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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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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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Monetary policy under alternative exchange rate regimes in Central and Eastern Europe
Ziegler, Christina - 2012
Monetary policy in CEE is an important determinant in the wage bargaining process, because trade unions have to predict inflation as one component of future real wages. This paper scrutinizes whether countries in CEE that officially announce an inflation target are tempted to act...
Persistent link: https://www.econbiz.de/10010308235
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Words, deeds, and outcomes: A survey on the growth effects of exchange rate regimes
Harms, Philipp; Kretschmann, Marco - 2007
Recent studies on the growth effects of exchange rate regimes offer a wide range of different, sometimes contradictory results. In this paper, we systematically compare three prominent contributions in this field. Using a common data set, a common specification, and common estimation methods, we...
Persistent link: https://www.econbiz.de/10011430062
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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
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Is a global recession imminent?
Guénette, Justin Damien; Kose, M. Ayhan; Sugawara, Naotaka - 2022
activity and policies and presents plausible scenarios for the global economy in 2022-24. We report three major findings. First … happened recently. Second, the global economy is in the midst of one of the most internationally synchronous episodes of …
Persistent link: https://www.econbiz.de/10014541046
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The Covid-19 lesson from Sweden: Don't lockdown
Andersson, Fredrik N. G.; Jonung, Lars - 2023
The coronavirus pandemic triggered strong political action across Europe. Mandatory restrictions to increase social distancing were imposed, commonly known as lockdowns. In some cases, entire countries were virtually locked down for several weeks at a time, contributing to a very severe downturn...
Persistent link: https://www.econbiz.de/10014551793
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The Quest for Economic Stability: A Study on Swedish Stabilization Policies 1873–2019
Andersson, Fredrik N. G. - 2020
There is a never-ending quest for a stable economy with full employment and low inflation. Economists have suggested …
Persistent link: https://www.econbiz.de/10013208879
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Macroeconomic effects of the Covid-19 Pandemic in Germany and the European Monetary Union and economic policy reactions
Herr, Hansjörg; Nettekoven, Zeynep Mualla - 2022
The Covid-19 pandemic hitting the world in 2020 also caused a high death toll in Germany and in the European Monetary Union (EMU) at large. The health crisis worldwide and the precautions against Covid-19 rapidly induced a demand and supply recession simultaneously. The Covid-19 crisis was...
Persistent link: https://www.econbiz.de/10013279649