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Intro -- Contents -- I. INTRODUCTION -- II. MACROECONOMIC VOLATILITY IN LATIN AMERICA: A HISTORICAL PERSPECTIVE -- III. ROLE OF MACROECONOMIC POLICIES -- IV. WHAT'S NEW THIS TIME AROUND? -- V. REMAINING AGENDA -- VI. CONCLUDING REMARKS -- REFERENCES.
Persistent link: https://www.econbiz.de/10012691105
We introduce a new comprehensive announcement-level database tracking the extraordinary fiscal, monetary, prudential, and other policies that countries adopted in response to Covid-19. The database provides detailed information, including sizes where available, for 28 granular policies adopted...
Persistent link: https://www.econbiz.de/10015060374
References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. The case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally...
Persistent link: https://www.econbiz.de/10012677845
energy/environmental tax systems in Germany, Sweden, Turkey, and Vietnam suggests that there is substantial scope for policy … Reforms: The Case of Germany, Sweden, Turkey, and Vietnam -- A. Comparing Energy Systems in Sweden, Germany, Turkey, and … Energy under the Value-Added Tax System -- 5. Environmental Tax Reforms in Sweden, Germany, Turkey, and Vietnam -- References. …
Persistent link: https://www.econbiz.de/10012684557
This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within...
Persistent link: https://www.econbiz.de/10009618572
This paper analyzes how fiscal and monetary policy typically respond during downturns in G7 countries. It evaluates whether discretionary fiscal responses to downturns are timely and temporary, and compares the response of fiscal policy to that of monetary policy. The results suggest that while...
Persistent link: https://www.econbiz.de/10012677745
This paper utilizes an open-economy New Keynesian overlapping generations model, the Global Integrated Monetary and Fiscal Model (GIMF), to assess the macroeconomic effects of external shocks and the impact of various monetary and fiscal policy responses. The simulations assess the effect of...
Persistent link: https://www.econbiz.de/10012677750
This paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable income each period. With full asset market participation, the optimal policy relies entirely on...
Persistent link: https://www.econbiz.de/10012677807
We analyse optimal discretionary games between a benevolent central bank and a myopic government in a New Keynesian model. First, when lump-sum taxes are available and public debt is absent, we show that a Nash game results in too much government spending and excessively high interest rates,...
Persistent link: https://www.econbiz.de/10012677459
In this paper, we consider the design of the surveillance, and, in particular, the fiscal criteria in the Central African Economic and Monetary Community (CEMAC) with the view to ensuring they are consistent with internal and external sustainability. This consistency is important within a...
Persistent link: https://www.econbiz.de/10012677509