increase in the fiscal consolidation scenario in Japan recommended by Hansen and Imrohoroglu (2016). However, being secretive …

The value of the US dollar is of major importance to the world economy. Global liquidity has grown sharply in recent … years with growing importance of China's money supply to global liquidity. We develop out-of-sample forecasts of the US … dollar exchange rate value using US and non-US global data on inflation, output, interest rates, and liquidity on the US …

interest rates" to fall below zero in all countries, giving rise to a global "liquidity trap." This paper explores the optimal …. ; The key feature of demand shocks in a liquidity trap is that relative prices respond perversely. A negative shock causes … response to conditions generating a global liquidity trap, there is a critical mutual interaction between monetary and fiscal …

liquidity trap. Using an optimizing two-country sticky price model, we show that the fiscal multiplier and spillover are …

interest rates. Given that the liquidity trap is generated by a large increase in the desire to save on the part of the private … financed by deficits may be far more expansionary than that financed by tax increases in such an environment. In a liquidity …