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Small and orthodox fiscal multipliers at the zero lower bound
Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2013
Does fiscal policy have large and qualitatively different effects on the economy when the nominal interest rate is zero? An emerging consensus in the New Keynesian literature is that the answer is yes. New evidence provided here suggests that the answer is often no. For a broad range of...
Persistent link: https://www.econbiz.de/10010209160
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Why aging induces deflation and secular stagnation
Braun, R. Anton; Ikeda, Daisuke - 2022
We provide a quantitative theory of deflation and secular stagnation. In our lifecycle framework, an aging population puts persistent downward pressure on the price level, real interest rates, and output. A novel feature of our theory is that it also recognizes the reactions of government...
Persistent link: https://www.econbiz.de/10013382196
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Optimal simple and implementable monetary and fiscal rules
Schmitt-Grohé, Stephanie (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003730967
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Optimal fiscal feedback on debt in an economy with nominal rigidities
Kirsanova, Tatiana (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003730972
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On policy interactions among nations : when do cooperation and commitment matter?
Kempf, Hubert; Thadden, Leopold von - 2008
Persistent link: https://www.econbiz.de/10003732155
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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 - Rev.
Does fiscal policy have qualitatively different effects on the economy in a liquidity trap? We analyze a nonlinear …
Persistent link: https://www.econbiz.de/10009513278
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Stock-bond return correlation, bond risk premium fundamentals, and fiscal-monetary policy regime
Li, Erica X. N.; Zha, Tao; Zhang, Ji; Zhou, Hao - 2020
We incorporate regime switching between monetary and fiscal policies in a general equilibrium model to explain three stylized facts: (1) the positive stock-bond return correlation from 1971 to 2000 and the negative one after 2000, (2) the negative correlation between consumption and inflation...
Persistent link: https://www.econbiz.de/10012294741
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Monetary stimulus amid the infrastructure investment spree : evidence from China's loan-level data
Chen, Kaiji; Gao, Haoyu; Higgins, Patrick; Waggoner, … - 2020
We study the impacts of the 2009 monetary stimulus and its interaction with infrastructure spending on credit allocation. We develop a two-stage estimation approach and apply it to China's loanlevel data that covers all sectors in the economy. We find that except for the manufacturing sector,...
Persistent link: https://www.econbiz.de/10012265180
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Macroeconomic effects of China's financial policies
Chen, Kaiji; Zha, Tao - 2018
The Chinese economy has undergone three major phases: the 1978-97 period marked as the SOE-led economy, the 1998-2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the government financial policies, defined as a set of...
Persistent link: https://www.econbiz.de/10011928237
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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 fertility rates have produced very rapid aging. Japan now finds itself …
Persistent link: https://www.econbiz.de/10010434123