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Simple, Implementable Fiscal Policy Rules

Kumhof, Michael - 2009

This paper analyzes the scope for systematic rules-based fiscal activism in open economies. Relative to a balanced budget rule, automatic stabilizers significantly improve welfare. But they minimize fiscal instrument volatility rather than business cycle volatility. A more aggressively...

Persistent link: https://www.econbiz.de/10012677758

Fiscal Stimulus with Spending Reversals

Müller, Gernot - 2009

The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending under a plausible debt-stabilizing policy that links current stimulus to...

Persistent link: https://www.econbiz.de/10012677773

Tax Reforms, Free Lunches, and Cheap Lunches in Open Economies

Tervala, Juha - 2008

This paper focuses on the macroeconomic and budgetary impact of tax reforms in a New Keynesian two-country model. Our results show that both income and consumption unilateral tax rate reductions do not constitute a ""free lunch"", in the sense that they have negative budgetary consequences for...

Persistent link: https://www.econbiz.de/10012677669

Monetary Policy and Exchange Rate Dynamics in a Behavioral Open Economy Model

Kolasa, Marcin - 2022

We develop an extension of the open economy New Keynesian model in which agents are boundedly rational à la Gabaix (2020). Our setup nests rational expectations (RE) as a special case and it can successfully mitigate many "puzzling" aspects of the relationship between exchange rates and...

Persistent link: https://www.econbiz.de/10015060377

How Do Banking Crises Affect Bilateral Exports?

Kiendrebeogo, Youssouf - 2013

This paper investigates whether banking crises are associated with declines in bilateral exports. We first develop a simple open economy model in which banking crises translate into negative liquidity shocks, leading to collapses in exports through supply-side and demand-side shocks. We then...

Persistent link: https://www.econbiz.de/10014409433

The Impact of Tradeon Wages; What If Countries Are Not Small?

Tokutsu, Ichiro; Saito, Mika - International Monetary Fund (IMF) - 2006

of trade on relative wages. …

Persistent link: https://www.econbiz.de/10005263956

Economic Integration, Sectoral Diversification, and Exchange Rate Policy in a Developing Economy

Srour, Gabriel - International Monetary Fund (IMF) - 2004

The paper develops a simple three-sector model of a developing country with nominal wage rigidity, in which one sector is thought of as the primary sector and the other two are sectors in which the country can diversify. The paper then analyzes the relationship between the market structure of...

Persistent link: https://www.econbiz.de/10005825986

Quantifying the Impact of Tradeon Wages; The Role of Nontraded Goods

Tokarick, Stephen - International Monetary Fund (IMF) - 2002

-related variables on wages of skilled and unskilled labor between 1982 and 1996 in the United States. The results indicate that trade … widening wage gap. Also, changes in total factor productivity had a small effect on relative wages. The major factor behind the … presents estimates of the effect of trade on wages by calculating what wage rates would be under autarky. The results show that …

Persistent link: https://www.econbiz.de/10005599575

Climate and Cross-Border Migration

Beltran, Paula - 2023

Our work is positioned at the intersection of migration and climate change-two key forces shaping the economic outlook of many countries. The analysis explores: (i) the relative importance of origincountry vs destination-country factors in explaining migration patterns; (ii) importance of...

Persistent link: https://www.econbiz.de/10015058871

Migration, Search and Skill Heterogeneity

Oikonomou, Myrto - 2023

Cross-border migration can act as an important adjustment mechanism to country-specific shocks. Yet, depending on who moves, it can have unintended consequences for business cycle stability. This paper argues that the skill composition of migration plays a critical role. When migration flows...

Persistent link: https://www.econbiz.de/10015059284

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