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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 and monetary policies and the cost of sudden stops
Hutchison, Michael M.; Noy, Ilan; Wang, Lidan - 2007
This article investigates the effects of macroeconomic policy (monetary and fiscal) on output growth during financial crises characterized by a sudden stop" in net capital inflows in developing and emerging market economies. We investigate 83 sudden stop crises in 77 countries over 1982-2003...
Persistent link: https://www.econbiz.de/10010285311
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The "Keynesian moment" in policymaking, the perils ahead, and a flow-of-funds interpretation of fiscal policy
Terzi, Andrea - 2010
efforts to prevent the meltdown of markets, banks, and the economy. Fiscal packages, in varied sizes, have been adopted …
Persistent link: https://www.econbiz.de/10010286562
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India's Macroeconomic Performance and Policies since 2000
Acharya, Shankar - 2008
The paper reviews India's macroeconomic performance and policies since 2000. The first section briefly summarizes key macroeconomic developments regarding economic growth, inflation, external balance, the fiscal situation and aggregate savings and investment. The second section considers some of...
Persistent link: https://www.econbiz.de/10011807631
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State finances in India: A case for systemic reform
Singh, Nirvikar - 2005
This paper provides a self-contained overview of the present problems of state finances in India. It begins with an overview of historical evolution and current institutional structures, including economic, political, administrative and fiscal aspects of India's federal system. The paper then...
Persistent link: https://www.econbiz.de/10010322719
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How to redesign the fiscal regime of the eurozone: An alternative take on lessons from US and eurozone experiences
Bibow, Jörg - 2019
This Working Paper examines options for the design of a workable fiscal union for the euro area. It provides a comparative study of fiscal institutions in the US and euro area in order to supply lessons from the operation of the US fiscal regime that could inform the design of the, hitherto...
Persistent link: https://www.econbiz.de/10014565910
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Fiscal storms: Public spending and revenues in the aftermath of natural disasters
Noy, Ilan; Nualsri, Aekkanush - 2008
Recent research in both the social and natural sciences has been devoted to increasing our ability to predict disasters, prepare for them and mitigate their costs. Curiously, we appear to know very little about the fiscal consequences of disasters. The likely fiscal impact of a natural disaster...
Persistent link: https://www.econbiz.de/10010285309
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International reserves and fiscal policy in developing countries
Zhou, Yan - 2007
This paper investigates empirically the relationship between the pattern of fiscal policy and the demand for international reserves in developing countries, and how this relationship is associated with political risk and conditional access to global capital markets. It finds evidence that for...
Persistent link: https://www.econbiz.de/10010285350
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Some unpleasant properties of log-linearized solutions when the nominal rate is zero
Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2012
Does fiscal policy have qualitatively different effects on the economy in a liquidity trap? We analyze a nonlinear … empirically relevant parameterizations, labor falls in response to a tax cut in the loglinearized economy but rises in the true … economy. While the government purchase multiplier is above two in the loglinearized economy it is about one in the true …
Persistent link: https://www.econbiz.de/10010292261
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Liquidity, insolvency and the state
Ehnts, Dirk H. - 2016
the real economy. Their oppression through central bank policy might lead to the (wrong) perception that all is well in … the economy. …
Persistent link: https://www.econbiz.de/10011558422