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Wage-Price Dynamics and Structural Reforms in Japan
Porcellacchia, Davide - 2016
Structural reforms in the liquidity trap need not be deflationary. This paper develops a simple framework to study the … role that key characteristics of Japan's labor and product markets-labor-market duality and weak corporate governance … reforms may contribute to Japan's short-run goal of reflating the economy. It finds that boosting inflation with structural …
Persistent link: https://www.econbiz.de/10012996094
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Fiscal Policy Implications for Labor Market Outcomes in Middle-Income Countries
Lemus, Antonio - 2015
Many governments have initiated public employment programs or expanded the existing ones in response to high unemployment. However, in many middle-income countries, a relatively large government coexists with persistently high unemployment. This paper explores the question of whether public...
Persistent link: https://www.econbiz.de/10013036636
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Monetary Policy Transmission and Financial Stability in a LIC : The Case of Bangladesh
Rafiq, Sohrab - 2016
This paper explores how monetary policy affects the real economy and its efficacy in promoting financial stability in a large low income country. This paper shows that monetary policy modestly impacts real economic activity and inflation via the bank lending and financial accelerator channels....
Persistent link: https://www.econbiz.de/10013002148
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Fiscal Rules and the Budget Process
Milesi-Ferretti, Gian Maria - 2006
This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for the existence of a quot;fiscal deficit biasquot; and the empirical evidence on the economic, political and institutional factors leading to this...
Persistent link: https://www.econbiz.de/10012782040
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The Design of Fiscal Reform Packages : Insights from a Theoretical Endogenous Growth Model
Hodge, Andrew - 2016
This paper studies the impact on growth, welfare, and government debt of fiscal reform packages in a theoretical model drawing together three key features of the endogenous growth literature: (i) investment in technology (in the form of human capital) offsets diminishing marginal productivity of...
Persistent link: https://www.econbiz.de/10012977816
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Italy : Toward a Growth-Friendly Fiscal Reform
Andrle, Michal - 2018
Published in late 2017, the Italian medium-term fiscal plan aims to achieve structural balanceby 2020, although concrete, high-quality measures to meet the target are yet to be specified.This paper seeks to contribute to the discussion by (i) assessing spending patterns to identifyareas for...
Persistent link: https://www.econbiz.de/10012922626
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A Balancing Act : Reform Options for Paraguay's Fiscal Responsibility Law
David, Antonio C. - 2017
Paraguay faces a trade-off between building fiscal credibility and amending the existing fiscal rule to accommodate infrastructure investment and provide space for countercyclical policies. In this paper, we discuss several alternative fiscal rules for Paraguay and present simulations of debt...
Persistent link: https://www.econbiz.de/10012950432
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The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions
Korniyenko, Yevgeniya - 2016
States, the United Kingdom, Euro area and Japan-the Systemic Four-on global monetary and liquidity conditions. Overall, the … countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but …
Persistent link: https://www.econbiz.de/10012996076
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Scarcity Effects of Quantitative Easing on Market Liquidity : Evidence from the Japanese Government Bond Market
Han, Fei - 2018
) effects of the Bank of Japan (BOJ)'s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity …Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints …, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central …
Persistent link: https://www.econbiz.de/10012913879
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Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets
Igan, Deniz - 2015
We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark - a common solution to the agency problem in delegated portfolio management. In the presence of such relative-performance-based objectives, investors have...
Persistent link: https://www.econbiz.de/10013013820