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Dormant Shocks and Fiscal Virtue
Bianchi, Francesco; Melosi, Leonardo - Duke University, Department of Economics - 2013
We develop a theoretical framework to account for the observed instability of the link between inflation and …fiscal … bank that has full control over inflation. When policy makers deviate from this Virtuous regime, agents conduct Bayesian … pessimistic about a prompt return to the Virtuous regime and inflation starts drifting in response to a fiscal imbalance. Shocks …
Persistent link: https://www.econbiz.de/10010667353
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Dormant Shocks and Fiscal Virtue
Bianchi, Francesco; Melosi, Leonardo - Department of Economics, University of Pennsylvania - 2013
We develop a theoretical framework to account for the observed instability of the link between inflation and fiscal … bank that has full control over inflation. When policy makers deviate from this Virtuous regime, agents conduct Bayesian … pessimistic about a prompt return to the Virtuous regime and inflation starts drifting in response to a fiscal imbalance. Shocks …
Persistent link: https://www.econbiz.de/10010822925
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Did the Crisis Change it All? Evidence from Monetary and Fiscal Policy
Mitreska, Ana; Kadievska Vojnovic, Maja; Georgievska, Ljupka - Volkswirtschaftliche Fakultät, … - 2010
have constrained monetary authorities to respond to inflation and output during crisis, while there is mixed evidence for …
Persistent link: https://www.econbiz.de/10011111273
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Monetary and Fiscal Policy Interactions in an Emerging Open Economy: a Non-Ricardian DSGE Approach
Algozhina, Aliya - FIW - 2012
The monetary and fiscal policy interactions have gained a new research interest after the 2008 crisis due to the global increase of fiscal debt. This paper constructs a macroeconomic model of joint fiscal and monetary policy for an emerging open economy taking into account its structural...
Persistent link: https://www.econbiz.de/10010856781
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Monetary and Fiscal Policy Interactions in an Emerging Open Economy: A Non-Ricardian DSGE Approach
Algozhina, Aliya - Center for Economic Research and Graduate Education and … - 2012
The monetary and fiscal policy interactions have gained a new research interest after the 2008 crisis due to the global increase of fiscal debt. This paper constructs a macroeconomic model of joint fiscal and monetary policy for an emerging open economy taking into account its structural...
Persistent link: https://www.econbiz.de/10010842892
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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
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...
Persistent link: https://www.econbiz.de/10009652087
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Unconventional Fiscal Policy at the Zero Bound
Correia, Isabel; Farhi, Emmanuel; Nicolini, Juan Pablo; … - C.E.P.R. Discussion Papers - 2011
When the zero lower bound on nominal interest rates binds, monetary policy cannot provide appropriate stimulus. We show that in the standard New Keynesian model, tax policy can deliver such stimulus at no cost and in a time-consistent manner. There is no need to use inefficient policies such as...
Persistent link: https://www.econbiz.de/10008854460
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Dealing with a liquidity trap when government debt matters: Optimal time-consistent monetary and fiscal policy
Burgert, Matthias; Schmidt, Sebastian - In: Journal of Economic Dynamics and Control 47 (2014) C, pp. 282-299
expectations that helps to dampen the fall in output and inflation at the outset of the liquidity trap. …
Persistent link: https://www.econbiz.de/10010939755
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Dealing with a liquidity trap when government debt matters: Optimal time-consistent monetary and fiscal policy
Burgert, Matthias; Schmidt, Sebastian - House of Finance, Goethe Universität Frankfurt am Main - 2013
expectations that helps to dampen the fall in output and inflation at the outset of the liquidity trap. …
Persistent link: https://www.econbiz.de/10010955266
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Optimal monetary and fiscal policy with a zero bound on nominal interest rates
Schmidt, Sebastian - House of Finance, Goethe Universität Frankfurt am Main - 2012
I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal interest rates may occasionally hit the zero lower bound. The benevolent policymaker controls the short-term nominal interest rate and the level of government spending. Under discretionary policy,...
Persistent link: https://www.econbiz.de/10010955274