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How to starve the beast: fiscal and monetary policy rules
Martin, Fernando M. - 2019
Societies often rely on simple rules to restrict the size and behavior of governments. When fiscal and monetary policies are conducted by a discretionary and profligate government, I find that revenue ceilings vastly outperform debt, deficit and monetary rules, both in effectiveness at curbing...
Persistent link: https://www.econbiz.de/10012137093
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The value of constraints on discretionary government policy
Martin, Fernando M. - 2016
. More pre-commitment to government actions is ineffective in curbing inefficiently high public expenditure …
Persistent link: https://www.econbiz.de/10011585839
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Considerations on the monetary policy framework of the European Central Bank
Tosato, Andrea Giorgio - 2022
This working paper offers some considerations on the monetary policy framework of the European Central Bank. The trade-offs arising from adopting a point target configuration over a range target one are assessed in terms of their flexibility vs. inflation anchoring properties. This layout is...
Persistent link: https://www.econbiz.de/10012802090
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What does monetary policy reveal about central bank's preferences?
Castelnuovo, Efrem; Surico, Paolo - 2002
The design of monetary policy depends upon the targeting strategy adopted by the central bank. This strategy describes a set of policy preferences, which are actually the structural parameters to analyse monetary policy making. Accordingly, we develop a novel calibration method to identify...
Persistent link: https://www.econbiz.de/10011594051
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Can we identify the Fed's preferences?
Chatelain, Jean-Bernard; Ralf, Kirsten - 2017
Using US data, we estimate optimal policy with a probability below one that the Fed reneges on its commitment ("limited … credibility") versus discretionary policy where the Fed reneges on its commitment at all periods with a probability equal to one … includes the labor cost channel or the working capital channel. Discretion with zero credibility of the Fed is rejected. The …
Persistent link: https://www.econbiz.de/10011695111
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An exchange rate policy rule
Parrado, Eric - 2023
This paper introduces a novel monetary policy framework where the exchange rate becomes the central instrument. Using Singapore as a case study, it explores the Monetary Authority's adoption of the exchange rate as the primary tool since 1981, diverging from conventional approaches centered on...
Persistent link: https://www.econbiz.de/10014538995
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Salient features of measuring, interpreting and addressing Indian inflation
Gupta, Kirti; Siddiqui, Fahad - 2014
The paper reviews the calculation of Indian wholesale and consumer price indices and suggests improvements in the light of past experience and international best practices. It confirms that food inflation has been the driver of domestic inflation. The paper studies the recommendations of the...
Persistent link: https://www.econbiz.de/10010404663
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Debt and stabilization policy : evidence from a Euro Area FAVAR
Jackson, Laura; Owyang, Michael T.; Zubairy, Sarah - 2017
The Euro-area poses a unique problem in evaluating policy: a currency union with a shared monetary policy and country-specific fiscal policy. Analysis can be further complicated if high levels of public debt affect the performance of stabilization policy. We construct a framework capable of...
Persistent link: https://www.econbiz.de/10011696356
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India's macroeconomic performance and policies since 2000
Acharya, Shankar N. (contributor) - 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...
Persistent link: https://www.econbiz.de/10003768016
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Sticky wages, monetary policy and fiscal policy multipliers
Dupor, Bill; Li, Rong; Li, Jingchao - 2017
This paper demonstrates how adding nominal wage rigidity to a standard sticky price model can create a mechanism by which increases in government spending cause increases in consumption. The increase in output arising from government purchases puts upward pressure on the price level. At a fixed...
Persistent link: https://www.econbiz.de/10011691001