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The fiscal theory of the price level : identification and testing for the UK in the 1970s

Fan, Jingwen; Minford, Patrick; Ou, Zhirong - 2013

We investigate whether the Fiscal Theory of the Price Level (FTPL) can explain UK inflation in the 1970s. We confront the identification problem involved by setting up the FTPL as a structural model for the episode and pitting it against an alternative Orthodox model; the models have a reduced...

Persistent link: https://www.econbiz.de/10010202214

Monetary regimes : is there a trade-off between consumption and employment variability?

Matthews, Kent; Meenagh, David; Minford, Patrick; Webb, … - 2006

Persistent link: https://www.econbiz.de/10003390743

The role of fiscal policy : a survey of recent empirical findings

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - 2023

DSGE models based on New Keynesian principles, which have been extended to allow for banking, the zero lower bound on interest rates (ZLB), and varying price duration, can account well for recent macroeconomic behavior across a variety of economies. These models Önd that active Öscal policy...

Persistent link: https://www.econbiz.de/10014433366

UK monetary policy in an estimated DSGE model with state-dependent price and wage contracts

Chen, Haixia; Le, Vo Phuong Mai; Meenagh, David; … - 2023

Considerable micro-level evidence suggests that price/wage contract durations fluctuate with the state of the economy, particularly inflation; nonetheless, macro-level evidence for this is scarce. We incorporate state-dependent price/wage setting into an open economy DSGE model to investigate...

Persistent link: https://www.econbiz.de/10014434524

The eurozone : what is to be done?

Minford, Patrick; Ou, Zhirong; Wickens, Michael R.; … - 2021 - This draft: May2021

We construct a macro DSGE model of the eurozone and its two main regions, the North and the South, with the aim of matching the macro facts of these economies by indirect inference and using the resulting empirically-based model to assess possible new policy regimes. The model we have found to...

Persistent link: https://www.econbiz.de/10012591814

Fiscal sustainability and policy interactions

Bianchi, Francesco; Callegari, Giovanni; Hitaj, Ermal; … - 2024

We build a model to study the interaction between default risk, policy changes, and financial frictions within a monetary union. The model features a centralised central bank and decentralised fiscal authorities. Countries have different reputations for fiscal stability, modelled as different...

Persistent link: https://www.econbiz.de/10015149612

Liquidity and credit risks in the UK's financial crisis : how "quantitative easing" changed the relationship

Wong, Woon K.; Biefang-Frisancho Mariscal, Iris; Yao, Wanru - 2016

This paper investigates the relationship between credit and liquidity risk components in the UK interbank spread during … risk was a major factor in the widening of the spread and also caused a rise in liquidity risk. However, this relationship … central bank's liquidity provisions, we provide evidence that the QE operations were successful in reducing liquidity premia …

Persistent link: https://www.econbiz.de/10011688262

Where next for monetary policy? : lessons from the financial crisis and the pandemic

Minford, Patrick - 2023

Monetary developments of recent decades began with much promise with inflation targeting by independent central banks; the financial crisis of 2007 ushered in a period of great monetary instability. There are lessons for a return to more stability. Central banks need to stabilize money supply...

Persistent link: https://www.econbiz.de/10014433376

UK monetary and fiscal policy since the Great Recession - an evaluation

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick; … - 2023

This paper explores the economic impacts of the Bank of England's quantitative easing policy, implemented as a response to the global financial crisis. Using an open economy Dynamic Stochastic General Equilibrium (DSGE) model, we demonstrate that monetary policy can remain effective even when...

Persistent link: https://www.econbiz.de/10014434836

Growth and relative living standards : testing barriers to riches on post-war panel data

Minford, Patrick (contributor) - 2007

Persistent link: https://www.econbiz.de/10003454115

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