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On Policy Interactions among Nations : When Do Cooperation and Commitment Matter?

Kempf, Hubert - 2014

This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...

Persistent link: https://www.econbiz.de/10012751598

International Transmission and Monetary Policy Cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2021

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10013316628

International Frictions and Optimal Monetary Policy Cooperation : Analytical Solutions

Darracq Paries, Matthieu - 2021

This paper analyzes the implications of price-setting and incomplete financial markets for optimal monetary cooperation. The main objective is to provide the basic intuitions concerning the role of the main international frictions on optimal policy within a simple Dynamic Stochastic General...

Persistent link: https://www.econbiz.de/10013316762

Monetary Policy, Investment and Firm Heterogeneity

Ferrando, Annalisa - 2020

firm level investment and high-frequency identified monetary policy shocks. We show that the reaction of firms' investment …

Persistent link: https://www.econbiz.de/10012837618

Ramsey Monetary Policy With Labour Market Frictions

Faia, Ester - 2007

This paper studies the design of optimal monetary policy (in terms of unconstrained Ramsey allocation) in a framework with sticky prices and matching frictions. Furthermore I consider the role of real wage rigidities. Optimal policy features significant deviations from price stability in...

Persistent link: https://www.econbiz.de/10012778042

Monetary Policy and Intangible Investment

Döttling, Robin - 2020

We contrast how monetary policy affects intangible relative to tangible investment. We document that the stock prices … total investment in firms with more intangible assets responds less to monetary policy, and that intangible investment … responds less to monetary policy compared to tangible investment. We identify two mechanisms behind these results. First, firms …

Persistent link: https://www.econbiz.de/10012828075

Fiscal Policy in a Monetary Economy with Capital and Finite Lifetime

Annicchiarico, Barbara - 2006

This paper develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes. The framework exhibits intergenerational wealth effects and is intended to investigate the macroeconomic implications of fiscal policy, which is specified by...

Persistent link: https://www.econbiz.de/10012779802

Expectations-Driven Liquidity Traps : Implications for Monetary and Fiscal Policy

Nakata, Taisuke - 2019

We study optimal monetary and fiscal policy in a New Keynesian model where occasional declines in agents' confidence can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no straightforward recipe for mitigating the welfare costs...

Persistent link: https://www.econbiz.de/10012865525

Dynamic Fiscal Limits and Monetary-Fiscal Policy Interactions

Battistini, Niccolò - 2019

This paper analyzes the impact of monetary policy on public debt sustainability through the lens of a general equilibrium model with fiscal limits. We find that the mere possibility of a binding ZLB may have detrimental effects on debt sustainability, as a kink in the Laffer curve induces a...

Persistent link: https://www.econbiz.de/10012872107

Fiscal Activism and the Zero Nominal Interest Rate Bound

Schmidt, Sebastian - 2014

I show that the zero nominal interest rate bound may render it desirable for society to appoint a fiscally activist policy-maker who cares less about the stabilisation of government spending relative to inflation and output gap stabilisation than the private sector does. I work with a simple New...

Persistent link: https://www.econbiz.de/10013058237

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