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Optimal Monetary and Fiscal Policy in a Currency Union

Galí, Jordi; Monacelli, Tommaso - 2022

We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyze its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is...

Persistent link: https://www.econbiz.de/10013324158

Stabilization vs. redistribution : the optimal monetary-fiscal mix

Bilbiie, Florin Ovidiu; Monacelli, Tommaso - 2020

Persistent link: https://www.econbiz.de/10012298736

Fiscal Policy, Wealth Effects, and Markups

Monacelli, Tommaso - 2009

We document that variations in government purchases generate a rise in consumption, the real and the product wage, and … effect is linked to the degree of complementarity between consumption and hours. We show that the model is able to match our … the positive wealth effect on labor supply is small and therefore the negative wealth effect on consumption is, somewhat …

Persistent link: https://www.econbiz.de/10012765568

Fiscal Policies, Debt, and International Economic Interdependence

Frenkel, Jacob A.; Razin, Assaf - 2021

international transmission of fiscal policies.The dependence of the patterns of consumption in one country on fiscal policiesin the … immediate increase in foreign private sector's consumption and thereby results in a positive current transmission. These …

Persistent link: https://www.econbiz.de/10013223092

The International Transmission and Effects of Fiscal Policies

Frenkel, Jacob A.; Razin, Assaf - 2021

the relation among the intercountry patterns of consumption, long and short-term real rates of interest, real exchange …

Persistent link: https://www.econbiz.de/10013225419

Unemployment Fiscal Multipliers

Monacelli, Tommaso - 2010

We estimate the effects of fiscal policy on the labor market in US data. An increase in government spending of 1 percent of GDP generates output and unemployment multipliers respectively of about 1.2 per cent (at one year) and 0.6 percentage points (at the peak). Each percentage point increase...

Persistent link: https://www.econbiz.de/10013144501

The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy

Frenkel, Jacob A.; Razin, Assaf - 2021

This paper analyses the effects of fiscal policies on rates of interest and wealth in the world economy. Uncertainty concerning the length of life yields an equilibrium in which private and social rates of discount differ and budget deficits exert real effects. It is shown that a current budget...

Persistent link: https://www.econbiz.de/10013243646

Fiscal Policies and Real Exchange Rates in the World Economy

Frenkel, Jacob A.; Razin, Assaf - 2021

This paper examines the effects of fiscal policies on the evolution of real rates of interest and real exchange rates in the interdependent world economy. We construct an analytical framework suitable for a detailed examination of the various channels through which these variables are influenced...

Persistent link: https://www.econbiz.de/10013246077

Migration and Fiscal Competition within a Union

Razin, Assaf - 2013

We develop a stylized EU-type model of a union consisting of rich, capital-abundant and high productivity countries, and poor, capital-scarce and low productivity countries. We address two main issues: the efficiency of tax competition and the effect of factor mobility on the size of the welfare...

Persistent link: https://www.econbiz.de/10013077970

The Stability and Growth Pact as an Impediment to Privatizing Social Security

Razin, Assaf; Sadka, Efraim - 2022

The aging of the population shakes the confidence in the economic viability of pay-as-you-go social security systems. We demonstrate how in a political-economy framework the shaken cofidence leads to the downsizing of the social security-system, and to the emergence of supplemental individual...

Persistent link: https://www.econbiz.de/10013322100