Similar Search Results

Monetary vs. Fiscal Policy Effects : A Review of the Debate

McCallum, Bennett T. - 1985

This paper reviews empirical findings, econometric issues,and theoretical results bearing upon the "monetary vs. fiscal policy" debate that began with the 1963 Friedrnan-Meiselman study.The main substantive conclusions are not very dramatic.The clearest is that an open-market increase in the...

Persistent link: https://www.econbiz.de/10012477529

Is the Fiscal Theory of the Price Level Learnable?

McCallum, Bennett T. - 2003

This paper presents a prototype model for development of the fiscal theory of the price level.' In this simple setting, the fiscal theory's distinctiveness relies upon adoption of a bubble solution, rather than the rational-expectations fundamentals solution. The paper then shows that the fiscal...

Persistent link: https://www.econbiz.de/10012468736

Inflation Targeting and the Liquidity Trap

McCallum, Bennett T. - 2001

This paper considers whether 'liquidity trap' issues have important bearing on the desirability of inflation targeting … perspective, a quantitative open-economy model is developed and the likelihood of encountering a liquidity trap is explored for … several policy rules. Also, it is emphasized that, if the usual interest rate instrument is immobilized by a liquidity trap …

Persistent link: https://www.econbiz.de/10012470499

Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination

McCallum, Bennett T. - 1998

The recently-developed fiscal theory of price level determination contends that there is an important class of policy rules in which there exists a unique rational expectations solution that shows the price level to be dependent upon fiscal policy and independent of monetary variables. The...

Persistent link: https://www.econbiz.de/10012472349

Crunch Time : Fiscal Crises and the Role of Monetary Policy

Greenlaw, David - 2013

Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...

Persistent link: https://www.econbiz.de/10012459364

Causes of the Korean Financial Crisis : Lessons for Policy

Hahm, Joon-Ho - 2000

This paper uses an asymmetric information framework to understand the causes of the recent financial crisis in Korea. It shows that the Korean data is consistent with this explanation of the crisis. It then draws on this analysis to discuss several lessons that can help guide Korean policymakers...

Persistent link: https://www.econbiz.de/10012471293

Alternative Monetary Policy Rules : A Comparison with Historical Settings for the United States, the United Kingdom, and Japan

McCallum, Bennett T. - 2000

instrument and target variables. The time spans examined are 1962-1998 for the U.S. and U.K., and 1972-1998 for Japan. In …

Persistent link: https://www.econbiz.de/10012471025

Two Decades of Japanese Monetary Policy and the Deflation Problem

Ito, Takatoshi - 2004

of Japan's rhetoric was not helpful in fighting deflation, and the interest rate hike in August 2000 amid deflation was a …

Persistent link: https://www.econbiz.de/10012467811

Specification and Analysis of a Monetary Policy Rule for Japan

McCallum, Bennett T. - 1993

base control in Japan …

Persistent link: https://www.econbiz.de/10012474497

Financial Policies and the Prevention of Financial Crises in Emerging Market Countries

Mishkin, Frederic S. - 2001

This paper outlines a set of financial policies that can help make financial crises less likely in emerging market countries. To justify these policies, the paper first explains what a financial crisis is, the factors that promote a financial crisis and the dynamics of a financial crisis. It...

Persistent link: https://www.econbiz.de/10012470642

1
2
3
4
5
6
7
8
9
Next
Last