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The dire effects of the lack of monetary and fiscal coordination
Bianchi, Francesco; Melosi, Leonardo - 2017
adamant about preventing a rise in inflation? The large fiscal imbalance brings about inflationary pressures, triggering a … spiral of higher inflation, output contraction, and further debt accumulation. A coordinated commitment to inflate away the …
Persistent link: https://www.econbiz.de/10011774982
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Escaping the Great Recession
Bianchi, Francesco; Melosi, Leonardo - 2016
We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great...
Persistent link: https://www.econbiz.de/10011560569
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Escaping the Great Recession
Bianchi, Francesco - 2016
We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great...
Persistent link: https://www.econbiz.de/10012979122
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Escaping the Great Recession
Bianchi, Francesco - 2014
announcements by the fiscal and monetary authorities can lead to high inflation and large output losses. The policy trade-off can be …
Persistent link: https://www.econbiz.de/10013040335
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Escaping the Great Recession
Bianchi, Francesco - 2015
High uncertainty is an inherent implication of the zero lower bound, while deflation is not because of inflationary pressure due to uncertainty about how debt will be stabilized. We show that policy uncertainty empirically accounts for the absence of deflation in the US economy. Announcing...
Persistent link: https://www.econbiz.de/10013035011
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Escaping the Great Recession
Bianchi, Francesco; Melosi, Leonardo - 2014 - This draft: January 2014
announcements by the fiscal and monetary authorities can lead to high inflation and large output losses. The policy trade-off can be …
Persistent link: https://www.econbiz.de/10010439777
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Did fiscal consolidation cause the double dip recession in the euro area?
Heimberger, Philipp - 2015
closely related to the harshness of fiscal austerity. Cumulative multiplier estimates are found to vary in a range from 1.4 to … 2.1, depending on the data source used to identify the intensity of fiscal consolidation. Given these multiplier values …
Persistent link: https://www.econbiz.de/10011778844
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Forecasting and policy making
Wieland, Volker; Wolters, Maik H. - 2012
Persistent link: https://www.econbiz.de/10010394237
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Global stagflation
Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska - 2022
Global inflation has risen sharply from its lows in mid-2020, on rebounding global demand, supply bottlenecks, and … soaring food and energy prices, especially since the Russian Federation's invasion of Ukraine. Markets expect inflation to … developments, the risk of stagflation-a combination of high inflation and sluggish growth-has risen. The recovery from the …
Persistent link: https://www.econbiz.de/10013256317
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Exploring the Output Effect of Fiscal Policy Shocks in Low Income Countries
Honda, Jiro - 2020
What do we know about the output effects of fiscal policy in low income countries (LICs)? There are very few empirical studies on the subject. This paper fills this gap by estimating the output effects of government spending shocks in LICs. Our analysis-based on the local projection method-finds...
Persistent link: https://www.econbiz.de/10012831612