal multipliers and the choice of zero lower bound modeling

Siemsen, Thomas; Watzka, Sebastian - 2013

multiplier. To this end we contrast two different ways to implement the ZLB in a New Keynesian model: the ZLB modeled as an … multiplier are not only due to differences in the timing assumption of government spending but also driven by the choice of the … ZLB modeling. Ceteris paribus, the impact multiplier is higher if the ZLB is modeled appropriately as a constraint. …

Persistent link: https://www.econbiz.de/10009772911

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

The international transmission of monetary policy

Buch, Claudia M.; Bussière, Matthieu; Goldberg, Linda S.; … - 2018

This paper presents the novel results from an internationally coordinated project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from seventeen countries use confidential micro-banking...

Persistent link: https://www.econbiz.de/10011877813

China's exchange rate and financial repression : the conflicted emergence of the renminbi as an international currency

McKinnon, Ronald I.; Schnabl, Gunther - 2014

China has been provoked into speeding renminbi internationalization. But despite rapid growth in offshore financial markets in RMB, the Chinese authorities are essentially trapped into maintaining exchange controls-reinforced by financial repression in domestic interest rates→to avoid an...

Persistent link: https://www.econbiz.de/10010249643

Global financial transmission of monetary policy shocks

Ehrmann, Michael (contributor); … - 2006

Persistent link: https://www.econbiz.de/10003363952

Revisiting the narrative approach of estimating tax multipliers

Hebous, Shafik; Zimmermann, Tom - 2014

A number of recent studies regress a "narratively" identified measure of a macroeconomic shock directly on an outcome variable. In this note, we argue that this approach can be viewed as the reduced-form regression of an instrumental variable approach in which the narrative time series is used...

Persistent link: https://www.econbiz.de/10010424792

Friedman rule in a model with endogenous growth and cash-in-advance constraint

Gahvari, Firouz - 2009

This paper introduces money into an overlapping generations model with endogenous growth. The model, due to Docquier et al. (2007), exhibits a positive intergenerational externality which precludes its laissez-fair equilibrium to be optimal even if the government can control the level of...

Persistent link: https://www.econbiz.de/10003861772

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