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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

Aggregate Implications of Indivisible Labor, Incomplete Markets, and Labor Market Frictions

Krusell, Per - 2008

This paper analyzes a model that features frictions, an operative labor supply margin, and incomplete markets. We first provide analytic solutions to a benchmark model that includes indivisible labor and incomplete markets in the absence of trading frictions. We show that the steady state levels...

Persistent link: https://www.econbiz.de/10012464776

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

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

A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms

Velasco, Andres - 1997

This paper develops a political-economic model of fiscal policy one in which" government resources are a common property' out of which interest groups can finance" expenditures on their preferred items. This setup has striking macroeconomic implications. " First, fiscal deficits and debt...

Persistent link: https://www.econbiz.de/10012472479

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

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

Generalizing the Taylor Principle

Davig, Troy - 2005

The paper generalizes the Taylor principle---the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation---to an environment in which reaction coefficients in the monetary policy rule evolve...

Persistent link: https://www.econbiz.de/10012466797

Liquidity and Governance

Back, Kerry - 2013

Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and … information concerns her own plans for taking an active role in governance. We show that an increase in the liquidity of the firm …'s stock increases the likelihood of the large investor 'taking the Wall Street walk.' Thus, higher liquidity is harmful for …

Persistent link: https://www.econbiz.de/10012458993

The Effect of Liquidity on Governance

Edmans, Alex - 2011

This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge … measure governance intent rather than only studying instances of actual governance. We find that liquidity increases the … likelihood that a hedge fund acquires a block in a firm. Conditional upon acquiring a stake, liquidity reduces the likelihood …

Persistent link: https://www.econbiz.de/10012461091

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