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Sustainability, Debt Management, and Public Debt Policy in Japan
Doi, Takero - 2006
authority of Japan because it has accumulated the debt outstanding much more than other countries …The purpose of this paper is to analyze sustainability issues of Japan's fiscal policy and then to discuss the debt …
Persistent link: https://www.econbiz.de/10012466308
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Disinflation and Fiscal Reform : A Neoclassical Perspective
Rigobon, Roberto - 2002
During the last two decades, many Latin American countries engaged in disinflation programs based on both exchange rate management and fiscal reforms. However, in most instances, part of the fiscal reform was delayed or not implemented completely, so the fiscal deficit increased and the program...
Persistent link: https://www.econbiz.de/10012470009
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Optimal Monetary and Fiscal Policy in a Currency Union
Gali, Jordi - 2005
We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyze its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is...
Persistent link: https://www.econbiz.de/10012466856
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Joined at the Hip : Monetary and Fiscal Policy in a Liquidity-Dependent World
Calvo, Guillermo; Velasco, Andrés - National Bureau of Economic Research - 2022
We study the effects of monetary and fiscal policies when both money and government bonds provide liquidity services … the supply of bonds. Those movements in government bond prices affect available liquidity, and therefore aggregate demand … interest rate on money. We conclude that in a liquidity-dependent world, fiscal and monetary policies are joined at the hip …
Persistent link: https://www.econbiz.de/10013172164
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Quantitative Effects of Fiscal Foresight
Leeper, Eric M. - 2010
Changes in fiscal policy typically entail two kinds of lags: the legislative lag--between when legislation is proposed and when it is signed into law--and the implementation lag--from when a new fiscal law is enacted and when it takes effect. These lags imply that substantial time evolves...
Persistent link: https://www.econbiz.de/10012462293
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Anchoring Fiscal Expectations
Leeper, Eric M. - 2009
In this lecture, I argue that there are remarkable parallels between how monetary and fiscal policies operate on the macro economy and that these parallels are sufficient to lead us to think about transforming fiscal policy and fiscal institutions as many countries have transformed monetary...
Persistent link: https://www.econbiz.de/10012463382
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The Influence of Actual and Unrequited Interventions
Dominguez, Kathryn M.E. - 2007
Intervention operations are used by governments to manage their exchange rates but officials rarely confirm their presence in the market, leading inevitably to erroneous reports in the financial press. There are also reports of what we term, unrequited interventions, interventions that the...
Persistent link: https://www.econbiz.de/10012465703
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Monetary and Fiscal Policy in a Liquidity Trap : The Japanese Experience 1999-2004
Iwamara, Mitsuru - 2005
-2004. First, we find that the Bank of Japan's policy commitment to continuing monetary easing until some prespecified conditions … sloping, indicating that the Bank of Japan's commitment failed to have su.cient influence on the market's expectations about … escape from the liquidity trap …
Persistent link: https://www.econbiz.de/10012467534
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What about Japan?
Chien, YiLi; Cole, Harold L.; Lustig, Hanno - National Bureau of Economic Research - 2023
Japan's low-rate policies on its government and households. Because of the duration mismatch on the government balance sheet …
Persistent link: https://www.econbiz.de/10014436981
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Surprising Comparative Properties of Monetary Models : Results from a New Data Base
Taylor, John B. - 2009
In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new data base of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...
Persistent link: https://www.econbiz.de/10012463799