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Resurrecting the New-Keynesian model : (un)conventional policy and the taylor rule
Posch, Olaf - 2018
ability to explain the facts, such that the theory supports both a negative and a positive response of inflation. Central to …
Persistent link: https://www.econbiz.de/10011804150
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Time-varying parameters in monetary policy rules : a GMM approach
Anderl, Christina; Caporale, Guglielmo Maria - 2023
This paper assesses time variation in monetary policy rules by applying a Time-Varying Parameter Generalised Methods of Moments (TVP-GMM) framework. Using monthly data until December 2022 for five inflation targeting countries (the UK, Canada, Australia, New Zealand, Sweden) and five countries...
Persistent link: https://www.econbiz.de/10014284714
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Strike while the iron is hot : optimal monetary policy with a nonlinear Phillips curve
Karadi, Peter; Nakov, Anton; Nuño, Galo; Pasten, Ernesto; … - 2024 - This version: September 19, 2024
We study the Ramsey optimal monetary policy within the Golosov and Lucas (2007) state-dependent pricing framework. The model provides micro-foundations for a nonlinear Phillips curve: the sensitivity of inflation to activity increases after large shocks due to an endogenous rise in the frequency...
Persistent link: https://www.econbiz.de/10015071168
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Trade structure and growth effects of taxation in a two-country world
Amano, Daisuke; Itaya, Jun-ichi; Mino, Kazuo - 2014
This paper explores the long-run impacts of tax policy in a two-country model of endogenous growth with variable labor supply. We focus on international spillover effects of tax reforms under alternative trade structures. It is shown that if the instantaneous utility function of the...
Persistent link: https://www.econbiz.de/10010375183
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Carbon taxes and tariffs, financial frictions, and international spillovers
Carattini, Stefano; Kim, Giseong; Melkadze, Givi; … - 2023
Ambitious climate policy, coupled with financial frictions, has the potential to create macrofinancial stability risk. Such stability risk may expand beyond the economy implementing climate policy, potentially catching other countries off guard. International spillovers may occur because of...
Persistent link: https://www.econbiz.de/10014444903
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Monetary policy rules in emerging countries : is there an augmented nonlinear taylor rule?
Caporale, Guglielmo Maria; Catik, A. Nazif; Helmi, … - 2016
This paper examines the Taylor rule in five emerging economies, namely Indonesia, Israel, South Korea, Thailand, and Turkey. In particular, it investigates whether monetary policy in these countries can be more accurately described by (i) an augmented rule including the exchange rate, as well as...
Persistent link: https://www.econbiz.de/10011497748
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International spillover effects of sectoral tax differentiation in unionized economies
Holmlund, Bertil; Kolm, Ann-Sofie - 2000
The European Union has recently proposed sectoral tax differentiation as a policy to fight unemployment. The member countries are allowed to reduce the VAT rates on goods and services that are particularly labor intensive and price elastic. The paper provides a theoretical analysis of the...
Persistent link: https://www.econbiz.de/10009781572
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Optimal unilateral climate policy with carbon leakage at the extensive and the intensive margin
Kruse-Andersen, Peter Kjær; Sørensen, Peter Birch - 2021
We analyse the optimal design of unilateral climate policy in an open economy where the government is committed to a target for reduction of domestic CO2 emissions but where it is also concerned about carbon leakage. We highlight the importance of distinguishing between leakage at the extensive...
Persistent link: https://www.econbiz.de/10012597667
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Powering up developing countries through integration?
Auriol, Emmanuelle; Biancini, Sara - 2012
to invest compared to autarky. The investment levels remain inefficient though. With generation facilities over-investment … occurs sometimes, while systematic under-investment occurs for transportation facilities. Free-riding reduces the incentives … investment. -- regulation ; competition ; market integration ; investment ; electricity …
Persistent link: https://www.econbiz.de/10009571212
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Effects of unilateral climate policy on terms of trade, capital accumulation, and welfare in a world economy
Farmer, Karl (contributor); Friedl, Birgit (contributor);  … - 2008
We present a two-good, two-country overlapping generations model where emissions arise from production and each country has a domestic emission permit system. When one country unilaterally reduces her cap on emissions, her output available for domestic and foreign consumption diminishes more...
Persistent link: https://www.econbiz.de/10003749461