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A post-Keynesian view of central bank independence, policy targets, and the rules-versus-discretion debate
Wray, L. Randall (contributor) - 2007
This paper addresses three issues surrounding monetary policy formation: policy independence, choice of operating targets, and rules versus discretion. According to the New Monetary Consensus, the central bank needs policy independence to build credibility; the operating target is the overnight...
Persistent link: https://www.econbiz.de/10003727040
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Macroeconomic effects of a government overdraft on its central bank account
Khemraj, Tarron - 2024
, allowing for the auctioning of Treasury bills to create the liquidity reflux necessary to refill the account. This paper …
Persistent link: https://www.econbiz.de/10014531238
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Multifactor Keynesian models of the long-term interest rate
Akram, Tanweer - 2021
Using panel data models, we analyze the flypaper effects-whether intergovernmental fiscal transfers or states' own income determine expenditure commitments - on ecological fiscal spending in India. The econometric results show that the unconditional fiscal transfers, rather than the states' own...
Persistent link: https://www.econbiz.de/10012596963
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Quantitative easing, functional finance, and the "neutral" interest rate
Palacio Vera, Alfonso - 2011
stuck in a structural "liquidity trap", provided its central bank is willing to monetize the debt created by a strong enough …
Persistent link: https://www.econbiz.de/10009297173
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Shadow banking and the limits of central bank liquidity support : how to achieve a better balance between global and official liquidity
Moe, Thorvald - 2012
Global liquidity provision is highly procyclical. The recent financial crisis has resulted in a flight to safety, with … meet the liquidity needs of dysfunctional financial markets. As the eligibility criteria for central bank borrowing have … bank has the ability to create abundant official liquidity, there should be some limits to its support for the financial …
Persistent link: https://www.econbiz.de/10009516740
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Modern Money Theory on fiscal and monetary policies : empirics, theory and policymaking
Tymoigne, Éric - 2024
Drumetz and Pfister (2021) make several claims about the inadequacy and fallacies of Modern Money Theory (MMT) and conclude that MMT is nothing more than a political manifesto; there are no theoretical and empirical foundations behind it. This paper addresses this last point by focusing on the...
Persistent link: https://www.econbiz.de/10015135050
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Fiscal and monetary policy in an SFC model of the Italian economy
Zezza, Francesco - 2024
Following the Great Financial Crisis of 2008-9, there has been a shift in mainstream economic policy modeling toward "realism," with dynamic stochastic general equilibrium (DSGE) models partly diverging from the representative agent framework, and large-scale, New-Keynesian structural models...
Persistent link: https://www.econbiz.de/10015135052
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Modern Money Theory and interrelations between the treasury and the central bank : the case of the United States
Tymoigne, Éric - 2014
One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency,...
Persistent link: https://www.econbiz.de/10010251586
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Economic policy in India : for economic stimulus, or for austerity and volatility?
Sen, Sunanda; DasGupta, Zico - 2014
The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...
Persistent link: https://www.econbiz.de/10010385761
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From antigrowth bias to quantitative easing : the ECB's belated conversion?
Bibow, Jörg - 2016
This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and institutional deficiencies share responsibility for the euro's...
Persistent link: https://www.econbiz.de/10011481632