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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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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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Fiscal Policy, Labor Markets, and the Poor
Blejer, Mario I. - 2013
In designing policy measures, including possible social safety nets, targeted to the poor, it is important to fully understand the efficiency implications of these measures. There is abundant macroeconomic literature on their negative effects on the poor`s work effort. The literature, however,...
Persistent link: https://www.econbiz.de/10012754386
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Optimal Liquidity and Economic Stability
Han, Linghui - 2012
attention was paid to the potential spillover of excess liquidity. This paper suggests a notional level of "optimal" liquidity …
Persistent link: https://www.econbiz.de/10013102270
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The Costs of Macroprudential Deleveraging in a Liquidity Trap
Chen, Jiaqian - 2020
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...
Persistent link: https://www.econbiz.de/10012828224
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ECB Euro Liquidity Lines
Albrizio, Silvia; Kataryniuk, Iván; Molina, Luis; … - 2023
Central bank liquidity lines have gained momentum since the global financial crisis as a crosscurrency liquidity … management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback … effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX …
Persistent link: https://www.econbiz.de/10014354526
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Optimal Fiscal and Monetary Policy, Debt Crisis and Management
Cantore, Cristiano - 2017
The initial government debt-to-GDP ratio and the government's commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation...
Persistent link: https://www.econbiz.de/10012956478
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A Requiem for the Fiscal Theory of the Price Level
Farmer, Roger - 2019
The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an...
Persistent link: https://www.econbiz.de/10012859850
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Inflation Targeting and Fiscal Rules : Do Interactions and Sequencing Matter?
Combes, Jean-Louis - 2014
The paper examines the joint impact of inflation targeting (IT) and fiscal rules (FR) on fiscal behavior and inflation in a broad panel of advanced and developing economies over the period 1990-2009. The main contribution of the paper is to show that, as suggested by the theoretical literature,...
Persistent link: https://www.econbiz.de/10013051597