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Fiscal Devaluations
Farhi, Emmanuel - 2011
We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New Keynesian open economy environment. We perform the analysis under...
Persistent link: https://www.econbiz.de/10013117401
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Deals Versus Rules : Policy Implementation Uncertainty and Why Firms Hate it
Hallward-Driemeier, Mary - 2010
Firms in Africa report "regulatory and economic policy uncertainty" as a top constraint to their growth. We argue that often firms in Africa do not cope with policy rules, rather they face deals; firm-specific policy actions that can be influenced by firm actions (e.g. bribes) and...
Persistent link: https://www.econbiz.de/10013143185
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Policy Choice : Theory and Evidence from Commitment Via International Trade Agreements
Limão, Nuno - 2010
. This result is stronger for organized industries, which further supports the theory. The main theoretical insights and …
Persistent link: https://www.econbiz.de/10012757990
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Expenditure Switching vs. Real Exchange Rate Stabilization : Competing Objectives for Exchange Rate Policy
Devereux, Michael B. - 2009
This paper develops a view of exchange rate policy as a trade-off between the desire to smooth fluctuations in real exchange rates so as to reduce distortions in consumption allocations, and the need to allow flexibility in the nominal exchange rate so as to facilitate terms of trade adjustment....
Persistent link: https://www.econbiz.de/10012767336
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The Behavioralist as Policy Designer : The Need to Test Multiple Treatments to Meet Multiple Targets
Hahn, Robert W. - 2016
We explore Tinbergen's fundamental insight that policymakers need at least as many policy instruments as targets. We extend this idea using a large natural field experiment in water resource management. We use social comparisons and loss-framed messages to help achieve two goals of our partner...
Persistent link: https://www.econbiz.de/10012978095
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Inflation-Output Tradeoff as Equilibrium Outcome of Globalization
Binyamini, Alon; Razin, Assaf - 2021
The paper provides an integrated analysis of globalization effects on the inflation-output tradeoff and monetary policy in the New-Keynesian framework. The prediction of the analysis is threefold. First, labor, goods, and capital mobility flatten the Phillips curve, the tradeoff between...
Persistent link: https://www.econbiz.de/10013233051
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The Eurocrisis : Muddling Through, or on the Way to a More Perfect Euro Union?
Aizenman, Joshua - 2014
institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing … responsibility for the euro's future. Germany's resilience and dominant size within the EU may explain its "muddling …
Persistent link: https://www.econbiz.de/10013052139
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Should Germany Have Built a New Wall? Macroeconomic Lessons from the 2015-18 Refugee Wave
Busch, Christopher; Krueger, Dirk; Ludwig, Alexander; … - 2022
In 2015-2016 Germany experienced a wave of predominantly low-skilled refugee immigration. We evaluate its macroeconomic …
Persistent link: https://www.econbiz.de/10013323665
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Anticipated Alternative Instrument-Rate Paths in Policy Simulations
Laseen, Stefan - 2010
This paper specifies a new convenient algorithm to construct policy projections conditional on alternative anticipated policy-rate paths in linearized dynamic stochastic general equilibrium (DSGE) models, such as Ramses, the Riksbank's main DSGE model. Such projections with anticipated...
Persistent link: https://www.econbiz.de/10012757526
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A Sticky-Information General-Equilibrium Model for Policy Analysis
Reis, Ricardo - 2010
This paper presents a dynamic stochastic general-equilibrium model with a single friction in all markets: sticky information. In this economy, agents are inattentive because of costs of acquiring, absorbing and processing information, so that the actions of consumers, workers and firms are slow...
Persistent link: https://www.econbiz.de/10012757855