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Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - CESifo - 2014
sovereign bond purchases on secondary markets, a stable relationship between bank lending rates and government bond rates is of … this relationship by focusing on the reaction of bank lending rates to movements in government bond rates over the period … limited as the link between bank lending rates and government bond rates has substantially weakened since the end of 2008. …
Persistent link: https://www.econbiz.de/10010877947
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Macroeconomic equilibrium and welfare under simple monetary and switching fiscal policy rules
Danciulescu, Cristina - In: Economic Modelling 36 (2014) C, pp. 58-68
Using a standard forward-looking New Keynesian model, this paper investigates rational expectation equilibrium determinacy and macroeconomic performance of simple monetary policy rules under exogenous versus endogenous tax policies when there is tax uncertainty. Under the endogenous tax...
Persistent link: https://www.econbiz.de/10010729810
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Money and Production, and Liquidity Trap
Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2006
We prove the existence of monetary equilibrium in a finite horizon economy with production. We also show that if agents expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future, then the economy will fall into a liquidity trap...
Persistent link: https://www.econbiz.de/10005762579
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"Quantitative Easing and Proposals for Reform of Monetary Policy Operations"
Fullwiler, Scott; Wray, L. Randall - Levy Economics Institute - 2010
Beyond its original mission to "furnish an elastic currency" as lender of last resort and manager of the payments system, the Federal Reserve has always been responsible (along with the Treasury) for regulating and supervising member banks. After World War II, Congress directed the Fed to pursue...
Persistent link: https://www.econbiz.de/10008764966
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The ECB as Lender of Last Resort for Sovereigns in the Euro Area
Buiter, Willem H.; Rahbari, Ebrahim - C.E.P.R. Discussion Papers - 2012
The paper establishes that sovereigns, like banks, need a lender of last resort (LoLR). In the euro area the ECB, with its estimated €3.4 trillion non-inflationary loss absorption capacity, is the only credible sovereign LoLR. The ECB/Eurosystem has been acting as sovereign LoLR through its...
Persistent link: https://www.econbiz.de/10011083551
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Inflation divergence and public deficits in a monetary union
Creel, Jerome; Cacheux, Jacques Le - Centre de recherche en Économie (OFCE), Sciences … - 2003
We reconsider the link between domestic public debts and average and domestic inflation rates in a monetary union, using a modified version of a model by Beetsma and Vermeylen (2002). It is thus possible to show that the causation between the inflation dynamics and the public finances might go...
Persistent link: https://www.econbiz.de/10005689680
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Fiscal Policy Effects in the European Union
Thams, Andreas - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2006
investigate whether the fiscal theory of the price level (FTPL) is able to deliver a reasonable explanation for the different …
Persistent link: https://www.econbiz.de/10005652768
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Sovereign Default Risk in the Euro-Periphery and the Euro-Candidate Countries
Gabrisch, Hurbert; Orlowski, Lucjan; Pusch, Toralf - John F. Welch College of Business, Sacred Heart University - 2012
This study examines the key drivers of sovereign default risk in five euro area periphery countries and three euro-candidates that are currently pursuing independent monetary policies. We argue that the recent proliferation of sovereign risk premiums stems from both domestic and international...
Persistent link: https://www.econbiz.de/10010850730
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Sovereign default Risk in the Euro-Periphery and the Euro-Candidate Countries
Gabrisch, Hubert; Orlowski, Lucjan T.; Pusch, Toralf - Volkswirtschaftliche Fakultät, … - 2012
This study examines the key drivers of sovereign default risk in five euro area periphery countries and three euro-candidates that are currently pursuing independent monetary policies. We argue that the recent proliferation of sovereign risk premiums stems from both domestic and international...
Persistent link: https://www.econbiz.de/10011257986
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Understanding the High Interest Rates on Italian Government Securities
Giovannini, Alberto; Piga, Gustavo - C.E.P.R. Discussion Papers - 1992
This paper discusses several determinants of the differential between yields on Italian government securities and yields on foreign government securities. We concentrate on expectations of (at least partial) insolvency, tax factors and exchange rate expectations. The evidence suggests that most...
Persistent link: https://www.econbiz.de/10005114342