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Coordination of Monetary and Fiscal Policies
International Monetary Fund - 1998
effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the …
Persistent link: https://www.econbiz.de/10014401884
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Sovereign debt sustainability and central bank credibility
Willems, Tim; Zettelmeyer, Jeromin - 2022
This article surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present, focusing on four debates. First, the shift from an "accounting based" view of debt sustainability, evaluated using government borrowing rates, to a "model based" view which uses...
Persistent link: https://www.econbiz.de/10013170526
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International Financial Integration, Sovereignty, and Constraintson Macroeconomic Policies
Kletzer, Kenneth - 2006
This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national...
Persistent link: https://www.econbiz.de/10014401979
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Macroeconomic and financial policies for climate change mitigation : a review of the literature
Krogstrup, Signe; Oman, William - 2019
Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The...
Persistent link: https://www.econbiz.de/10012103638
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How loose, how tight? : a measure of monetary and fiscal stance for the euro area
Batini, Nicoletta; Cantelmo, Alessandro; Melina, Giovanni; … - 2020
This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the...
Persistent link: https://www.econbiz.de/10012251959
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Will Fiscal Policy Be Effective Under EMU?
Cangiano, M. - 1998
, redistribution, and stabilization. While in the short term enhanced policy coordination may address those pressures satisfactorily …
Persistent link: https://www.econbiz.de/10014403422
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Is Fiscal Policy Coordination in EMU Desirable?
Beetsma, Roel M. W. J. - 2001
It is widely argued that Europe''s unified monetary policy calls for international coordination at the fiscal level. We … survey the issues involved in such coordination in the perspective of macroeconomic stabilization. A simple model identifies … the circumstances under which coordination may be desirable. Coordination is beneficial when the cross-country correlation …
Persistent link: https://www.econbiz.de/10014400111
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The negative mean output gap
Aiyar, Shekhar; Voigts, Simon - 2019
We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns than they increase employment during expansions. This is demonstrated in a simple...
Persistent link: https://www.econbiz.de/10012103632
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How informative are real time output gap estimates in Europe?
Kangur, Alvar; Kirabaeva, Koralai; Natal, Jean-Marc; … - 2019
We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw economies as operating below their potential. In real time, output gaps tend to have...
Persistent link: https://www.econbiz.de/10012103755
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Monetary and Fiscal Policy Interactions in the Post-War U.S
Yang, Shu-Chun S. - 2010
A New Keynesian model allowing for an active monetary and passive fiscal policy (AMPF) regime and a passive monetary and active fiscal policy (PMAF) regime is fit to various U.S. samples from 1955 to 2007. Data in the pre-Volcker periods strongly prefer an AMPF regime, but the estimation is not...
Persistent link: https://www.econbiz.de/10014402662