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Policy Packages and Policy Space : Lessons from COVID-19

Bergant, Katharina; Forbes, Kristin - National Bureau of Economic Research - 2023

This paper uses the onset of COVID-19 to examine how countries construct their policy packages in response to a severe negative shock. We use several new datasets to track the use of a large variety of policy tools: announced fiscal stimulus (both above- and below-the-line), monetary policy...

Persistent link: https://www.econbiz.de/10014287372

Fiscal Policy and Monetary Integration in Europe

Gali, Jordi - 2003

A popular view among economists, policymakers, and the media, is that the Maastricht Treaty and then Stability and Growth Pact have significantly impaired the ability of EU governments to conduct a stabilizing fiscal policy and to provide an adequate level of public infrastructure. In this...

Persistent link: https://www.econbiz.de/10012468923

Optimal Monetary and Fiscal Policy in a Currency Union

Gali, Jordi - 2005

We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyze its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is...

Persistent link: https://www.econbiz.de/10012466856

Re-Evaluating Swedish Membership in EMU : Evidence from an Estimated Model

Söderström, Ulf - 2008

I revisit the potential costs and benefits for Sweden of joining the Economic and Monetary Union (EMU) of the European … inflation and GDP growth might have been slightly higher if Sweden had been a member of EMU since the launch in 1999, but also … in the monetary union would be advantageous for Sweden …

Persistent link: https://www.econbiz.de/10012464128

How Do Monetary and Fiscal Policy Interact in the European Monetary Union?

Canzoneri, Matthew B. - 2005

Formation of the Euro area raises new questions about the coordination of monetary and fiscal policy. Using a New Neoclassical Synthesis (NNS) model, we show that a common monetary policy, responding to area-wide aggregates, has asymmetric effects on countries within the union, depending on...

Persistent link: https://www.econbiz.de/10012467632

Optimal Financing of Government Purchases

Abel, Andrew B.; Panageas, Stauros - National Bureau of Economic Research - 2024

We characterize a planner's optimal allocation of consumption and capital in an overlapping generations model with exogenous government purchases, privately-observed idiosyncratic shocks to the depreciation rate of capital, and a proportional cost of reversing investment to transform used...

Persistent link: https://www.econbiz.de/10015072902

Preemptive Austerity with Rollover Risk

Conesa, Juan Carlos; Kehoe, Timothy Jerome - National Bureau of Economic Research - 2023

By preemptive austerity, we mean a policy that increases taxes to deter potential rollover crises. The policy is so successful that the usual danger signal of a rollover crisis, a high yield on new bonds sold, does not show up because the policy eliminates the danger. Mechanically, high taxes...

Persistent link: https://www.econbiz.de/10014436959

Economic Surveillance using Corporate Text

Hassan, Tarek A.; Hollander, Stephan; Kalyani, Aakash; … - National Bureau of Economic Research - 2024

This article applies simple methods from computational linguistics to analyze unstructured corporate texts for economic surveillance. We apply text-as-data approaches to earnings conference call transcripts, patent texts, and job postings to uncover unique insights into how markets and firms...

Persistent link: https://www.econbiz.de/10015145109

The Macroeconomic Implications of US Market Power in Safe Assets

Choi, Jason; Kirpalani, Rishabh; Perez, Diego J. - National Bureau of Economic Research - 2022

The US government is the dominant supplier of global safe assets and faces a downward-sloping demand for its debt. In this paper, we ask if the US exercises its market power when issuing debt and study its macroeconomic consequences. We develop a model of the global economy in which US public...

Persistent link: https://www.econbiz.de/10013477212

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