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The impact of inflation targeting on inflation and growth: how robust is the evidence?
Junankar, Pramod N.; Wong, Chun Yee - 2020
This paper evaluates the success of Inflation Targeting on inflation and growth on a large panel data set of both … evidence to show that the support for a successful Inflation Targeting policy is very weak or non-existent. We use various … the process by which inflation targeting is hypothesised to influence inflation and growth, Section 3 surveys this …
Persistent link: https://www.econbiz.de/10012227388
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What measure of inflation should a developing country central bank target?
Anand, Rahul; Prasad, Eswar S.; Zhang, Boyang - 2015
In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize … is high. We develop an open economy model with incomplete financial markets to show that headline inflation targeting … headline inflation, assigns zero weight to import prices. …
Persistent link: https://www.econbiz.de/10011307888
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Distributional effects of monetary policy in emerging market economies
Prasad, Eswar S.; Zhang, Boyang - 2015
inflation targeting, exchange rate management benefits households in the tradable goods sector but in the long run these …
Persistent link: https://www.econbiz.de/10011309046
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Subsidizing firm entry in open economies
Pflüger, Michael; Südekum, Jens - 2009
Entrepreneurs who decide to enter an industry are faced with different levels of effective entry costs in different countries. These costs are heavily influenced by economic policy. What is not well understood is how international trade affects the government incentive to impact on entry costs,...
Persistent link: https://www.econbiz.de/10003894876
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Biofuel subsidies : an open-economy analysis
Bandyopadhyay, Subhayu; Bhaumik, Sumon Kumar; Wall, … - 2009
We present a general equilibrium analysis of biofuel subsidies in an open-economy context. In the small-country case, when a Pigouvian tax on conventional fuels such as crude is in place, the optimal biofuel subsidy is zero. When the tax on crude is not available as a policy option, however, a...
Persistent link: https://www.econbiz.de/10003920242
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Fiscal multipliers and the labour market in the open economy
Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2010
Several contributions have recently assessed the size of fiscal multipliers both in RBC models and New Keynesian models. None of the studies considers a model with frictional labour markets which is a crucial element, particularly at times in which much of the fiscal stimulus has been directed...
Persistent link: https://www.econbiz.de/10003945992
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Distribution and growth in an economy with limited needs
Saint-Paul, Gilles - 2001
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...
Persistent link: https://www.econbiz.de/10011401020
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Welfare policies, labour taxation and international integration
Andersen, Torben M. - 2001
How will international integration affect welfare policies? This paper considers the possibilities of financing public sector activities (public consumption and social security expenses) by general (wage) taxation in an economy which becomes more integrated in international product markets. Even...
Persistent link: https://www.econbiz.de/10011401063
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Globalization and human capital formation
Andersson, Fredrik; Konrad, Kai A. - 2001
This paper compares education investment in closed and open economies without government and with a benevolent government. The fact that the time consistency problem in taxation can make labor mobility beneficial even if governments are fully benevolent - which is known from other contexts - is...
Persistent link: https://www.econbiz.de/10011339674
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Integrated macroeconomic production function for open economies : a new Schumpeterian Solow model for globalization
Welfens, Paul J. J. - 2016
The macroeconomic production function is a traditional key element of modern macroeconomics, as is the more recent knowledge production function which explains knowledge/patents by certain input factors such as research, foreign direct investment or international technology spillovers. This...
Persistent link: https://www.econbiz.de/10011452235