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Voluntary Debt Reduction : Incentives and Welfare
Helpman, Elhanan - 2021
In an economy with a debt overhang, investment depends on expected tax rates. On the other hand, expected tax rates depend on the debt's face value. Therefore investment depends on the face value of debt. I show that this may lead to a positive or negative association between debt and investment...
Persistent link: https://www.econbiz.de/10013228742
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Inequality and unemployment in a global economy
Helpman, Elhanan (contributor); Itskhoki, Oleg (contributor) - 2009
inequality and raises unemployment, but expected welfare gains are ensured if workers are risk neutral. And while wage inequality …
Persistent link: https://www.econbiz.de/10003868538
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Anticipated alternative policy-rate paths in policy simulations
Laséen, Stefan; Svensson, Lars E. O. - 2011
This paper specifies a new convenient algorithm to construct policy projections conditional on alternative anticipated policy-rate paths in linearized dynamic stochastic general equilibrium (DSGE) models, such as Ramses, the Riksbank's main DSGE model. Such projections with anticipated...
Persistent link: https://www.econbiz.de/10008696833
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Balanced growth despite Uzawa
Grossman, Gene M.; Helpman, Elhanan; Oberfield, Ezra; … - 2016
Persistent link: https://www.econbiz.de/10011438949
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Trade and labor market outcomes
Helpman, Elhanan; Itskhoki, Oleg; Redding, Stephen - 2010
Persistent link: https://www.econbiz.de/10008747128
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Inflation Targeting
Svensson, Lars E. O. - 2011
Inflation targeting is a monetary-policy strategy that is characterized by an announced numerical inflation target, an implementation of monetary policy that gives a major role to an inflation forecast and has been called forecast targeting, and a high degree of transparency and accountability....
Persistent link: https://www.econbiz.de/10013131986
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Transparency and Credibility : Monetary Policy with Unobservable Goals
Faust, Jon - 2010
We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more inflationary policy than a high-credibility bank, in...
Persistent link: https://www.econbiz.de/10013137302
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Growth and Welfare in a Small Open Economy
Grossman, Gene M. - 2010
, and trades these at exogenously given world prices. We study the welfare implications of R&D subsidies and commercial … achieves the first-best rate of growth, but not the first-best level of welfare. Small tariffs and export subsidies also affect … both growth and welfare. Growth may increase or decrease, depending upon which sector is promoted by the trade policy. But …
Persistent link: https://www.econbiz.de/10013139328
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Inflation Forecast Targeting : Implementing and Monitoring Inflation Targets
Svensson, Lars E. O. - 2011
Inflation targeting is shown to imply inflation forecast targeting: the central bank's inflation forecast becomes an explicit intermediate target. Inflation forecast targeting simplifies both implementation and monitoring of monetary policy. The weight on output stabilization determines how...
Persistent link: https://www.econbiz.de/10013125561
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Foreign Investment with Endogenous Protection
Grossman, Gene M. - 2011
welfare implications. We also allow for lobbying by workers with sector- specific skills and show how the conflicting …
Persistent link: https://www.econbiz.de/10013125846