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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

The new normal: bank lending and negative interest rates in Austria

Barmeier, Marcel - 2022

Evidence on the effects of negative interest rates on bank lending is inconclusive so far. By applying a difference-in-difference estimation using granular loan level data with a large coverage from Austria, I show, contrary to some previous findings, that the introduction of a negative deposit...

Persistent link: https://www.econbiz.de/10013332415

Self-fulfilling debt crises with long stagnations

Ayres, Joao; Navarro, Gaston; Nicolini, Juan Pablo; … - 2023

multiplicity is an output process featuring long periods of either high growth or stagnation that we estimate using data for those …

Persistent link: https://www.econbiz.de/10014471204

A Ramsey theory of financial distortions

Bassetto, Marco; Cui, Wei - 2021

We study optimal taxation in an economy with financial frictions, in which the government cannot directly redistribute towards the agents in need of liquidity but otherwise has access to a complete set of linear tax instruments. We establish a stark result. Provided this is feasible, optimal...

Persistent link: https://www.econbiz.de/10012583320

Financial conditions and monetary policy in Uruguay : an MS-VAR approach

Bucacos Iguini, Elizabeth - 2017

This study analyzes the effects of "financial stress" on the Uruguayan macroeconomy in the 1998Q3-2016Q2 period with the underlying idea that financial shocks propagate differently during "normal times" than during times of "stress." This behavior is captured in a multivariate framework through...

Persistent link: https://www.econbiz.de/10011661144

International crises and policy responses in the Southern cone

Borensztein, Eduardo; Castilleja, Liliana; Hernaiz, Daniel - 2012

This document analyzes the patterns of fiscal and monetary policy in five economies of the Latin American Southern Cone (Argentina, Brazil, Chile, Paraguay and Uruguay) during four episodes of international crises: 1994, 1997-1999, 2001 and 2008. In contrast with earlier episodes when most...

Persistent link: https://www.econbiz.de/10011303276

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

The value of constraints on discretionary government policy

Martin, Fernando M. - 2016

This paper investigates how institutional constraints discipline the behavior of discretionary governments subject to an expenditure bias. The focus is on constraints implemented in actual economies: monetary policy targets, limits on the deficit and debt ceilings. For a variety of aggregate...

Persistent link: https://www.econbiz.de/10011585839

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

Eurozone : the untold economics

Hatgioannides, John; Karanassou, Marika; Sala, Hector - 2013

This paper dwells on the Eurozone woes and addresses the origins of the transition from a fictitious boom to a painful … bust by unravelling (i) the supply-side structural imbalances that formed the core-periphery economic divide, and (ii) the … the future of the Eurozone that will halt the tearing of the social fabric of its member states. …

Persistent link: https://www.econbiz.de/10009687800

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