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30 Jahre nach dem Mauerfall: Ursachen für Konvergenz und Divergenz zwischen Ost- und Westdeutschland
Schnabl, Gunther; Sepp, Tim - 2019
30 years after the fall of the Berlin Wall, no full convergence of the economic performance and the living conditions … discusses possible reasons for the lack of convergence such as the legacy of the planned economy, economic policy mistakes made … erosion of market forces are discussed. This leads to economic policy recommendations to achieve full convergence of the …
Persistent link: https://www.econbiz.de/10012107378
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When Minsky and Godley met structuralism : a stock-flow consistent approach to the currency hierarchy
Nair, Nitin - 2023
Underdevelopment is often conceived as being reproduced domestically. This paper emphasizes the international forces that enable the persistence of underdevelopment. We first explore how the currency hierarchy imposes a dependency relation between developed and underdeveloped economies. We...
Persistent link: https://www.econbiz.de/10014320883
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The dire effects of the lack of monetary and fiscal coordination
Bianchi, Francesco; Melosi, Leonardo - 2017
What happens if the government's willingness to stabilize a large stock of debt is waning, while the central bank is adamant about preventing a rise in inflation? The large fiscal imbalance brings about inflationary pressures, triggering a monetary tightening, further debt accumulation, and...
Persistent link: https://www.econbiz.de/10012030336
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Fiscal policy in a Stock-Flow Consistent (SFC) model
Godley, Wynne; Lavoie, Marc - 2007
This paper deploys a simple stock-flow consistent (SFC) model in order to examine various contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal stance is not set in the appropriate fashionthat is, at a well-defined level and growth ratethen full...
Persistent link: https://www.econbiz.de/10010266538
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Monetary policy strategies of the European Central Bank and the Federal Reserve Bank of the US
Sardoni, Claudio; Wray, L. Randall - 2005
In the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the former's flexibility and capacity to adjust rigidity, and the latter's extreme caution, and obsession with low inflation. In looking at...
Persistent link: https://www.econbiz.de/10010276452
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Fiscal and monetary policies and the cost of sudden stops
Hutchison, Michael M.; Noy, Ilan; Wang, Lidan - 2007
This article investigates the effects of macroeconomic policy (monetary and fiscal) on output growth during financial crises characterized by a sudden stop" in net capital inflows in developing and emerging market economies. We investigate 83 sudden stop crises in 77 countries over 1982-2003...
Persistent link: https://www.econbiz.de/10010285311
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The "Keynesian moment" in policymaking, the perils ahead, and a flow-of-funds interpretation of fiscal policy
Terzi, Andrea - 2010
With the global crisis, the policy stance around the world has been shaken by massive government and central bank efforts to prevent the meltdown of markets, banks, and the economy. Fiscal packages, in varied sizes, have been adopted throughout the world after years of proclaimed fiscal...
Persistent link: https://www.econbiz.de/10010286562
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Hitting the elusive inflation target
Bianchi, Francesco; Melosi, Leonardo; Rottner, Matthias - 2019
Since the 2001 recession, average core inflation has been below the Federal Reserve's 2% target. This deflationary bias is a predictable consequence of a low nominal interest rates environment. When monetary policy faces the risk of encountering the zero lower bound, in.ation tends to remain...
Persistent link: https://www.econbiz.de/10012429401
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The "Keynesian moment" in policymaking, the perils ahead, and a flow-of-funds interpretation of fiscal policy
Terzi, Andrea - 2010
With the global crisis, the policy stance around the world has been shaken by massive government and central bank efforts to prevent the meltdown of markets, banks, and the economy. Fiscal packages, in varied sizes, have been adopted throughout the world after years of proclaimed fiscal...
Persistent link: https://www.econbiz.de/10008657988
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The European Central Bank and why things are the way they are : a historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...
Persistent link: https://www.econbiz.de/10009503821