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How to starve the beast: fiscal and monetary policy rules
Martin, Fernando M. - 2019
, effective revenue ceilings induce an increase in deficit, debt and inflation. Under many scenarios, including recurrent adverse …
Persistent link: https://www.econbiz.de/10012137093
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The value of constraints on discretionary government policy
Martin, Fernando M. - 2016
desirable as they hinder the ability of governments to smooth distortions. Allowing for the effective use of inflation during …
Persistent link: https://www.econbiz.de/10011585839
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An exchange rate policy rule
Parrado, Eric - 2023
responds to inflation and output volatility, especially during economic crises. This framework offers a promising alternative …
Persistent link: https://www.econbiz.de/10014538995
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Why don't we follow the rules? : drivers of compliance with fiscal policy rules in emerging markets
Ardanaz, Martin; Ulloa-Súarez, Carolina; Valencia, Oscar M. - 2023
Under what conditions do countries comply with their fiscal policy rules? We tackle this question in the context of emerging countries, with a specific focus on Latin America and the Caribbean, a region where fiscal rules have become increasingly common in recent decades. Based on an original...
Persistent link: https://www.econbiz.de/10014546272
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What does monetary policy reveal about central bank's preferences?
Castelnuovo, Efrem; Surico, Paolo - 2002
indicator for future inflation, therefore being only instrumental (to stabilize inflation) rather than important per se. …
Persistent link: https://www.econbiz.de/10011594051
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US monetary policy rules : the case for asymmetric preferences
Surico, Paolo - 2002
are allowed to weight differently positive and negative deviations of inflation and output from the target values. The … rules indicate that the preferences of the Fed have been highly asymmetric in both inflation and output gaps, with the …
Persistent link: https://www.econbiz.de/10011597644
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Fiscal rules and optimal currency composition of sovereign debt in emerging economies
Valencia, Oscar M.; Rodriguez, Luis Alberto; Siachoque, … - 2023
Total public debt in most emerging markets grew before and after the pandemic with a sizable share in foreign currency. Along this trend, interest payments increased even in the presence of active fiscal rules in some countries. How should debt management of public debt be set under a fiscal...
Persistent link: https://www.econbiz.de/10014471269
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Fiscal rules and economic cycles : quality (always) matters
Andrián, Leandro; Hirs-Garzón, Jorge; Urrea, Iván; … - 2023
Governments can issue public debt for both good and bad reasons. The former include intertemporal tax smoothing, fiscal stimulus, and asset management. In contrast, the bad reasons, which generate higher indebtedness, are mainly associated with political cycles, rent capture, intergenerational...
Persistent link: https://www.econbiz.de/10014480731
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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 ("zero credibility"). The transmission...
Persistent link: https://www.econbiz.de/10011695111
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Dynamic effects of monetary policy shocks on macroeconomic volatility
Mumtaz, Haroon; Theodoridis, Konstantinos - 2015
We use a simple New Keynesian model, with firm specific capital, non-zero steady-state inflation, long-run risks and … rate by 150 basis points causes output and inflation volatility to rise around 10% above their steady-state standard … deviations from the policy rule and the results are re-enforced by the presence of non-zero trend inflation. …
Persistent link: https://www.econbiz.de/10011389786