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International Liquidity : The Fiscal Dimension
Obstfeld, Maurice - 2011
This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide …
Persistent link: https://www.econbiz.de/10013120324
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International Liquidity : The Fiscal Dimension
Obstfeld, Maurice - 2011
This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide …
Persistent link: https://www.econbiz.de/10012461279
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Monetary and Fiscal Remedies for Deflation
Auerbach, Alan J. - 2011
Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short … benefits and facilitate the use of powerful fiscal policy tools even in a liquidity trap. In this paper, we consider an … alternative approach that has been suggested for use in a liquidity trap, a scheduled increase in consumption tax rates. We find …
Persistent link: https://www.econbiz.de/10013133109
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EMU : Ready, or Not?
Obstfeld, Maurice - 1999
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10012471509
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Emu : Ready, or Not?
Obstfeld, Maurice - 2021
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10013235280
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Monetary and Fiscal Remedies for Deflation
Auerbach, Alan - 2004
Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short … benefits and facilitate the use of powerful fiscal policy tools even in a liquidity trap. In this paper, we consider an … alternative approach that has been suggested for use in a liquidity trap, a scheduled increase in consumption tax rates. We find …
Persistent link: https://www.econbiz.de/10012468404
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How to improve inflation targeting in Canada
Obstfeld, Maurice; Clinton, Kevin; Kamenik, Ondra; … - 2016
Routine publication of the forecast path for the policy interest rate (i.e. 'conventional forward guidance') would improve the transparency of monetary policy. It would also improve policy effectiveness through its influence on expectations, particularly when there is a risk of low inflation,...
Persistent link: https://www.econbiz.de/10011715420
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Time of Troubles : The Yen and Japan's Economy, 1985-2008
Obstfeld, Maurice - 2010
during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period … the price of oil. Since the mid-1990s, the yen's real exchange rate has generally followed a depreciating trend and Japan …
Persistent link: https://www.econbiz.de/10012757671
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Time of Troubles : The Yen and Japan's Economy, 1985-2008
Obstfeld, Maurice - 2009
during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period … the price of oil. Since the mid-1990s, the yen's real exchange rate has generally followed a depreciating trend and Japan …
Persistent link: https://www.econbiz.de/10012463831
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The Unsustainable Us Current Account Position Revisited
Obstfeld, Maurice - 2010
We show that the when one takes into account the global equilibrium ramifications of an unwinding of the US current account deficit, currently estimated at 5.4% of GDP, the potential collapse of the dollar becomes considerably larger--more than 50% larger--than our previous estimates (Obstfeld...
Persistent link: https://www.econbiz.de/10012762556