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"The European Central Bank and Why Things Are the Way They Are: A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity"

Dubois, Robert - Levy Economics Institute - 2012

aggregate debt loads are rendering monetary- and fiscal policy-impaired governments and segments of society insolvent and …

Persistent link: https://www.econbiz.de/10009652087

Central Banks: Powerful, Political and Unaccountable?

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014

Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...

Persistent link: https://www.econbiz.de/10011084413

The Interaction of Monetary and Fiscal Policy in the Visegrad Group Countries

Janků, Jan; Kappel, Stanislav; Kučerová, Zuzana - In: Politická ekonomie 2014 (2014) 4, pp. 459-479

The aim of this article is to estimate the mutual interaction of monetary and fiscal policy in the Visegrad Group countries, i.e. in the Czech Republic, Slovakia, Poland, and Hungary. The relations between monetary and fiscal policy - its coordination, cooperation or mutual antagonism - are...

Persistent link: https://www.econbiz.de/10011228242

Irreversible investments, dynamic inconsistency and policy convergence

Hagen, Rune Jansen; Torsvik, Gaute - Institutt for Økonomi, Universitetet i Bergen - 2008

We study a model where two parties, one from the left and one from the right, compete for position. The election is to be held in the near future and the outcome is uncertain. Prior to the election, the members of both parties nominate their prime ministerial candidates. Investors care about the...

Persistent link: https://www.econbiz.de/10008876387

Monetary and macroprudential policies in an estimated model with financial intermediation

Gelain, Paolo; Ilbas, Pelin - Nationale Bank van België/Banque national de Belqique (BNB) - 2014

We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...

Persistent link: https://www.econbiz.de/10011272792

Coordinated or Uncoordinated Monetary Policy under a Regime of Flexible Exchange Rates? – The Power in Decision Making

Frey, Rainer - In: Journal of Economic Integration 21 (2006), pp. 211-233

The analysis deals with the conditions under which coordination is attractive to a country in the flexible exchange-rate system. In particular, great weight is attached to the design of a common policy-decision council. The starting point is the Barro- Gordon approach, which is extended to...

Persistent link: https://www.econbiz.de/10009392043

Central bank reaction to public deficit and sound public finance: the case of the European Monetary Union

Canale, Rosaria Rita - Volkswirtschaftliche Fakultät, … - 2008

The paper aims to shed light on the relation between monetary and fiscal policy in EMU, focusing on the interest rates and deficit dynamics. We present a theoretical model in which monetary and fiscal policy independently interact in a closed economic system through their own instrument, namely,...

Persistent link: https://www.econbiz.de/10005616617

Inflation Targets and Debt Accumulation in a Monetary Union.

Beetsma, R.; Bovenberg, A.L. - CentER for Economic Research, Universiteit van Tilburg - 1999

externalities on each other through the influence of their debt policies on the common monetary policy. These imperfections can be …-contingent debt targets (to internalize the externalities due to decentralized fiscal policy). …

Persistent link: https://www.econbiz.de/10005660447

"An Outline of a Progressive Resolution to the Euro-area Sovereign Debt Overhang: How a Five-year Suspension of the Debt Burden Could Overthrow Austerity"

Sotiropoulos, Dimitris P.; Milios, John; Lapatsioras, Spyros - Levy Economics Institute - 2014

The present study puts forward a plan for solving the sovereign debt crisis in the euro area (EA) in line with the … significant part of the outstanding sovereign debt (at market prices) of the countries in the EA and convert it to zero …-coupon bonds. No transfers will take place between individual states; taxpayers in any EA country will not be involved in the debt …

Persistent link: https://www.econbiz.de/10010961660

A Critical Analysis of the Technical Assumptions of the Standard Micro Portfolio Approach to Sovereign Debt Management

Blommestein, Hans J.; Hubig, Anja - Directorate for Financial, Fiscal and Enterprises … - 2012

This paper examines the analytical underpinnings of the standard micro portfolio approach to public debt management … of the debt portfolio itself, but also those related to primary borrowing requirements. The resulting broader cost …

Persistent link: https://www.econbiz.de/10009650195

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