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Central Bank Credibility and Fiscal Responsibility
Schreger, Jesse; Yared, Pierre; Zaratiegui, Emilio - National Bureau of Economic Research - 2023
We consider a New Keynesian model with strategic monetary and fiscal interactions. The fiscal authority maximizes social welfare. Monetary policy is delegated to a central bank with an anti-inflation bias that suffers from a lack of commitment. The impact of central bank hawkishness on debt...
Persistent link: https://www.econbiz.de/10014287347
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Monetary Policy Wedges and the Long-term Liabilities of Households and Firms
Binsbergen, Jules H. van; Grotteria, Marco - National Bureau of Economic Research - 2024
We examine the transmission of monetary policy shocks to the long-duration liabilities of households and firms using high-frequency variation in 10-year swap rates around FOMC announcements. We find that four weeks after the announcement mortgage rates move one-for-one with 10-year swap rates,...
Persistent link: https://www.econbiz.de/10014486229
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The Fiscal Consequences of Missing an Inflation Target
Andreolli, Michele; Rey, Hélène - National Bureau of Economic Research - 2023
levels and different maturity structures. The monetary-fiscal nexus is central to the functioning of the euro area. We focus … Euro Area countries. For comparison we also estimate the fiscal consequences of the Federal Reserve and the Bank of England …
Persistent link: https://www.econbiz.de/10013537713
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Fiscal Consequences of Central Bank Losses
Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024
In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...
Persistent link: https://www.econbiz.de/10014544756
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The European Central Bank and the Euro : The First Year
Feldstein, Martin - 2000
The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and … some advocate the euro despite its economic problems because of its assumed favorable effects on European political …
Persistent link: https://www.econbiz.de/10012471257
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Estimating the Effects of Political Pressure on the Fed : A Narrative Approach with New Data
Drechsel, Thomas - National Bureau of Economic Research - 2024
This paper combines new data and a narrative approach to identify shocks to political pressure on the Federal Reserve. From archival records, I build a data set of personal interactions between U.S. Presidents and Fed officials between 1933 and 2016. Since personal interactions do not...
Persistent link: https://www.econbiz.de/10014544739
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The Euro and Fiscal Policy
Fatas, Antonio - 2009
The paper provides and empirical characterization of fiscal policy in the euro area and in a group of twenty-two OECD … economies over the period from 1970 until 2007. Using the cyclically-adjusted fiscal balance we document that policy in the euro … policies. However, the component of the budget due to automatic stabilizers reacts stronger in the euro-area countries than in …
Persistent link: https://www.econbiz.de/10012463925
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The Euro and the Stability Pact
Feldstein, Martin - 2005
This paper begins by discussing the inherent conflict between the simultaneous existence of a single currency for the countries of the European Economic and Monetary Union (EMU) and the independent fiscal policies of those countries. The Stability and Growth Pact was an attempt to reconcile that...
Persistent link: https://www.econbiz.de/10012467436
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Money Matters : Broad Divisia Money and the Recovery of Nominal GDP from the COVID-19 Recession
Bordo, Michael D.; Duca, John V. - National Bureau of Economic Research - 2023
The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth because past instability in the demand for simple-sum monetary aggregates had made these aggregates unreliable indicators. We find that the demand for more theoretically-based...
Persistent link: https://www.econbiz.de/10014322692
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The European Union, the Euro, and Equity Market Integration
Bekaert, Geert - 2010
At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to … between member countries whether or not members have also adopted the Euro. The Euro adoption as well as the anticipation of … the Euro adoption has minimal effects on market integration …
Persistent link: https://www.econbiz.de/10012462074