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International Liquidity : The Fiscal Dimension

Obstfeld, Maurice - 2011

This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide …

Persistent link: https://www.econbiz.de/10013120324

Fiscal Policy in the Age of Covid : Does it ‘Get in All of the Cracks?’

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - 2021

We study the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level. First, we estimate the impact of COVID-19 and policy responses on small and medium sized enterprise (SME) business failures. We combine firm-level financial data from 50...

Persistent link: https://www.econbiz.de/10013210673

International Liquidity and Monetary Control

Frenkel, Jacob A. - 2021

This paper deals with the relations among international liquidity,the exchange-rate regime and the effectiveness of … provision of liquidity …

Persistent link: https://www.econbiz.de/10013218538

Macroeconomics with Financial Frictions : A Survey

Brunnermeier, Markus Konrad - 2012

when combined with illiquidity to non-linear amplification effects. Risk is endogenous and liquidity spirals cause …

Persistent link: https://www.econbiz.de/10013105795

Monetary Policy, Liquidity, and Growth

Aghion, Philippe - 2012

being "credit constrained", or by the extent to which it is prone to being "liquidity constrained". Our main findings are … that: (i) the interaction between credit or liquidity constraints and monetary policy countercyclicality, has a positive …

Persistent link: https://www.econbiz.de/10013106665

International Liquidity Illusion : On the Risks of Sterilization

Caballero, Ricardo J.; Krishnamurthy, Arvind - 2021

instruments used in the sterilization are illiquid or result in fiscal deficits that reduce the liquidity of the private sector … country's international liquidity during the external crisis and reversal, as would be the case with a successful … sterilization, but just a decline in domestic private liquidity. The impact of the latter on relative asset prices creates a sort of …

Persistent link: https://www.econbiz.de/10013210648

The Imbalances of the Bretton Woods System 1965 to 1973 : U.S. Inflation, the Elephant in the Room

Bordo, Michael D. - 2018

This paper argues that the key deep underlying fundamental for the growing international imbalances leading to the collapse of the Bretton Woods system between 1971 and 1973 was rising U.S. inflation since 1965. It was driven in turn by expansionary fiscal and monetary policies—the elephant in...

Persistent link: https://www.econbiz.de/10012906267

When it Rains, it Pours : Procyclical Capital Flows and Macroeconomic Policies

Kaminsky, Graciela L.; Reinhart, Carmen M.; Végh, Carlos A. - 2021

Based on a sample of 104 countries, we document four key stylized facts regarding the interaction between capital flows, fiscal policy, and monetary policy. First, net capital inflows are procyclical (i.e., external borrowing increases in good times and falls in bad times) in most OECD and...

Persistent link: https://www.econbiz.de/10013223342

Sharing the Burden : Monetary and Fiscal Responses to a World Liquidity Trap

Cook, David E. - 2011

interest rates' to fall below zero in all countries, giving rise to a global 'liquidity trap'. This paper explores the policy … demand towards the source (home) country. The key feature of demand shocks in a liquidity trap is that relative prices … liquidity trap, there is a critical mutual interaction between monetary and fiscal policy …

Persistent link: https://www.econbiz.de/10013123644

Anchors Away : How Fiscal Policy Can Undermine the Taylor Principle

Leeper, Eric M. - 2009

Slow moving demographics are aging populations around the world and pushing many countries into an extended period of heightened fiscal stress. In some countries, taxes alone cannot or likely will not fully fund projected pension and health care expenditures. If economic agents place sufficient...

Persistent link: https://www.econbiz.de/10013154566