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Monetary policy, trends in real interest rates and depressed demand
Beaudry, Paul; Meh, Césaire Assah - 2021
Over the last few decades, real interest rates have trended downward in many countries. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors such as income inequality. In this paper we explore the claim that these trends may...
Persistent link: https://www.econbiz.de/10012619634
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Short-run fiscal policy : welfare, redistribution, and aggregate effects in the short and long run
Kitao, Sagiri - 2010
This paper quantifies the effects of two short-run fiscal policies, a temporary tax cut and a temporary rebate transfer, that are intended to stimulate economic activity. A reduction in income taxation provides immediate incentives to work and save more, raising aggregate output and consumption....
Persistent link: https://www.econbiz.de/10008657316
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Monetary policy, trends in real interest rates and depressed demand
Beaudry, Paul; Meh, Césaire Assah - 2021 - Last updated: August 16, 2021
Over the last few decades, real interest rates have trended downward in many countries. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors such as income inequality. In this paper we explore the claim that these trends may...
Persistent link: https://www.econbiz.de/10012546126
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Short-Run Fiscal Policy : Welfare, Redistribution, and Aggregate Effects in the Short and Long Run
Kitao, Sagiri - 2010
This paper quantifies the effects of two short-run fiscal policies, a temporary tax cut and a temporary rebate transfer, that are intended to stimulate economic activity. A reduction in income taxation provides immediate incentives to work and save more, raising aggregate output and consumption....
Persistent link: https://www.econbiz.de/10013144446
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The Public-Private Savings Mirror and Causality Relations Among Private Savings, Investment and (Twin) Deficits : A Full Modelling Approach
Peeters, Marga - 2011
for the US, Japan, Germany and the UK are compared with estimation results from partial modeling approached adopted in the …
Persistent link: https://www.econbiz.de/10013124305
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Default risk premia on government bonds in a quantitative macroeconomic model
Jüßen, Falko; Linnemann, Ludger; Schabert, Andreas - 2009
This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...
Persistent link: https://www.econbiz.de/10011379436
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The implications of a graying Japan for government policy
Braun, R. Anton; Joines, Douglas H. - 2014
of aging of the baby boomer generation and low fertility rates have produced very rapid aging. Japan now finds itself …. Aging is already placing a burden on government finances, and Japan's ability to confront the negative fiscal implications … of future aging is constrained by its very high debt-to-GDP ratio. We find that Japan faces a severe fiscal crisis if …
Persistent link: https://www.econbiz.de/10010434123
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Default Risk Premia on Government Bonds in a Quantitative Macroeconomic Model
Juessen, Falko; Linnemann, Ludger; Schabert, Andreas - 2009
This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...
Persistent link: https://www.econbiz.de/10010325941
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Cyclical asymmetry in fiscal policy, debt accumulation and the Treaty of Maastricht
Balassone, Fabrizio; Francese, Maura - Banca d'Italia - 2004
In this paper we present a stylised framework of fiscal policy determination that considers both structural targets and cyclical factors. Applying this framework to a sample of 16 OECD countries, we find evidence of significant asymmetry in the reaction of fiscal policy to positive and negative...
Persistent link: https://www.econbiz.de/10005113611
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The implications of a graying Japan for government policy
Braun, R. Anton; Joines, Douglas H. - 2014
of aging of the baby boomer generation and low fertility rates have produced very rapid aging. Japan now finds itself …. Aging is already placing a burden on government finances, and Japan's ability to confront the negative fiscal implications … of future aging is constrained by its very high debt-to-GDP ratio. We find that Japan faces a severe fiscal crisis if …
Persistent link: https://www.econbiz.de/10011310188