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Do central banks have precautionary demands for expansions and for price stability? : theory and evidence
Cukierman, Alex; Muscatelli, V. Anton - 2002
This paper analyses the impact of asymmetric preferences with respect to inflation and output by policymakers on interest-rate reaction functions and test for their existence. A modified New Keynesian framework which makes it possible to identify the dominant type of asymmetry is developed and...
Persistent link: https://www.econbiz.de/10011410664
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The macroeconomic policy challenges of balance sheet recession : lessons from Japan for the European crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the … characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary … well as gradual real income losses, the economic policy implication for Japan and Europe is the timely exit from the …
Persistent link: https://www.econbiz.de/10009743745
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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
In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....
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
We construct a dynamic stochastic general equilibrium model to study optimal monetary stabilization policy. Prices are fully flexible and money is essential for trade. Our main result is that if the central bank pursues a long-run price path, thereby controlling inflation expectations, it can...
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