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Jump-starting the euro area recovery : would a rise in core fiscal spending help the periphery?
Blanchard, Olivier; Erceg, Christopher J.; Lindé, Jesper - 2015
liquidity trap lasting three years, about half as large as the effect on core GDP. Accordingly, under a standard ad hoc loss …
Persistent link: https://www.econbiz.de/10011294265
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Fed QE and bank lending behaviour : a heterogeneity analysis of asset purchases
Grimaldi, Marianna; Kapoor, Supriya - 2023
dependent on banks' solvency and liquidity exposures. Our results highlight that it is necessary to take heterogeneity of …
Persistent link: https://www.econbiz.de/10014393221
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The role of money in monetary policy at the lower bound
Billi, Roberto M.; Söderström, Ulf; Walsh, Carl E. - 2020
In light of the current low-interest-rate environment, we reconsider the merit of a money growth target (MGT) relative to a conventional in ation targeting (IT) regime, and to the notion of price level targeting (PLT). Through the lens of a New Keynesian model, and accounting for a zero lower...
Persistent link: https://www.econbiz.de/10012229943
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The interaction between fiscal and monetary policies : evidence from Sweden
Ankargren, Sebastian; Shahnazarian, Hovick - 2019 - (Updated april 2019)
This paper estimates the interaction between monetary- and fiscal policy using a structural VAR model with time-varying parameters. For demand and supply shocks, the two policies are estimated to be complementary, while for monetary and fiscal policies shocks the two policies act as substitutes....
Persistent link: https://www.econbiz.de/10011990029
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The liquidity of the government bond market - what impact does quantitative easing have? : evidence from Sweden
Grimaldi, Marianna; Crosta, Alberto; Zhang, Dong - 2021
We consider the effects of quantitative easing on the liquidity of the Swedish government bonds. To capture multiple … dimensions of liquidity we use several measures built on a unique and highly granular transaction-based dataset. We find that the … Riksbank's purchases of government bonds improved liquidity, but only to a point. In fact, the deterioration in the level of …
Persistent link: https://www.econbiz.de/10012511146
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The policy mix in a two-tier monetary union with constraints on stabilization policy
Bredvad Nilsson, Christian - 1998
The paper studies the interaction between the monetary and fiscal authorities in the Euro area and the block of outside countries during the Third Stage of EMU. Restraints on fiscal policies and outside monetary policy are introduced as utility costs related to the use of the tax instruments...
Persistent link: https://www.econbiz.de/10011583909
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Distortionary fiscal policy and monetary policy goals
Adam, Klaus; Billi, Roberto M. - 2013
We reconsider the role of an inflation conservative central banker in a setting with distortionary taxation. To do so, we assume monetary and fiscal policy are decided by independent authorities that do not abide to past commitments. If the two authorities make policy decisions simultaneously,...
Persistent link: https://www.econbiz.de/10010202952
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Seemingly irresponsible but welfare improving fiscal policy at the lower bound
Billi, Roberto M.; Walsh, Carl E. - 2022
In this paper, we evaluate the consequences of super-active fiscal policy rules - that is, rules that call for tax cuts and/or spending increases as the government's debt level rises - in a standard New Keynesian model subject to an occasionally-binding zero lower bound on the monetary policy...
Persistent link: https://www.econbiz.de/10013161539
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Inflation targeting or fiscal activism?
Billi, Roberto M. - 2022
I study the welfare performance of a policy regime of fiscal activism in which fiscal policy acts as an automatic stabilizer and controls inflation, while monetary policy pegs the nominal interest rate. When evaluated through the lens of a standard New Keynesian model, accounting for price and...
Persistent link: https://www.econbiz.de/10013161545
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The output gap, the labor wedge, and the dynamic behavior of hours
Sala, Luca; Söderström, Ulf; Trigari, Antonella - 2010
We use a standard quantitative business cycle model with nominal price and wage rigidities to estimate two measures of economic ineffciency in recent U.S. data: the output gap - the gap between the actual and effcient levels of output - and the labor wedge - the wedge between households'...
Persistent link: https://www.econbiz.de/10008696839