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Household Production, Services and Monetary Policy
Lonkeng Ngouana, Constant - 2012
A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market...
Persistent link: https://www.econbiz.de/10013098601
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Are Non-Euro Area EU Countries Importing Low Inflation from the Euro Area?
Iossifov, Plamen K. - 2014
are affected by the undershooting of the euro area inflation target. To shed light on this issue, we estimate an open …-economy, New Keynsian Phillips curve, in which we control for imported inflation. Regression results suggest that falling food and … energy prices have been the main disinflationary driver. But low core inflation in the euro area has also had a clear and …
Persistent link: https://www.econbiz.de/10013043711
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Assessing the Macroeconomic Impact of Structural Reforms the Case of Italy
Lusinyan, Lusine - 2013
Wide-ranging structural reforms are underway in Italy, aimed at addressing key bottlenecks in the product and labor markets. Our analysis, based on the IMF's Global Integrated Monetary and Fiscal model (GIMF), attempts to quantify the potential gains to the economy from a comprehensive package...
Persistent link: https://www.econbiz.de/10013086322
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Money Creation in Fiat and Digital Currency Systems
Gross, Marco - 2020
To support the understanding that banks' debt issuance means money creation, while centralized nonbank financial institutions' and decentralized bond market intermediary lending does not, the paper aims to convey two related points: First, the notion of money creation as a result of banks' loan...
Persistent link: https://www.econbiz.de/10012842210
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Quarterly Projection Model for India : Key Elements and Properties
Beneš, Jaromír - 2017
agricultural sector and food prices in the inflation process; features of monetary policy transmission and implications of an …
Persistent link: https://www.econbiz.de/10012960572
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Inflation-Forecast Targeting for India : An Outline of the Analytical Framework
Beneš, Jaromír - 2017
India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a … target CPI inflation, as the primary objective of monetary policy. In this context, the paper draws on Indian macroeconomic …
Persistent link: https://www.econbiz.de/10012960575
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Corporate Tax Reform : From Income to Cash Flow Taxes
Carton, Benjamin - 2019
This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first channel is the shift from an income tax to a...
Persistent link: https://www.econbiz.de/10012892930
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Spillovers from China Onto Sub-Saharan Africa : Insights from the Flexible System of Global Models (FSGM)
Anderson, Derek - 2015
What is the impact of economic spillovers from China on sub-Saharan Africa (SSA)? This is an increasingly important question because of China's growing economic role as a partner of SSA countries for both trade and the buildup of infrastructure in the region. The impact of spillovers from China...
Persistent link: https://www.econbiz.de/10013012435
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Back to the Future : Fiscal Rules for Regaining Sustainability
Cevik, Serhan - 2019
This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis shows that fiscal policy in Belize has been significantly procyclical and unsustainable much of the...
Persistent link: https://www.econbiz.de/10012858382
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Output Gap in Presence of Financial Frictions and Monetary Policy Trade-Offs
Furlanetto, Francesco - 2014
The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial frictions are a relevant source of macroeconomic fluctuation. We derive a measure...
Persistent link: https://www.econbiz.de/10013049145