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Fiscal Rules and the Budget Process
Milesi-Ferretti, Gian-Maria - 1996
This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for the existence of a “fiscal deficit bias” and the empirical evidence on the economic, political and institutional factors leading to this bias....
Persistent link: https://www.econbiz.de/10014398346
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Scarcity effects of quantitative easing on market liquidity : evidence from the Japanese government bond market
Han, Fei; Seneviratne, Dulani - 2018
) effects of the Bank of Japan (BOJ)'s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity …Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints …, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central …
Persistent link: https://www.econbiz.de/10011852598
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The impact of unconventional monetary policy measures by the systemic four on global liquidity and monetary conditions
Korniyenko, Yevgeniya; Loukoianova, Elena - 2015
States, the United Kingdom, Euro area and Japan- the Systemic Four-on global monetary and liquidity conditions. Overall, the … countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but …
Persistent link: https://www.econbiz.de/10011445532
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Reflating Japan : time to get unconventional?
Arbatli, Elif; Botman, Dennis P. J.; Clinton, Kevin; … - 2016
Japan has ambitious economic goals: 3 percent nominal growth; 2 percent inflation; and a primary budget surplus …
Persistent link: https://www.econbiz.de/10011715113
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A requiem for the fiscal theory of the price level
Farmer, Roger E. A.; Zabczyk, Pawel - 2019
The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an...
Persistent link: https://www.econbiz.de/10012112131
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Constrained efficient borrowing with sovereign default risk
Hatchondo, Juan Carlos; Martinez, Leonardo; Roch, Francisco - 2020
Persistent link: https://www.econbiz.de/10012392477
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Sovereign debt sustainability and central bank credibility
Willems, Tim; Zettelmeyer, Jeromin - 2022
require future primary surpluses. We argue that liquidity services provided by sovereign debt may indeed lead to a "free lunch …
Persistent link: https://www.econbiz.de/10013170526
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Fiscal Policy, Labor Markets and the Poor
International Monetary Fund - 1990
In designing policy measures, including possible social safety nets, targeted to the poor, it is important to fully understand the efficiency implications of these measures. There is abundant macroeconomic literature on their negative effects on the poor’s work effort. The literature, however,...
Persistent link: https://www.econbiz.de/10014396380
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Financial De-Dollarization : Is it for Real?
Levy Yeyati, Eduardo - 2005
De facto (unofficial) dollarization, defined as the holding by residents of assets and liabilities denominated in a foreign currency, is a policy concern in an increasing number of developing economies. This paper addresses the dollarization debate from this perspective, with the goal of setting...
Persistent link: https://www.econbiz.de/10014404222
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Optimal Liquidity and Economic Stability
Han, Linghui - 2012
attention was paid to the potential spillover of excess liquidity. This paper suggests a notional level of ""optimal"" liquidity …
Persistent link: https://www.econbiz.de/10014396541