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Stabilizing Expectations Under Monetary and Fiscal Policy Coordination
Eusepi, Stefano - 2008
need for policy coordination: the specific choice of monetary policy limits the set of fiscal policies consistent with …
Persistent link: https://www.econbiz.de/10012769881
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Issues in the Coordination of Monetary and Fiscal Policy
Blinder, Alan S. - 2021
This paper examines issues in the current debate over coordination between fiscal and monetary policies. Section I1 … uses the traditional targets-instruments approach to assess the potential gains from greater coordination. Since greater … coordination is often equated with looser money and tighter fiscal policy, two econometric models of the economy are used to …
Persistent link: https://www.econbiz.de/10013242923
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Australia Farewell : Predictors of Emigration in the 2000s
Burkhauser, Richard V. - 2016
The factors leading individuals to immigrate to developed nations are widely studied, but comparatively less is known about those who emigrate from them. In this paper, we use data from a nationally representative cohort of Australian adults to develop longitudinal measures of emigration and to...
Persistent link: https://www.econbiz.de/10013000505
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Determinacy, Learnability, and Plausibility in Monetary Policy Analysis : Additional Results
McCallum, Bennett T. - 2010
In a very broad class of dynamic linear models, if agents possess knowledge of current endogenous variables in a least-squares learning process, determinacy of a rational expectations (RE) equilibrium is sufficient but not necessary for learnability of that equilibrium. Thus, since learnability...
Persistent link: https://www.econbiz.de/10012758599
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Monetary Policy Analysis When Planning Horizons are Finite
Woodford, Michael - 2018
It is common to analyze the effects of alternative monetary policy commitments under the assumption of fully model-consistent expectations. This implicitly assumes unrealistic cognitive abilities on the part of economic decision makers. The relevant question, however, is not whether the...
Persistent link: https://www.econbiz.de/10012917036
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Are Two Heads Better than One? : An Experimental Analysis of Group vs. Individual Decisionmaking
Blinder, Alan S.; Morgan, John - 2021
Two laboratory experiments - one a statistical urn problem, the other a monetary policy experiment - were run to test the commonly-believed hypothesis that groups make decisions more slowly than individuals do. Surprisingly, this turns out not to be true there is no significant difference in...
Persistent link: https://www.econbiz.de/10013247633
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Signalling, Wage Controls and Monetary Disinflation Policy
Persson, Torsten; van Wijnbergen, Sweder - 2021
Wage and price controls have a long and somewhat disreputable history, presumably because of their frequent use in many countries as short run substitutes for measure~ with more lasting effects on the inflation rate. But, in 1985 and 1986, Argentina, Brazil, and Israel used extensive wage-price...
Persistent link: https://www.econbiz.de/10013246281
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Sluggish Inflation Expectations : A Markov Chain Analysis
Kocherlakota, Narayana - 2016
A large body of recent empirical work on inflation dynamics documents that current real variables (like unemployment or output gaps) have little explanatory power for future inflation. Motivated by these findings, I explore the properties of a wide class of models in which inflation expectations...
Persistent link: https://www.econbiz.de/10012998409
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Monetary Policy as Financial-Stability Regulation
Stein, Jeremy C. - 2011
This paper develops a model that speaks to the goals and methods of financial-stability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely that unregulated private money creation can lead to an...
Persistent link: https://www.econbiz.de/10013128276
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Global Liquidity Trap
Fujiwara, Ippei - 2011
In this paper we consider a two-country New Open Economy Macroeconomics model, and analyze the optimal monetary policy 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...
Persistent link: https://www.econbiz.de/10013128606