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Monetary Integration in the Southern Cone: Mercosur is not like the EU?
Belke, Ansgar; Gros, Daniel - 2002
Evaluating the costs and benefits of exchange rate stability requires a somewhat different approach for Mercosur than … integration within Mercosur is much more limited, intra-area exchange rates are thus less important than the exchange rate vis …
Persistent link: https://www.econbiz.de/10013369989
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Original sin and South-South cooperation: Insights for the Mercosur from the experience of the Asian Bond Market Initiative
Fernández Tucci, Candelaria - 2023
) strengthened monetary cooperation while their South American peers, under Mercosur, maintained unilateral strategies. This paper … analyzes the Asian Bond Market Initiative of the ASEAN+3 countries to draw insights for monetary cooperation in the Mercosur …-thy-neighbor policies and the high levels of intra-regional exchange rate volatility in the Mercosur, this paper argues that there is no …
Persistent link: https://www.econbiz.de/10014293747
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Using stock returns to identify government spending shocks
Fisher, Jonas D.M.; Peters, Ryan - 2009
This paper explores a new approach to identifying government spending shocks which avoids many of the shortcomings of existing approaches. The new approach is to identify government spending shocks with statistical innovations to the accumulated excess returns of large US military contractors....
Persistent link: https://www.econbiz.de/10010292091
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The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data
Agarwal, Sumit; Liu, Chunlin; Souleles, Nicholas S. - 2007
We use a new panel dataset of credit card accounts to analyze how consumers responded to the 2001 federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that on average...
Persistent link: https://www.econbiz.de/10010292101
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Liquidity constraints of the middle class
Campbell, Jeffrey R.; Hercowitz, Zvi - 2009
The consumption of households with liquid financial assets responds much more to transitory income shocks than the permanent-income hypothesis predicts. That is, middle class households with assets act as if they face liquidity constraints. This paper addresses this puzzling observation with a...
Persistent link: https://www.econbiz.de/10010292143
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Managing pessimistic expectations and fiscal policy
Karantounias, Anastasios G. - 2012
This paper studies the design of optimal fiscal policy when a government that fully trusts the probability model of government expenditures faces a fearful public that forms pessimistic expectations. We identify two forces that shape our results. On the one hand, the government has an incentive...
Persistent link: https://www.econbiz.de/10010292256
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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 stochastic New Keynesian model and compare the true and loglinearized equilibria. Using the loglinearized equilibrium conditions, the answer to the above question is yes. However,...
Persistent link: https://www.econbiz.de/10010292261
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Optimal fiscal feedback on debt in an economy with nominal rigidities
Kirsanova, Tatiana; Wren-Lewis, Simon - 2007
We examine the impact of different degrees of fiscal feedback on debt in an economy with nominal rigidities where monetary policy is optimal. We look at the extent to which different degrees of fiscal feedback enhance or detract from the ability of the monetary authorities to stabilize output...
Persistent link: https://www.econbiz.de/10010292363
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The implications of a graying Japan for government policy
Braun, R. Anton; Joines, Douglas H. - 2014
Japan is in the midst of a demographic transition that is both rapid and large by international standards. As recently as 1990, Japan had the youngest population among the Group of 6 large, developed countries. However, the combined effects of aging of the baby boomer generation and low...
Persistent link: https://www.econbiz.de/10011310188
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An investment initiative for fiscally constrained EU member states: The role of synergetic financial instruments
Zeilbeck, Severin - 2015
The economy of the European Union has not recovered from the impact of the economic and financial crisis. Growth rates remain low and investment activity is weak. This questions current economic policies of the Economic and Monetary Union, known as austerity. In opposition to fiscal contraction...
Persistent link: https://www.econbiz.de/10011381297