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Optimal monetary-fiscal policy in the euro area liquidity crisis

Filiani, Pasquale - In: Journal of macroeconomics 70 (2021), pp. 1-19

Persistent link: https://www.econbiz.de/10013275458

Short-term monitoring of fiscal policy discipline

Camba-Méndez, Gonzalo (contributor); Lamo, Ana (contributor) - 2002

Persistent link: https://www.econbiz.de/10001702787

Why gradual and predictable? : bank lending during the sharpest quantitative tightening ever

Burlon, Lorenzo; Ferrari, Alessandro; Kho, Stephen; … - 2025

bank liquidity induces a tightening impact on credit supply, as intended when central banks reduce their balance sheets …. The tightening originates from the sudden relative convenience for banks accustomed to large liquidity holdings to more …

Persistent link: https://www.econbiz.de/10015179820

Convex supply curves

Boehm, Christoph E.; Pandalai-Nayar, Nitya - 2020

We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model, in which capacity constraints at the plant level generate convex supply curves at the industry level. The industry's capacity utilization rate is a sufficient statistic for the...

Persistent link: https://www.econbiz.de/10012271523

Expectations-driven liquidity traps : implications for monetary and fiscal policy

Nakata, Taisuke; Schmidt, Sebastian - 2019

can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no …-driven liquidity traps. Raising the in ation target or appointing an in ation-conservative central banker improves in ation outcomes … sufficiently less concerned with government spending stabilization than society can eliminate expectations-driven liquidity traps …

Persistent link: https://www.econbiz.de/10012037377

Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdon, Carlos; Smets, Frank - 2020

We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...

Persistent link: https://www.econbiz.de/10012137689

Monetary-fiscal policy interactions when price stability occasionally takes a back seat

Schmidt, Sebastian - 2024

What are the macroeconomic consequences of a government that is limited in its willingness or ability to raise primary surpluses, and a central bank that accommodates its interest-rate policy to the fiscal conditions? I address this question in a dynamic stochastic sticky-price model with...

Persistent link: https://www.econbiz.de/10014484339

Dynamic fiscal limits and monetary-fiscal policy interactions

Battistini, Niccolò; Callegari, Giovanni; Zavalloni, Luca - 2019

This paper analyzes the impact of monetary policy on public debt sustainability through the lens of a general equilibrium model with fiscal limits. We find that the mere possibility of a binding ZLB may have detrimental effects on debt sustainability, as a kink in the Laffer curve induces a...

Persistent link: https://www.econbiz.de/10011997483

Designing QE in a fiscally sound monetary union

Bletzinger, Tilman; Thadden, Leopold von - 2018

This paper develops a tractable model of a monetary union with a sound fiscal governance structure and shows how in such environment the design of monetary policy above and at the lower bound constraint on short-term interest rates can be linked to well-known findings from the literature dealing...

Persistent link: https://www.econbiz.de/10011856536

Equilibrium bidding in the eurosystem's open market operations

Bindseil, Ulrich - 2002

Persistent link: https://www.econbiz.de/10001670906