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Sovereign risk and macroeconomic fluctuations in an emerging market economy
Kirchner, Markus; Rieth, Malte - 2010
active monetary policy and stronger fiscal feedbacks from debt on taxes can lead to less volatile inflation and debt dynamics …
Persistent link: https://www.econbiz.de/10011382024
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Sovereign risk and macroeconomic fluctuations in an emerging market economy
Kirchner, Markus; Rieth, Malte - 2010
Persistent link: https://www.econbiz.de/10008670040
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Government spending shocks, sovereign risk and the exchange rate regime
Bonam, Dennis; Lukkezen, Jasper - 2013
Conventional wisdom teaches that the output response upon a fiscal expansion is higher under fixed than floating exchange rates for a small open economy. We analyse the effects of fiscal expansions using a New Keynesian model and find that this result reverses in times of sovereign default risk....
Persistent link: https://www.econbiz.de/10010227296
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Pension fund restoration policy in general equilibrium
Kastelein, Pim B.; Romp, Ward E. - 2018 - Revision: June 28, 2018
When the financial positions of pension funds worsen, regulations prescribe that pension funds reduce the gap between their assets (invested contributions) and their liabilities (accumulated pension promises). This paper quantifies the business cycle effects and distributional implications of...
Persistent link: https://www.econbiz.de/10011869913
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The pace of structural change, cyclical shocks and unemployment dynamics : simulations using an empirical flow model
Butter, Frank A. G. den; Dijk, Mark van - 1997
may be out of its unemployment equilibrium for quite a long time after a shock occurs.The novelty of the model is that it … decreasein job creation in response to the depreci-ation of human capitalfollowing an adverse cyclical shock, does not lead to …
Persistent link: https://www.econbiz.de/10010336861
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Cyclical consumption
Berger, Tino; Pozzi, Lorenzo - 2023
Recessions and expansions are often caused or reinforced by developments in private consumption - the largest component of aggregate demand - which, as a result, varies over the business cycle. As such, an accurate measurement of the cyclical component of consumption and an understanding of its...
Persistent link: https://www.econbiz.de/10014380708
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Time-varying identification of monetary policy shocks
Camehl, Annika; Woźniak, Tomasz - 2023
six-variable system supports time variation in US monetary policy shock identification. In the sample-dominating first … regime, systematic monetary policy follows a Taylor rule extended by the term spread and is effective in curbing inflation … stimulus, features the liquidity effect, and is complemented by a pure term spread shock. Absent the specific monetary policy …
Persistent link: https://www.econbiz.de/10014422351
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Productive government expenditure in monetary business cycle models
Linnemann, Ludger; Schabert, Andreas - 2005
are partially financed by public debt, unit labor costs fall in response to a fiscal expansion, such that inflation tends … rate rises with inflation. Otherwise, private consumption can also be crowded-out, as in the conventional case where …
Persistent link: https://www.econbiz.de/10011343264
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Reducing the dimensionality of linear quadratic control problems
Balvers, Ronald J.; Mitchell, Douglas W. - 2001
Persistent link: https://www.econbiz.de/10001570645
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Optimal central bank lending
Schabert, Andreas - 2010
We analyze optimal monetary policy in a sticky pricemodel where the central bank supplies money outrightvia asset purchases and lends money temporarily againstcollateral. The terms of central bank lending affect ra-tioning of money and impact on macroeconomic aggre-gates. The central bank can...
Persistent link: https://www.econbiz.de/10011380751