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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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Fiscal and Monetary Policy During Downturns
Stehn, Sven Jari - 2009
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
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Creating Sustainable Fiscal Space for Infrastructure : The Case of Tanzania
Ter-Minassian, Teresa - 2008
maintaining infrastructure networks. Over the past decade, developed and developing countries have looked to fiscal rules … instruments to raise additional finance for infrastructure investment. This paper looks at the range of options for raising the … financing to meet Tanzania's infrastructure needs. It begins with a brief survey of the evidence on the relationship between …
Persistent link: https://www.econbiz.de/10014409074
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Creating Sustainable Fiscal Space for Infrastructure
Ter-Minassian, Teresa - 2008
maintaining infrastructure networks. Over the past decade, developed and developing countries have looked to fiscal rules … instruments to raise additional finance for infrastructure investment. This paper looks at the range of options for raising the … financing to meet Tanzania's infrastructure needs. It begins with a brief survey of the evidence on the relationship bet …
Persistent link: https://www.econbiz.de/10012677684
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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
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Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints
Kumhof, Michael - 2009
We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowingconstrained agents,...
Persistent link: https://www.econbiz.de/10012677523
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Fiscal and Monetary Anchors for Price Stability
Fund, International Monetary - 2008
The paper presents a model of fiscal dominance with borrowing constraints, and provides evidence for a large number of 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,...
Persistent link: https://www.econbiz.de/10012677562
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Monetary and Fiscal Rules in an Emerging Small Open Economy
Levine, Paul - 2009
We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt-GDP ratio around a specified long run. We show how such...
Persistent link: https://www.econbiz.de/10012677709
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Macroeconomic Responses to Terms-of-Trade Shocks
Berkmen, Pelin - 2009
This paper presents a version of the global integrated monetary fiscal (GIMF) model adapted and calibrated to the Argentine economy. The model replicates the effect of the strong improvement in Argentina's terms of trade stemming from higher world commodity prices as well as other key economic...
Persistent link: https://www.econbiz.de/10012677786
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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 policy stance. Second, we split the sample and observe...
Persistent link: https://www.econbiz.de/10015059448