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Fiscal Histories
Cochrane, John H. - National Bureau of Economic Research - 2022
The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of real primary surpluses. Monetary policy remains important. The central bank can set an interest rate target, which determines the path of expected inflation, while news about the...
Persistent link: https://www.econbiz.de/10013361983
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A Theory of Fear of Floating
Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2023
Many central banks whose exchange rate regimes are classified as flexible are reluctant to let the exchange rate fluctuate. This phenomenon is known as "fear of floating". We present a simple theory in which fear of floating emerges as an optimal policy outcome. The key feature of the model is...
Persistent link: https://www.econbiz.de/10013537789
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International Spillovers of U.S. Fiscal Challenges
Aizenman, Joshua; Eldén, William; Jinjarak, Yothin; … - National Bureau of Economic Research - 2024
Expansionary fiscal policies have increased significantly following the subprime crisis in 2007 and the COVID-19 crisis …
Persistent link: https://www.econbiz.de/10015056195
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Organizing a Kingdom
Angelucci, Charles; Meraglia, Simone; Voigtländer, Nico - National Bureau of Economic Research - 2024
empower different elites and emphasize the interaction between local and nationwide institutions. We show that rising economic … European parliaments--a blueprint for Western Europe's institutional framework that promoted state-formation and economic … growth in the centuries to follow. We provide empirical evidence for our core mechanisms and discuss how the model applies to …
Persistent link: https://www.econbiz.de/10014576570
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Convergent Evolution Toward the Joint-Stock Company
Le Bris, David; Goetzmann, William N.; Pouget, Sébastien - National Bureau of Economic Research - 2023
companies in England and the Netherlands in the early 17th century. Highlighting medieval cases in southern Europe, we claim … underlying the emergence of the joint-stock company, and for the debate regarding the link between institutions and economic …
Persistent link: https://www.econbiz.de/10014436952
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Do Investor Differences Impact Monetary Policy Spillovers to Emerging Markets?
Faia, Ester; Lewis, Karen K.; Zhou, Haonan - National Bureau of Economic Research - 2024
We re-examine monetary policy spillovers to Emerging Market Economies (EME) in the form of capital flow reversals, using sectoral-level securities holdings data for Euro Area investors. In response to a surprise monetary tightening, active investors such as investment funds re-balance their...
Persistent link: https://www.econbiz.de/10015072927
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Fiscal Federalism and Monetary Unions
Berriel, Rafael; Gonzalez-Aguado, Eugenia; Kehoe, Patrick J. - National Bureau of Economic Research - 2023
We apply ideas from fiscal federalism to reassess how fiscal authority should be delegated within a monetary union. In a real-economy model with no fiscal externalities, in which local fiscal authorities have an informational advantage about the preferences of their citizens for public spending...
Persistent link: https://www.econbiz.de/10014447274
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Incentive-Compatible Unemployment Reinsurance for the Euro Area
Karajvanov, Alexander K.; Mojon, Benoît; Silva, Luiz … - National Bureau of Economic Research - 2024
of the euro area member states' unemployment expenditures risk in the aftermath of the 2009 sovereign debt crisis if …
Persistent link: https://www.econbiz.de/10014544675
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Exorbitant Privilege Gained and Lost : Fiscal Implications
Chen, Zefeng; Jiang, Zhengyang; Lustig, Hanno; … - National Bureau of Economic Research - 2022
country, the global safe asset supplier, based on relative macro fundamentals, and its debt growth may temporarily outstrip …
Persistent link: https://www.econbiz.de/10013210087
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State-Dependent Local Projections : Understanding Impulse Response Heterogeneity
Cloyne, James; Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2023
An impulse response is the dynamic average effect of an intervention across horizons. We use the well-known Kitagawa-Blinder-Oaxaca decomposition to explore a response's heterogeneity over time and over states of the economy. This can be implemented with a simple extension to the usual local...
Persistent link: https://www.econbiz.de/10014226168