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Leaning against the wind and crisis risk

Schularick, Moritz; Ter Steege, Lucas; Ward, Felix - 2020

Can central banks defuse rising stability risks in financial booms by leaning against the wind with higher interest rates? This paper studies the state-dependent effects of monetary policy on financial stability. Based on the near-universe of advanced economy financial cycles since the 19th...

Persistent link: https://www.econbiz.de/10012260596

Nontradable goods and fiscal multipliers

Crespo Cuaresma, Jesús; Glocker, Christian - 2020

We assess the role that nontradable goods play as a determinant of fiscal spending multipliers, making use of a two-sector model. While fiscal multipliers increase with the share of nontradable goods, an inverted U-shaped relationship exists between multiplier size and the import share....

Persistent link: https://www.econbiz.de/10012270412

Borrow and adjust : fiscal policy and sectoral adjustment in an open economy

Steigum, Erling; Thøgersen, Øystein - 2001

Should the government run fiscal deficits in response to an adverse external shock that warrants transfer of resources …

Persistent link: https://www.econbiz.de/10011400804

Investment shocks, tax evasion and the consumption puzzle : a DSGE analysis with financial frictions

Chiarini, Bruno; Ferrara, Maria; Marzano, Elisabetta - 2016

explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New …

Persistent link: https://www.econbiz.de/10011515322

Fiscal consolidation plans with underground economy

Ferrara, Maria; Marzano, Elisabetta; Varlese, Monica - 2022

Fiscal consolidation literature often neglects that there are economies with a sizable underground sector and that most of time it is accounted in GDP statistics. This produces non negligible effects on fiscal multipliers. This paper explores a fiscal consolidation plan calling for a downsizing...

Persistent link: https://www.econbiz.de/10013041319

Functional shocks to inflation expectations and real interest rates and their macroeconomic effects

Anderl, Christina; Caporale, Guglielmo Maria - 2023

This paper applies a recently developed method (Inoue and Rossi, 2021) to estimate functional inflation expectations … on both inflation and output. In addition, threshold functional local projections indicate that the effects are nonlinear … and depend on central bank credibility. Further, inflation expectations shocks have similar effects to supply (demand …

Persistent link: https://www.econbiz.de/10014364953

Trade shocks and macroeconomic fluctuations in Africa

Kose, M. Ayhan; Riezman, Raymond Glenn - 1999

exported primary commodities, imported capital goods and intermediate inputs, and a financial shock, modeled as fluctuations in …

Persistent link: https://www.econbiz.de/10009781698

Monetary policy surprises and exchange rate behavior

Gürkaynak, Refet S.; Kara, Ali Hakan; Kısacıkoğlu, … - 2020

Central banks unexpectedly tightening policy rates often observe the exchange value of their currency depreciate, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using eventstudies and ask whether an information effect, where the public...

Persistent link: https://www.econbiz.de/10012287994

Uncertainty-dependent effects of monetary policy shocks : a new Keynesian interpretation

Castelnuovo, Efrem; Pellegrino, Giovanni - 2017

milder macroeconomic responses to a monetary policy shock estimated with our VAR in presence of high uncertainty. A version …

Persistent link: https://www.econbiz.de/10011781355

Monetary union, even higher integration, or back to national currencies?

Oikonomidēs, Geōrgios; Philippopulos, Apostolēs; … - 2016

This paper quantifies the welfare differences among a monetary union, flexible exchange rates (economic disintegration) and a monetary plus fiscal transfer union (higher economic integration). The vehicle of analysis is a medium-scale New Keynesian DSGE model consisting of two heterogeneous...

Persistent link: https://www.econbiz.de/10011430977