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Hitchhiker's Guide to Inflation in Libya
Cevik, Serhan - 2013
This paper presents an empirical investigation of inflation dynamics in Libya over the period 1964–2010, using cointegration and error correction models. While inflation inertia is found to be a key determinant of consumer price inflation, the econometric results indicate that government...
Persistent link: https://www.econbiz.de/10013082860
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Disinflation, External Vulnerability, and Fiscal Intransigence : Some Unpleasant Mundellian Arithmetic
Tanner, Evan - 2017
This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell's (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly...
Persistent link: https://www.econbiz.de/10012955173
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External Adjustment in Oil Exporters : The Role of Fiscal Policy and the Exchange Rate
Behar, Alberto - 2016
After the decline in oil prices, many oil exporters face the need to improve their externalbalances. Special characteristics of oil exporters make the exchange rate an ineffectiveinstrument for this purpose and give fiscal policy a sizeable role. These conclusions aresupported by regression...
Persistent link: https://www.econbiz.de/10012977864
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Macroeconomic Effects of Sovereign Restructuring in a Monetary Union : A Model-Based Approach
Forni, Lorenzo - 2014
persistent reductions of output, consumption and investment, that can be large, in particular if the share of public debt held …
Persistent link: https://www.econbiz.de/10013059858
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Fiscal Devaluation in a Monetary Union
Engler, Philipp - 2014
Using a DSGE model calibrated to the euro area, we analyze the international effects of afiscal devaluation (FD) implemented as a revenue-neutral shift from employer's socialcontributions to the Value Added Tax. We find that a FD in 'Southern European countries' has a strong positive effect on...
Persistent link: https://www.econbiz.de/10013040409
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International Fiscal-Financial Spillovers : The Effect of Fiscal Shocks on Cross-Border Bank Lending
Choi, Sangyup - 2019
This paper sheds new light on the degree of international fiscal-financial spillovers by investigating the effect of domestic fiscal policies on cross-border bank lending. By estimating the dynamic response of U.S. cross-border bank lending towards the 45 recipient countries to exogenous...
Persistent link: https://www.econbiz.de/10012864117
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Fiscal Policy and the Current Account : Are Microstates Different?
Yartey, Charles Amo - 2012
sample. Panel VAR results show that an increase in government consumption results in real exchange appreciation but the …
Persistent link: https://www.econbiz.de/10013110089
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Robust Optimal Macroprudential Policy
Montamat, Giselle; Roch, Francisco - 2021
We consider how fear of model misspecification on the part of the planner and/or the households affects welfare gains from optimal macroprudential taxes in an economy with occasionally binding collateral constraints as in Bianchi (2011). On the one hand, there exist welfare gains from...
Persistent link: https://www.econbiz.de/10013226440
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What Does Aid Do to Fiscal Policy? New Evidence
Combes, Jean-Louis - 2016
Foreign aid is a sizable source of government financing for several developing countries and its allocation matters for the conduct of fiscal policy. This paper revisits fiscal effects of shifts in aid dependency in 59 developing countries from 1960 to 2010. It identifies structural shifts in...
Persistent link: https://www.econbiz.de/10012977858
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It's Not All Fiscal : Effects of Income, Fiscal Policy, and Wealth on Private Consumption
Jaramillo, Laura - 2015
We attempt to disentangle income and wealth effects on consumption by disaggregating both the different types of income … and wealth. We estimate a consumption function for a panel of quarterly data for 14 advanced economies spanning 1998 to … 2012, using an error correction specification. We find a significant long-term relation between consumption and the …
Persistent link: https://www.econbiz.de/10013021438