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Trends in Velocity and Policy Expectations
Leeper, Eric M.; Gordon, David B.; Zha, Tao A. - 2014
U.S. velocity of base money exhibits three distinct trends since 1950. After rising steadily for 30 years, it flattens … use a model with two key features: a substitute for money in transactions and an array of assets that includes money … a function of expected future money growth, tax rates, and government spending. When expectations are estimated using …
Persistent link: https://www.econbiz.de/10014048657
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In search of the liquidity effect
Leeper, Eric M.; Gordon, David B. - 1991
Persistent link: https://www.econbiz.de/10000130698
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In search of the liquidity effect
Leeper, Eric M. - In: Journal of monetary economics 29 (1992) 3, pp. 341-369
Persistent link: https://www.econbiz.de/10001130579
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The Price Level, the Quantity Theory of Money, and the Fiscal Theory of the Price Level
Gordon, David B. - 2002
We consider price level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds … produce the quantity theory of money and the fiscal theory of the price level …
Persistent link: https://www.econbiz.de/10012469629
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The Price Level, the Quantity Theory of Money, and the Fiscal Theory of the Price Level
Gordon, David B.; Leeper, Eric M. - 2021
We consider price level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds … produce the quantity theory of money and the fiscal theory of the price level …
Persistent link: https://www.econbiz.de/10013230965
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Monetary-Fiscal Policy Interactions And Fiscal Stimulus
Leeper, Eric M.; Davig, Troy - 2013
Increases in government spending trigger substitution effects — both inter- and intra-temporal — and a wealth effect. The ultimate impacts on the economy hinge on current and expected monetary and fiscal policy behavior. Studies that impose active monetary policy and passive fiscal policy...
Persistent link: https://www.econbiz.de/10014204817
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Generalizing the Taylor Principle
Davig, Troy - 2006
The paper generalizes the Taylor principle - the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation - to an environment in which reaction coefficients in the monetary policy rule evolve...
Persistent link: https://www.econbiz.de/10012732859
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Modest Policy Interventions
Leeper, Eric M. - 2015
The authors present a framework for computing and evaluating linear projections of macro variables conditional on hypothetical paths of monetary policy. A modest policy intervention is a change in policy that does not significantly shift agents' beliefs about policy regime and does not generate...
Persistent link: https://www.econbiz.de/10013028586
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Modest Policy Interventions
Leeper, Eric M. - 2015
This paper brings together identification and forecasting in a positive econometric analysis of policy. We contend that a broad range of important policy questions is consistent with the existing policy process and is not subject to Lucas's critique. We analyze the economics of "business as...
Persistent link: https://www.econbiz.de/10013032673
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Monetary and Fiscal Policy Switching
Davig, Troy; Leeper, Eric M.; Chung, Hess - 2013
A growing body of evidence finds that policy reaction functions vary substantially over different periods in the United States. This paper explores how moving to an environment in which monetary and fiscal regimes evolve according to a Markov process can change the impacts of policy shocks. In...
Persistent link: https://www.econbiz.de/10014069880