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Fiscal and Monetary Anchors for Price Stability
Fund, International Monetary - 2008
sub-Saharan African countries on the relative importance of fiscal and monetary determinants of inflation. Based on the … dynamic response of inflation to different shocks, including nominal public debt, results show that a number of SSA countries …
Persistent link: https://www.econbiz.de/10012677562
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It's Never Different: Fiscal Policy Shocks and Inflation
Cevik, Serhan - 2023
This paper investigates the impact of fiscal shocks on inflation, using a large panel of 139 countries over the period … 1970-2021. First, both headline and core measures of inflation increase in response to expansionary shifts in the fiscal … with care in aggregate demand management as it has significant effects on inflation, which are highly dependent on fiscal …
Persistent link: https://www.econbiz.de/10015059448
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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
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Beware of Emigrants Bearing Gifts : Optimal Fiscal and Monetary Policy in the Presence of Remittances
Gapen, Michael T - 2006
Persistent link: https://www.econbiz.de/10013042570
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Optimal Monetary and Fiscal Policy with Limited Asset Market Participation
Stehn, Sven Jari - 2009
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
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Strategic Interactions between an Independent Central Bank and a Myopic Government with Government Debt
Stehn, Sven Jari - 2008
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
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Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints
Kumhof, Michael - 2009
a very low coefficient on inflation, which minimizes real wage volatility. The welfare gains of optimizing the fiscal …
Persistent link: https://www.econbiz.de/10012677523
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Monetary and Fiscal Rules in an Emerging Small Open Economy
Levine, Paul - 2009
a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt …
Persistent link: https://www.econbiz.de/10012677709
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Effective Fiscal-Monetary Interactions in Severe Recessions
Chen, Jiaqian - 2022
The COVID-19 pandemic and the subsequent need for policy support have called the traditional separation between fiscal and monetary policies into question. Based on simulations of an open economy DSGE model calibrated to emerging and advance economies and case study evidence, the analysis shows...
Persistent link: https://www.econbiz.de/10015060145
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Expenditure Composition and Distortionary Tax for Equitable Economic Growth.
Park, Hyun - 2006
Persistent link: https://www.econbiz.de/10012691087