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Fiscal Policy, intercountry adjustment and the real exchange rate within Europe

Allsopp, Christopher; Vines, David - Directorate-General Economic and Financial Affairs, … - 2008

In EMU, a country may have difficulty ensuring stability in the face of asymmetric shocks; the response may be unstable … performance within Europe. Within EMU, a country may have difficulty ensuring stability in the face of asymmetric shocks; the … interfere with the control of inflation control, with the short-run stabilisation of demand, and also with the longer term …

Persistent link: https://www.econbiz.de/10008577462

Global Macroeconomic Cooperation in Response to the COVID-19 Pandemic : A Roadmap for the G20 and the IMF

McKibbin, Warwick J. - 2020

The COVID-19 crisis has caused the greatest collapse in global economic activity since 1720. Some advanced countries have mounted a massive fiscal response, both to pay for disease-fighting action and to preserve the incomes of firms and workers until the economic recovery is under way. But...

Persistent link: https://www.econbiz.de/10012828298

Adjustment Difficulties within a European Monetary Union: Can They be Reduced?

Hughes Hallett, Andrew; Vines, David - C.E.P.R. Discussion Papers - 1991

This paper analyses four costs which may be associated with monetary union. First it (obviously) allows no `relative' monetary accommodation of the kind which may assist when dealing with asymmetric shocks. This can impose significant adjustment costs. Second it does not of itself prevent...

Persistent link: https://www.econbiz.de/10005792113

Monetary and fiscal policy in the Great Moderation and the Great Recession

Allsopp, Christopher; Vines, David - In: Oxford review of economic policy 31 (2015) 2, pp. 134-167

Persistent link: https://www.econbiz.de/10011431411

Five-Equation Macroeconomics A Simple View of the Interactions Between Fiscal Policy and Monetary Policy

Kirsanova, Tatiana; Stehn, Sven Jari; Vines, David - Business School, University of Exeter - 2006

This paper studies the interactions of fiscal and monetary policy when they stabilise a single economy against shocks in a dynamic setting. We assume that fiscal and monetary policies both stabilise the economy only by causing changes to aggregate demand. Our findings are as follows. If the both...

Persistent link: https://www.econbiz.de/10008852476

Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt

Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015

is high, government spending should play a significant stabilisation role in the first period. This finding is robust to …

Persistent link: https://www.econbiz.de/10011276383

Optimal Monetary and Fiscal Policy in an Economy with Inflation Persistence

Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015

This paper studies a simple New-Keynesian model of fiscal and monetary policy coordination when the policymaker acts under commitment. With a New Keynesian Phillips curve it is optimal to control inflation only through the use of monetary policy. But, when price-setters use a Steinsson (2003)...

Persistent link: https://www.econbiz.de/10011276384

Wealth Targets, Exchange Rate Targets and Macroeconomic Policy

Blake, Andrew P; Vines, David; Weale, Martin - C.E.P.R. Discussion Papers - 1988

This paper argues that a wealth target is an important feature of an economic policy package. A real exchange rate target can be used as an intermediate target to steer national wealth towards its desired value. Such a policy requires that fiscal policy be used to restrain inflation. This may be...

Persistent link: https://www.econbiz.de/10005789065

Monetary Policy and Fiscal Policy: Impact Effects with a New Keynesian `Assignment' of Weapons to Targets

Meade, James; Vines, David - C.E.P.R. Discussion Papers - 1988

This paper considers fiscal and monetary policy in a short-run static macroeconomic model. There are two objectives, control of inflation and control over the growth of national wealth, and a third outcome of importance, a high level of employment. There are two instruments, monetary policy (the...

Persistent link: https://www.econbiz.de/10005497740

Simple Rules for the Open Economy: Evaluating Alternative Proposals

Tirelli, Patrizio; Vines, David - C.E.P.R. Discussion Papers - 1991

The paper evaluates some proposals for macroeconomic stabilization in an open economy, which take the form of simple rules. The first rule assigns monetary policy to inflation control and does not require fiscal intervention. The second rule adds fiscal control of a foreign wealth target to the...

Persistent link: https://www.econbiz.de/10005067614