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Do heterogeneous expectations constitute a challenge for policy interaction?
Gasteiger, Emanuel - 2016
Yes, indeed; at least for macroeconomic policy interaction. We examine a Neo-Classical economy and provide the conditions for policy arrangements to successfully stabilize the economy when agents have either rational or adaptive expectations. For a contemporaneous-data monetary policy rule, the...
Persistent link: https://www.econbiz.de/10011513023
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Monetary-fiscal policy interaction and fiscal inflation : a tale of three countries
Kliem, Martin; Kriwoluzky, Alexander; Sarferaz, Samad - 2015
fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary … that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central … illustrate the mechanisms through which fiscal actions affect inflation in the long run. The findings from the DSGE model suggest …
Persistent link: https://www.econbiz.de/10011391752
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Monetary-fiscal interaction and quantitative easing
Hollmayr, Josef; Kühl, Michael - 2019
different response on the rate of inflation. Our results show that under fiscal dominance, unconventional monetary policy has … similar effects to conventional monetary policy on inflation because these wealth effects exert downward pressure on prices …
Persistent link: https://www.econbiz.de/10011955624
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Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic
Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021 - This version: June 2021
We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU fiscal level - has been more crucial for the stabilization of...
Persistent link: https://www.econbiz.de/10012534642
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Fiscal and Monetary policies in an agent-based model
Pongpitch Amatyakul; Nutnicha Theppornpitak - 2022
Persistent link: https://www.econbiz.de/10013262823
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Real and monetary uncertainty under alternative exchange rate regimes
DellaMea Palumbo, Umberto - 1993
Persistent link: https://www.econbiz.de/10000877399
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Expectations formation, sticky prices, and the ZLB
Bersson, Betsy; Hürtgen, Patrick; Paustian, Matthias - 2019
At the zero lower bound (ZLB), expectations about the future path of monetary or fiscal policy are crucial. We model expectations formation under level-k thinking, a form of bounded rationality introduced by García-Schmidt and Woodford (2019) and Farhi and Werning (2017), consistent with...
Persistent link: https://www.econbiz.de/10012101259
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Optimal fiscal substitutes for the exchange rate in a monetary union
Kaufmann, Christoph - 2016
This paper studies Ramsey-optimal monetary and fiscal policy in a New Keynesian 2-country open economy framework, which is used to assess how far fiscal policy can substitute for the role of nominal exchange rates within a monetary union. Giving up exchange rate flexibility leads to welfare...
Persistent link: https://www.econbiz.de/10011561923
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Tales of transition paths : policy uncertainty and random walks
Hollmayr, Josef; Matthes, Christian - 2015
What happens when fiscal and/or monetary policy changes systematically? We construct a DSGE model in which agents have to estimate fiscal and monetary policy rules and assess how uncertainty surrounding the conduct of policymakers influences transition paths after policy changes. We find that...
Persistent link: https://www.econbiz.de/10011292321
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The fiscal footprint of macroprudential policy
Reis, Ricardo - 2020
policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it …
Persistent link: https://www.econbiz.de/10012222608