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Money and prices under uncertainty
Nakajima, Tomoyuki; Polemarchakis, Herakles - 2001
Monetary and fiscal policy do not determine the stochastic path of prices: in the absence of financial policy, there remains indeterminacy indexed by an arbitrary probability measure over the set of states of the world. With an interest rate policy, and only if the asset market is complete,...
Persistent link: https://www.econbiz.de/10010318888
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Fiscal policy in a Stock-Flow Consistent (SFC) model
Godley, Wynne; Lavoie, Marc - 2007
arrive at two unconventional conclusions: first, that an economy (described within an SFC framework) with a real rate of …
Persistent link: https://www.econbiz.de/10010266538
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Some variables are more worthy than others: New diffusion index evidence on the monitoring of key economic indicators
Armah, Nii Ayi; Swanson, Norman - 2011
Central banks regularly monitor select financial and macroeconomic variables in order to obtain early indication of the impact of monetary policies. This practice is discussed on the Federal Reserve Bank of New York website, for example, where one particular set of macroeconomic indicators is...
Persistent link: https://www.econbiz.de/10010282848
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Optimal fiscal policy over the business cycle
Occhino, Filippo - 2005
How should taxes, government expenditures, the primary and fiscal surpluses and government liabilities be set over the business cycle? We assume that the government chooses expenditures and taxes to maximize the utility of a representative household, utility is increasing in government...
Persistent link: https://www.econbiz.de/10010263265
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Testing for nonparametric identification of causal effects in the presence of a quasi-instrument
de Luna, Xavier; Johansson, Per - 2012
The identification of average causal effects of a treatment in observational studies is typically based either on the unconfoundedness assumption or on the availability of an instrument. When available, instruments may also be used to test for the unconfoundedness assumption (exogeneity of the...
Persistent link: https://www.econbiz.de/10010321134
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Investment spending, equilibrium indeterminacy, and the interactions of monetary and fiscal policy
Lubik, Thomas A. - 2003
the economy, then the interesting possibility arises that both aggressive monetary and fiscal policies are required to … maintained. The determinacy region is, however, highly dependent on the degree of distortion in the economy. The more prices are … sticky, and the less competitive firms are, the economy is likely to exhibit indeterminacy even if monetary policy is active. …
Persistent link: https://www.econbiz.de/10010293451
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Optimal fiscal and monetary policy under sticky prices
Schmitt-Grohé, Stephanie; Uribe, Martín - 2001
stochastic production economy without capital. The government finances an exogenous stream of purchases by levying distortionary …
Persistent link: https://www.econbiz.de/10010318338
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Optimal fiscal and monetary policy under imperfect competition
Schmitt-Grohé, Stephanie; Uribe, Martín - 2001
This paper studies optimal fiscal and monetary policy
Persistent link: https://www.econbiz.de/10010318348
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Money and indeterminacy over an infinite horizon
Bloise, G.; Drèze, J. H.; Polemarchakis, H. M. - 2002
Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends over an infinite horizon under uncertainty and a complete asset market. Monetary policy sets the path of rates of interest and accommodates the demand for balances. Competitive...
Persistent link: https://www.econbiz.de/10010318994
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Economic growth with constraints on tax revenues and public debt: Implications for fiscal policy and cross-country differences
Aizenman, Joshua; Kletzer, Kenneth; Pinto, Brian - 2007
constant in the economy with or without a binding constraint on tax revenues as a share of GDP - current non-durable public … borrowing to finance the accumulation of public capital goods may allow the economy to reach a long-run optimal growth path …
Persistent link: https://www.econbiz.de/10010322715