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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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In Pursuit of a Stable Stabilization Policy in Sweden. From the Gold Standard to Inflation Targeting and Beyond
Jonung, Lars - 2019
In a historical perspective, the stabilization policy regime in Sweden is in a state of constant change, affected by economic crises, international impulses, domestic politics, and developments in macroeconomic theory. Economists have been deeply involved in this process. The current framework...
Persistent link: https://www.econbiz.de/10013208861
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Fiscal policy in a Stock-Flow Consistent (SFC) model
Godley, Wynne; Lavoie, Marc - 2007
This paper deploys a simple stock-flow consistent (SFC) model in order to examine various contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal stance is not set in the appropriate fashionthat is, at a well-defined level and growth ratethen full...
Persistent link: https://www.econbiz.de/10010266538
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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
With the global crisis, the policy stance around the world has been shaken by massive government and central bank efforts to prevent the meltdown of markets, banks, and the economy. Fiscal packages, in varied sizes, have been adopted throughout the world after years of proclaimed fiscal...
Persistent link: https://www.econbiz.de/10010286562
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Deutsche Reichsbank - Entstehung, Funktion und Politik
Heine, Michael; Herr, Hansjörg - 2021
Währung geschaffen zusammen mit der Gründung der Deutschen Reichsbank im Jahre 1876. England folgend wurde der Goldstandard … wahrnehmen. Das Hauptziel der Geldpolitik der Reichsbank, das dann auch bis zum Beginn des Ersten Weltkrieges 1914 erfüllt wurde …, war die Einlösung ihrer Banknoten in Gold und damit implizit die Verteidigung der fixen Wechselkurse im Goldstandard …
Persistent link: https://www.econbiz.de/10012595530
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The Bank of England as the World Gold Market-Maker During the Classical Gold Standard Era, 1889-1910
Ugolini, Stefano - 2012
This paper studies the microfoundations of the so-called "gold device" policy by analysing a new dataset on the Bank of England's operations in the gold market at the heyday of the classical gold standard. It explains that "gold devices" must be understood in connection to the Bank's role as...
Persistent link: https://www.econbiz.de/10012143803
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The Decentralised Central Bank: Regional Bank Rate Autonomy in Norway, 1850-1892
Klovland, Jan Tore; Øksendal, Lars Fredrik - 2015
Before 1893 the regional branches of Norges Bank set their own bank rates. We discuss how bank rate autonomy could be reconciled with the fixed exchange rate commitments of the silver and gold standard. Although the headquarters of the bank was in Trondhjem, we find that the Christiania branch...
Persistent link: https://www.econbiz.de/10012143876
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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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Towards Effective Social Insurance in Latin America: The Importance of Countercyclical Fiscal Policy
Braun, Miguel; di Gresia, Luciano - 2003
Latin America is a volatile, crisis-prone region, with limited and inadequate social insurance. Therefore, the long-term as well as the recent poor suffer significantly during crises. Furthermore, social spending is procyclical in the region, but less so than total spending, indicating that the...
Persistent link: https://www.econbiz.de/10010327062