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D'Erasmo, Pablo - 2015

traditional approach to evaluate debt sustainability, and examine three alternative approaches that provide useful econometric and … model-simulation tools to analyze debt sustainability. The first approach is Bohn's non-structural empirical framework based … three approaches to analyze debt sustainability in the United States and Europe after the recent surge in public debt …

Persistent link: https://www.econbiz.de/10013015096

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/10013077956

Market Deregulation and Optimal Monetary Policy in a Monetary Union

Cacciatore, Matteo - 2013

The wave of crises that began in 2008 reheated the debate on market deregulation as a tool to improve economic performance. This paper addresses the consequences of increased flexibility in goods and labor markets for the conduct of monetary policy in a monetary union. We model a two-country...

Persistent link: https://www.econbiz.de/10013082164

Welfare and Macroeconomic Interdependence

Corsetti, Giancarlo; Pesenti, Paolo A. - 2021

The paper develops a simple choice-theoretic model suitable for carrying out welfare" analyses of the international transmission of monetary and fiscal policies. The model can be" solved in closed form and illustrated in terms of the simplest graphical apparatus provide the analysis of...

Persistent link: https://www.econbiz.de/10013236808

Fiscal and Migration Competition

Razin, Assaf - 2010

It is often argued that tax competition may lead to a "race to the bottom". Such a race may hold indeed in the case of the pure case of factor mobility (such as capital mobility). However, in this paper we emphasize the unique feature of labor migration, that may nullify the "race to the bottom"...

Persistent link: https://www.econbiz.de/10013139888

Saving Europe? : The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies

Mendoza, Enrique G. - 2014

What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore cross-country spillovers of tax...

Persistent link: https://www.econbiz.de/10013046730

Quantitative Effects of Fiscal Foresight

Leeper, Eric M. - 2010

Changes in fiscal policy typically entail two kinds of lags: the legislative lag--between when legislation is proposed and when it is signed into law--and the implementation lag--from when a new fiscal law is enacted and when it takes effect. These lags imply that substantial time evolves...

Persistent link: https://www.econbiz.de/10013138090

Government Investment and Fiscal Stimulus in the Short and Long Runs

Leeper, Eric M. - 2009

This paper contributes to the debate about fiscal multipliers by studying the impacts of government investment in conventional neoclassical growth models. The analysis focuses on two dimensions of fiscal policy that are critical for understanding the effects of government investment:...

Persistent link: https://www.econbiz.de/10013158015

Escaping the Great Recession

Bianchi, Francesco - 2014

We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great...

Persistent link: https://www.econbiz.de/10013052104

Monetary/Fiscal Policy Mix and Agents' Beliefs

Bianchi, Francesco - 2014

We reinterpret post World War II US economic history using an estimated microfounded model that allows for changes in the monetary/fiscal policy mix. We find that the fiscal authority was the leading authority in the ‘60s and the ‘70s. The appointment of Volcker marked a change in the...

Persistent link: https://www.econbiz.de/10013052676

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