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Inflationary Effects of Fiscal Support to Households and Firms

Hale, Galina; Leer, John C.; Nechio, Fernanda - National Bureau of Economic Research - 2023

Fiscal support measures in response to the COVID-19 pandemic varied in their targeted beneficiaries. Relying on variability across 10 large economies, we study differences in the inflationary effects of fiscal support measures targeting consumers or businesses. Because conventional measures of...

Persistent link: https://www.econbiz.de/10013537798

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

Moderate Inflation

Dornbusch, Rudiger - 1991

inflations in the 1980s. Several other countries, for example Colombia, have experienced moderate inflation for prolonged periods …

Persistent link: https://www.econbiz.de/10012475091

Generational Policy

Kotlikoff, Laurence J. - 2001

Generational policy is a fundamental aspect of a nation's fiscal affairs. The policy involves redistributing resources across generations and allocating to particular generations the burden of paying the government's bills. This chapter of the second edition of The Handbook of Public Economics...

Persistent link: https://www.econbiz.de/10012470563

Political Economy of Sovereign Debt : A Theory of Cycles of Populism and Austerity

Dovis, Alessandro - 2016

We study optimal fiscal and redistributive policies in an open economy without commitment. Due to its redistributive motives, the government's incentive to default on its external debt is affected by inequality. We show that in equilibrium the economy endogenously fluctuates between two regimes....

Persistent link: https://www.econbiz.de/10012456725

Whose Preferences Matter for Redistribution : Cross-country Evidence

Maréchal, Michel André; Cohn, Alain; Yusof, Jeffrey; … - National Bureau of Economic Research - 2023

redistribution among citizens from different socioeconomic backgrounds and the actual extent of government redistribution. Our focus … on redistribution arises from the inherent class conflicts it engenders in policy choices, allowing us to examine whose … realized redistribution. This finding contradicts the expectations of both leading experts and regular citizens …

Persistent link: https://www.econbiz.de/10014447295

Inflation Past, Present and Future : Fiscal Shocks, Fed Response, and Fiscal Limits

Cochrane, John H. - National Bureau of Economic Research - 2022

Our current inflation stemmed from a fiscal shock. The Fed is slow to react. Why? Will the Fed's slow reaction spur more inflation? I write a simple model that encompasses the Fed's mild projections and its slow reaction, and traditional views that inflation will surge without swift rate rises....

Persistent link: https://www.econbiz.de/10013210124

Trapped in the Trilemma : When Security Trumps Economics

Bordo, Michael D.; James, Harold - National Bureau of Economic Research - 2022

This paper describes the challenges of globalization in terms of the logic underpinning four distinct policy constraints or "trilemmas" and their interrelationship; in particular the disturbances that arise from capital flows and the difficulties of adjusting monetary policies to a global...

Persistent link: https://www.econbiz.de/10013388862

Pareto Improving Fiscal and Monetary Policies : Samuelson in the New Keynesian Model

Aguiar, Mark; Amador, Manuel; Arellano, Cristina - National Bureau of Economic Research - 2023

This paper explores the positive and normative consequences of government bond issuances in a New Keynesian model with heterogeneous agents, focusing on how the stock of government bonds affects the cross-sectional allocation of resources in the spirit of Samuelson (1958). We characterize the...

Persistent link: https://www.econbiz.de/10014322685

Exorbitant Privilege Gained and Lost : Fiscal Implications

Chen, Zefeng; Jiang, Zhengyang; Lustig, Hanno; … - National Bureau of Economic Research - 2022

We study three centuries of U.K. fiscal history. Before WW-I, when the U.K. dominated global bond markets, the U.K.'s government debt was not always fully backed by its future surpluses, even after accounting for the seigniorage revenue from convenience yields. As predicted by theories of safe...

Persistent link: https://www.econbiz.de/10013210087

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