Showing 1 - 10 of 195
Past government spending in Japan is currently imposing a significant fiscal burden that is reflected in a net debt to …
Persistent link: https://www.econbiz.de/10012459229
-2004. First, we find that the Bank of Japan's policy commitment to continuing monetary easing until some prespecified conditions … sloping, indicating that the Bank of Japan's commitment failed to have su.cient influence on the market's expectations about … escape from the liquidity trap …
Persistent link: https://www.econbiz.de/10012467534
Persistent link: https://www.econbiz.de/10001631625
A new theory of price determination suggests that if primary surpluses are independent of the level of debt, the price level has to jump' to assure fiscal solvency. In this regime (which we call Fiscal Dominant), monetary policy has to work through seignorage to control the price level. If on...
Persistent link: https://www.econbiz.de/10012472334
Single-equation estimates of fiscal reaction functions, which relate primary surpluses to past debt-GDP ratios and control variables, are subject to potentially serious simultaneity bias that can produce misleading inferences about fiscal behavior. Biases arise from failure to model the general...
Persistent link: https://www.econbiz.de/10012456018
This chapter reviews and synthesizes our current understanding of the shocks that drive economic fluctuations. The chapter begins with an illustration of the problem of identifying macroeconomic shocks, followed by an overview of the many recent innovations for identifying shocks. It then...
Persistent link: https://www.econbiz.de/10012456695
Persistent link: https://www.econbiz.de/10001543266
Exploiting results from the literature on non-parametric identification, we make three methodological contributions to the empirical literature estimating the matching function, commonly used to map unemployment and vacancies into hires. First, we show how to non-parametrically identify the...
Persistent link: https://www.econbiz.de/10012481928
A search-theoretic general equilibrium model of frictional unemployment is shown to be consistent with some of the key regularities of unemployment over the business cycle. In the model the return to a job moves stochastically. Agents can choose either to quit and search for a better job, or...
Persistent link: https://www.econbiz.de/10012472902
This paper examines the determinants of firm stock-price performance from 1990 to 1993" in Japan. During that period of …
Persistent link: https://www.econbiz.de/10012472574