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Monetary Stimulus Amidst the Infrastructure Investment Spree : Evidence from China's Loan-Level Data
Chen, Kaiji - 2020
We study the impacts of the 2009 monetary stimulus and its interaction with infrastructure spending on credit … access. Infrastructure investment driven by non-monetary factors, however, enhanced the monetary transmission to bank credit … allocated to LGFVs in infrastructure and at the same time weakened the impacts of monetary stimulus on bank credit to non …
Persistent link: https://www.econbiz.de/10012481311
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Hiccups for HIPCs?
Burnside, Craig - 2004
In this paper we discuss fiscal and monetary policy issues facing heavily-indebted poor countries (HIPCs) who receive debt reduction via the enhanced HIPC initiative. This debt relief program is distinguished from previous ones by its conditionality: freed resources must be used for poverty...
Persistent link: https://www.econbiz.de/10012467784
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Stabilization with Fiscal Policy
Kocherlakota, Narayana Rao - National Bureau of Economic Research - 2021
I reconsider the long-standing consensus view that macroeconomic stabilization should rely on monetary policy, not … reliable stabilization tool than monetary policy …
Persistent link: https://www.econbiz.de/10012629446
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Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy
Buiter, Willem H. - 1986
The paper considers the response of a small, open dependent economy to a variety of fiscal and financial shocks as well as the influence of alternative budget balancing rules on the response of the system to such external shocks as a change in the world interest rate. The approach allows for...
Persistent link: https://www.econbiz.de/10012477047
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Fiscal and Monetary Stabilization Policy at the Zero Lower Bound : Consequences of Limited Foresight
Woodford, Michael - 2020
This paper reconsiders the degree to which macroeconomic stabilization is possible when the zero lower bound is a … particular, we reconsider the potential role of countercyclical fiscal transfers as a tool of stabilization policy. Because … even make possible complete stabilization of both aggregate output and inflation under certain circumstances, despite the …
Persistent link: https://www.econbiz.de/10012481376
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Optimal Monetary and Fiscal Policy in a Currency Union
Gali, Jordi - 2005
monetary policy, coupled with nominal price rigidities, generates a stabilization role for fiscal policy, one beyond the …
Persistent link: https://www.econbiz.de/10012466856
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The Evolution of Economic Understanding and Postwar Stabilization Policy
Romer, Christina D. - 2002
There have been large changes in the conduct of aggregate demand policy in the United States over the past fifty years. This paper shows that these changes in policy have resulted largely from changes in policymakers' beliefs about the functioning of the economy and the effects of policy. We...
Persistent link: https://www.econbiz.de/10012469435
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What Ends Recessions?
Romer, Christina D. - 1994
This paper analyzes the contributions of monetary and fiscal policy to postwar economic recoveries. We find that the Federal Reserve typically responds to downturns with prompt and large reductions in interest rates. Discretionary fiscal policy, in contrast, rarely reacts before the trough in...
Persistent link: https://www.econbiz.de/10012474154
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Printing Away the Mortgages : Fiscal Inflation and the Post-Covid Boom
Diamond, William F.; Landvoigt, Tim; Sánchez, Germán … - National Bureau of Economic Research - 2024
We analyze the impact of fiscal and monetary stimulus in an economy with mortgage debt, where inflation redistributes from savers to borrowers. We show theoretically that fiscal transfers without future tax increases cause a surge in inflation, increasing consumption demand and house prices. The...
Persistent link: https://www.econbiz.de/10014576602
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An Exploration of Optimal Stabilization Policy
Mankiw, N. Gregory - 2011
This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in the short run and flexible in the long run. Policy is evaluated by how well it raises the...
Persistent link: https://www.econbiz.de/10012461600