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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/10012460995

Political Economics and Macroeconomic Policy

Persson, Torsten - 1997

incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and …: it covers credibility issues, political business cycles, and optimal design of monetary institutions. Part II deals with … fiscal policy in a dynamic general equilibrium set up: the main topics here are credibility of tax policy, and political …

Persistent link: https://www.econbiz.de/10012472486

The Role of Bank Restructuring in Recovering from Crises : Mexico 1995-98

Krueger, Anne - 1999

In this paper we analyze the evolution of the Mexican economy between 1995 and 1998. The remarkable quick recovery seen in aggregate activity has not been uniform across the economy. The tradable sector has grown strongly, while the non-tradable sector has recuperated only sluggishly. This...

Persistent link: https://www.econbiz.de/10012471758

Macroeconomic Policy and Institutions During the Transition to European Union Membership

Branson, William H. - 1998

A framework is developed for macroeconomic policy analysis in four countries of Central Europe (CE) in transition to EU membership (Czech Republic, Hungary, Poland, and Slovakia). A Multi-Annual Fiscal Adjustment Strategy (MAFAS) and a Pre-Pegging Exchange Rate Regime (PPERR) appropriate for...

Persistent link: https://www.econbiz.de/10012472253

Macroeconomic Policy in the Presence of Structural Maladjustment

Gordon, Robert J. - 1996

This paper analyzes two-way interactions between structural reform and macro policy. If structural reforms increase the flexibility of labor markets, they are likely to improve the short-run inflation-unemployment tradeoff, providing an incentive for policymakers to expand aggregate demand....

Persistent link: https://www.econbiz.de/10012473095

The Economics of Adjustment

Caplin, Andrew - 1994

In this paper we argue that many topics in macroeconomics can be viewed as part of the broader theory of the economics of adjustment. We argue that existing approaches to the economics of adjustment take a very narrow view of the role of information. We outline an approach to this topic that...

Persistent link: https://www.econbiz.de/10012474245

Why are Stabilizations Delayed?

Alesina, Alberto - 1989

When a stabilization has significant distributional implications (as in the case of tax increases to eliminate a large budget deficit) different socio-economic groups will attempt to shift the burden of stabilization onto other groups. The process leading to a stabilization becomes a "war of...

Persistent link: https://www.econbiz.de/10012475993

Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries

Edwards, Sebastian - 1989

This paper develops our analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementation of an adjustment program featuring an official devaluation. The effects of postponing adjustment depend on the source of the original shock,...

Persistent link: https://www.econbiz.de/10012476190

Japanese Structural Adjustment and the Balance of Payments

Sachs, Jeffrey - 1988

Policy discussions in Japan have increasingly recognized the important role of land values and land-use patterns in Japanese macroeconomic adjustment. In Japan in recent years, land wealth constitutes more than half of financial wealth, a proportion that is much higher than in the United States...

Persistent link: https://www.econbiz.de/10012476454

Exchange Rates and Tax-Based Export Promotion

Desai, Mihir A. - 2001

This paper examines the impact of tax-based export promotion on exchange rates and patterns of trade. The threatened removal of Foreign Sales Corporations (FSCs) due to the 1997 European Union complaint before the World Trade Organization (WTO) is used to identify the adjustment of exchange...

Persistent link: https://www.econbiz.de/10012470608

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