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economies, to facilitate multilaterally consistent macrofinancial policy, risk and spillover analysis. This panel dynamic …
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examines one particular channel at work: the supply of credit. It presents a model in which a bank, even if managed by risk …
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We introduce time-varying systemic risk in an otherwise standard New-Keynesian model to study whether a simple leaning …-against-the-wind policy can reduce systemic risk and improve welfare. We find that an unexpected increase in policy rates reduces output …
Persistent link: https://www.econbiz.de/10013019034
Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetary policy of assessments of economic activity relative to capacity. We show that...
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Are uncertainty shocks a major source of business cycle fluctuations? This paper studies theeffect of a mean preserving shock to the variance of aggregate total factor productivity(macro uncertainty) and to the dispersion of entrepreneurs' idiosyncratic productivity (microuncertainty) in a...
Persistent link: https://www.econbiz.de/10012944962
The IMF has advised country authorities to roll back tax expenditures as a way to support fiscal consolidation efforts - urging them to evaluate tax expenditures according to clear criteria, and assessing their impact on public finances, economic efficiency, equity, and administrative and...
Persistent link: https://www.econbiz.de/10013055601
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