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Crunch Time : Fiscal Crises and the Role of Monetary Policy

Greenlaw, David - 2013

Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...

Persistent link: https://www.econbiz.de/10012459364

A Luna-tic Stablecoin Crash

Uhlig, Harald - National Bureau of Economic Research - 2022

After remaining close to 1 US Dollar since its inception in November 2020, the algorithmic stablecoin UST crashed in the two weeks of May 9th to May 15th, 2022, leading to a price collapse of the underlying LUNA token and the erasure of more than 50 Billion U.S. Dollar or 90% in market value

Persistent link: https://www.econbiz.de/10013334473

Neoclassical Growth with Long-Term One-Sided Commitment Contracts

Krueger, Dirk; Uhlig, Harald - National Bureau of Economic Research - 2022

-utility we provide a complete analytical characterization of the optimal consumption insurance contract, the stationary … consumption distribution and the equilibrium aggregate capital stock and interest rate. Under parameter restrictions, there is a … unique stationary equilibrium with partial consumption insurance and a stationary consumption distribution that takes a …

Persistent link: https://www.econbiz.de/10013388874

One-Sided Limited Commitment and Aggregate Risk

Ando, Yoshiki; Krueger, Dirk; Uhlig, Harald - National Bureau of Economic Research - 2023

assets short. The model results, under suitable restrictions of the parameters of the model, in partial consumption insurance … non-degenerate consumption- and wealth distribution. We use the tractability of the model to study, analytically …

Persistent link: https://www.econbiz.de/10014437034

Neoclassical Growth Transition Dynamics with One-Sided Commitment

Krueger, Dirk; Li, Fulin; Uhlig, Harald - National Bureau of Economic Research - 2024

equilibrium features imperfect insurance and a non-degenerate cross-sectional consumption distribution. When household labor … dynamics induced by unexpected technology shocks, including the evolution of the consumption distribution, in closed form. Thus … which limits to consumption insurance emerge endogenously due to limited commitment …

Persistent link: https://www.econbiz.de/10015056206

What are the Effects of Fiscal Policy Shocks?

Mountford, Andrew - 2008

We propose and apply a new approach for analyzing the effects of fiscal policy using vector autoregressions. Specifically, we use sign restrictions to identify a government revenue shock as well as a government spending shock, while controlling for a generic business cycle shock and a monetary...

Persistent link: https://www.econbiz.de/10012464097

Financial Policies and the Prevention of Financial Crises in Emerging Market Countries

Mishkin, Frederic S. - 2001

This paper outlines a set of financial policies that can help make financial crises less likely in emerging market countries. To justify these policies, the paper first explains what a financial crisis is, the factors that promote a financial crisis and the dynamics of a financial crisis. It...

Persistent link: https://www.econbiz.de/10012470642

Fiscal Stimulus and Distortionary Taxation

Drautzburg, Thorsten - 2011

We quantify the fiscal multipliers in response to the American Recovery and Reinvestment Act (ARRA) of 2009. We extend the benchmark Smets-Wouters (2007) New Keynesian model, allowing for credit-constrained households, the zero lower bound, government capital and distortionary taxation. The...

Persistent link: https://www.econbiz.de/10012461546

What are the effects of monetary policy on output? : Results from an agnostic identification procedure

Uhlig, Harald - In: Journal of monetary economics 52 (2005) 2, pp. 381-419

Persistent link: https://www.econbiz.de/10002757815

An integrated view of tests of rationality, market efficiency and the short-run neutrality of monetary policy

Abel, Andrew B.; Mishkin, Frederic S. - In: Journal of monetary economics 11 (1983) 1, pp. 3-24

Persistent link: https://www.econbiz.de/10001803619