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Sustainability, Debt Management, and Public Debt Policy in Japan

Doi, Takero - 2014

The purpose of this paper is to analyze sustainability issues of Japan%u2019s fiscal policy and then to discuss the … authority of Japan because it has accumulated the debt outstanding much more than other countries …

Persistent link: https://www.econbiz.de/10012752153

Disinflation and Fiscal Reform : A Neoclassical Perspective

Rigobon, Roberto - 2021

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/10013233012

Optimal Monetary and Fiscal Policy in a Currency Union

Galí, Jordi; Monacelli, Tommaso - 2022

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/10013324158

Monetary and Fiscal Policy in a Liquidity Trap : The Japanese Experience 1999-2004

Iwamura, Mitsuru - 2012

-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/10013104771

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/10012777395

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies

Corsetti, Giancarlo - 2012

This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, and illustrate its main properties with the help of an intuitive graphical apparatus. Among the issues we discuss: optimal...

Persistent link: https://www.econbiz.de/10013104441

Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices

Rigobon, Roberto - 2006

The current literature has provided a number of important insights about the effects of macroeconomic data releases on monetary policy expectations and asset prices. However, one puzzling aspect of that literature is that the estimated responses are quite small. Indeed, these studies typically...

Persistent link: https://www.econbiz.de/10012779830

Surprising Comparative Properties of Monetary Models : Results from a New Data Base

Taylor, John B. - 2010

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/10012757616

Generalizing the Taylor Principle

Davig, Troy - 2013

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/10012754428

Global Liquidity Trap

Fujiwara, Ippei - 2011

when countries cooperate in the face of a "global liquidity trap" - i.e., a situation where the two countries are … simultaneously caught in liquidity traps. Compared to the closed economy case, a notable feature of the optimal policy in the face of … a global liquidity trap is its international dependence. Whether or not a country's nominal interest rate is hitting the …

Persistent link: https://www.econbiz.de/10013128606

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