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The optimal mix of taxes on money, consumption and income
De Fiore, Fiorella; Teles, Pedro - 2002
Persistent link: https://www.econbiz.de/10001670899
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The daily and policy-relevant liquidity effects
Thornton, Daniel L. - 2008
The phrase liquidity effectʺ was introduced by Milton Friedman (1969) to describe the first of three effects on interest rates caused by an exogenous change in the money supply. The lack of empirical support for the liquidity effect using monthly and quarterly data using various monetary and...
Persistent link: https://www.econbiz.de/10003826053
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Optimal monetary policy with durable and non-durable goods
Erceg, Christopher J. (contributor);  … - 2002
Persistent link: https://www.econbiz.de/10001702822
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Asymmetric monetary policy rules for the euro area and the US
Maih, Junior; Mazelis, Falk; Motto, Roberto; … - 2021
We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to in ation was more forceful when in ation was above 2% than below 2%. Since then, the ECB's...
Persistent link: https://www.econbiz.de/10012617047
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Introducing dominant currency pricing in the ECB's global macroeconomic model
Georgiadis, Georgios; Mösle, Saskia - 2019
importer's currency has important implications for the transmission of shocks. We introduce this "dominant currency pricing … a non-US economy that alters the value of its currency multilaterally, expenditure-switching occurs only through imports … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …
Persistent link: https://www.econbiz.de/10012107938
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Discretionary policy, multiple equilibria, and monetary instruments
Schabert, Andreas (contributor) - 2005
This paper examines monetary policy implementation in a sticky price model. The central bank's plan under discretionary optimization is entirely forward-looking and exhibits multiple equilibrium solutions if transactions frictions are not negligibly small. The central bank can then implement...
Persistent link: https://www.econbiz.de/10003162225
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Monetary policy, neutrality and the environment
Faria, João Ricardo; McAdam, Peter; Viscolani, Bruno - 2021
We study the interaction between monetary and fiscal policies in a Ramsey-Sidrauski model augmented with environmental capital. Equilibrium solutions are studied through the "Green Golden Rule". Despite the non-separability of money in utility and intertemporally nonseparable preferences, money...
Persistent link: https://www.econbiz.de/10012594070
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Counter-cyclical fiscal rules and the zero lower bound
Hauptmeier, Sebastian; Kamps, Christophe; Radke, Lucas - 2022
We analyse the effectiveness of optimal simple and implementable monetary and fiscal policy rules in stabilising economic activity, inflation and government debt in face of an occasionally binding lower bound on the nominal interest rate in a New Keynesian model. We show that, within the...
Persistent link: https://www.econbiz.de/10013342236
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Downward wage rigidity and optimal steady-state inflation
Fagan, Gabriel; Messina, Julián - 2009
This paper examines the impact of downward wage rigidity (nominal and real) on optimal steady-state inflation. For this purpose, we extend the workhorse model of Erceg, Henderson and Levin (2000) by introducing asymmetric menu costs for wage setting. We estimate the key parameters by simulated...
Persistent link: https://www.econbiz.de/10003832636
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Monetary policy and inflationary shocks under imperfect credibility
Darracq Pariès, Matthieu; Moyen, Stéphane - 2009
This paper quantifies the deterioration of achievable stabilization outcomes when monetary policy operates under imperfect credibility and weak anchoring of long-term expectations. Within a medium-scale DSGE model, we introduce through a simple signal extraction problem, an imperfect knowledge...
Persistent link: https://www.econbiz.de/10003867037