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Fiscal fragility : what the past may say about the future
Aizenman, Joshua - 2010
The end of the great moderation has profound implications on the assessment of fiscal sustainability. The pertinent issue goes beyond the obvious increase in the stock of public debt/GDP induced by the global recession, to include the neglected perspective that the vulnerabilities associated...
Persistent link: https://www.econbiz.de/10012462179
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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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The Impacts of Crises on the Trilemma Configurations
Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - National Bureau of Economic Research - 2022
important policy instrument, insuring against liquidity shortages. We find that countries' policy mixes are diverse, and have …
Persistent link: https://www.econbiz.de/10013362059
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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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Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone : COVID-19 Dominance During January - June 2020
Jinjarak, Yothin - 2020
This case study compares the importance of prevailing market factors against that of COVID-19 dynamics and policy responses in explaining the evolution of Eurozone (EZ) sovereign spreads during the first half of 2020. Focusing on daily Eurozone CDS spreads, we adopt a multi-stage econometric...
Persistent link: https://www.econbiz.de/10012481646
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Post COVID-19 Exit Strategies and Emerging Markets Economic Challenges
Aizenman, Joshua - 2020
'Phoenix Emergence' of Western Europe and Japan from WWII destruction. The contrast between the two exit strategies suggests …
Persistent link: https://www.econbiz.de/10012482186
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On the ease of overstating the fiscal stimulus in the US, 2008-9
Aizenman, Joshua - 2010
This note shows that the aggregate fiscal expenditure stimulus in the United States, properly adjusted for the declining fiscal expenditure of the fifty states, was close to zero in 2009. While the Federal government stimulus prevented a net decline in aggregate fiscal expenditure, it did not...
Persistent link: https://www.econbiz.de/10012462868
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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 - 2004
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/10012467820
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Liquidity and the international monetary system
Obstfeld, Maurice - In: In the wake of the crisis : leading economists reassess …, (pp. 215-223). 2012
Persistent link: https://www.econbiz.de/10009618611