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Fiscal Policy, Consumption and Current Account in the European Countries
Magazzino, Cosimo - In: Economics Bulletin 32 (2012) 2, pp. 1330-1344
This paper explores the relationship between fiscal deficit, trade deficit and private consumption in European countries in the years 1970-2010. The aim of the study is to test empirically the validity and rationale of the Keynesian proposition (conventional view or Twin Deficits hypothesis) and...
Persistent link: https://www.econbiz.de/10011278649
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Monetary political business cycles: new democracy setting (in Russian)
Burkovskaya, Anastasia - In: Quantile (2013) 11, pp. 75-90
This paper studies whether politicians manipulate monetary instruments to win elections in the new democracies. The question makes sense because the Central Bank in the new democracy conditions is usually weak. A sample of 8 new democracies is analyzed via individual country vector...
Persistent link: https://www.econbiz.de/10010668575
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The simple analytics of helicopter money: Why it works - always
Buiter, Willem H. - In: Economics - The Open-Access, Open-Assessment E-Journal 8 (2014), pp. 1-51
The author provides a rigorous analysis of Milton Friedman's parable of the "helicopter" drop of money a permanent/irreversible increase in the nominal stock of fiat base money rate which respects the intertemporal budget constraint of the consolidated Central Bank and Treasury - the State....
Persistent link: https://www.econbiz.de/10010954781
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The simple analytics of Helicopter money: Why it works - always
Buiter, Willem H. - Institut für Weltwirtschaft (IfW) - 2014
The authors provides a rigorous analysis of Milton Friedman's parable of the 'helicopter' drop of money - a permanent/irreversible increase in the nominal stock of fiat base money which respects the intertemporal budget constraint of the consolidated Central Bank and Treasury - the State....
Persistent link: https://www.econbiz.de/10010956044
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The Simple Analytics of Helicopter Money:Why It Works – Always
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
This paper aims to provide a rigorous analysis of Milton Friedman’s famous parable of the ‘helicopter’ drop of money. A helicopter drop of money is a permanent/irreversible increase in the nominal stock of fiat base money with a zero nominal interest rate, which respects the intertemporal...
Persistent link: https://www.econbiz.de/10011084422
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Flexible Majority Rules for Central Banks
Gersbach, Hans; Pachl, Bernhard - C.E.P.R. Discussion Papers - 2004
We propose a flexible majority rule for central bank councils where the size of the majority depends monotonically on the change in interest rate within a particular time frame. Small changes in interest rate require a small share of supporting votes, even less than 50%. We show that flexible...
Persistent link: https://www.econbiz.de/10005067504
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Bayesian Vars; A Survey of the Recent Literature with An Application to the European Monetary System
Ciccarelli, Matteo; Rebucci, Alessandro - International Monetary Fund (IMF) - 2003
This paper reviews recent advances in the specification and estimation of Bayesian Vector Autoregressive models (BVARs …). After describing the Bayesian principle of estimation, we first present the methodology originally developed by Litterman … issues in forecasting and structural analysis. An application to the estimation of a system of time-varying reaction …
Persistent link: https://www.econbiz.de/10005825693
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Money Demand in Guyana
Egoumé-Bossogo, Philippe - International Monetary Fund (IMF) - 2000
This paper analyzes broad money demand (M2) in Guyana from January 1990 to September 1999; a period marked by deep transformations aimed at shifting Guyana from a centralized to a market economy. The paper develops a stable error-correction model based on a long-run cointegrating vector of money...
Persistent link: https://www.econbiz.de/10005825837
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Cambodia; 2007 Article IV Consultation: Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund (IMF); International … - 2007
This 2007 Article IV Consultation underlies that strong macroeconomic policies have enabled Cambodia to achieve impressive growth and make inroads into poverty. Supported by prudent fiscal and monetary policies that have strengthened the economy’s resilience to shocks, growth has averaged...
Persistent link: https://www.econbiz.de/10011244160
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Sierra Leone: 2013 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility
International Monetary Fund (IMF); International … - 2013
This 2013 Article IV Consultation highlights that Sierra Leone has made significant progress in macroeconomic stabilization over the last five years. Real GDP growth averaged some 7 percent, driven by output expansion in agriculture, mining, and services; as well as the scaling-up of...
Persistent link: https://www.econbiz.de/10011244166