Narrow search
Showing 1 - 10 of 43
Cover Image
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
Cover Image
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
Cover Image
The Fiscal Framework of Monetary Policy
Feldstein, Martin - 1982
This paper illustrates the importance of the fiscal framework for monetary analysis by discussing three separate issues. I begin by examining how the fiscal framework changes the macroeconomic equilibrium associated with different steady state rates of money growth. This includes a summary of...
Persistent link: https://www.econbiz.de/10012478139
Cover Image
Fiscal Policies, Inflation and Capital Formation
Feldstein, Martin - 1978
Three ways of averting "excess saving" have been emphasized in both theory and practice. The thrust of the Keynesian prescription was to increase the government deficit to provide demand for the resources that would not otherwise be used for either consumption or investment. In this way,...
Persistent link: https://www.econbiz.de/10012478874
Cover Image
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
Cover Image
The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment
Feldstein, Martin - 2002
Japan are considered …
Persistent link: https://www.econbiz.de/10012469506
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
The International Monetary System : Living with Asymmetry
Obstfeld, Maurice - 2011
system: international liquidity and exchange rate management. Despite radical changes since World War II in the market … context for liquidity and exchange rate concerns, they remain central to discussions of international macroeconomic policy … coordination. To take two prominent examples of specific (and related) coordination problems, liquidity issues are paramount in …
Persistent link: https://www.econbiz.de/10012461016