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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

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

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

Policy Stability and Economic Growth : Lessons from the Great Recession

Haldane, Andrew; Minford, Patrick; Radia, Amar; Taylor, … - 2021

The recovery from the recession after the financial crisis, in both the UK and the US, has been very slow compared with other similar events in history. During the period before the financial crash and afterwards, monetary policy deviated from the very effeective rules-based approach of the...

Persistent link: https://www.econbiz.de/10013225300

The Great Recession and its Aftermath from a Monetary Equilibrium Theory Perspective

Horwitz, Steven - 2020

Modern macroeconomists in the Austrian tradition can be divided into two groups: Rothbardians and monetary equilibrium (ME) theorists. It is from this latter perspective that we consider the events of the last few years. We argue that the primary source of business fluctuation is monetary...

Persistent link: https://www.econbiz.de/10012857494

Forecasting and policy making

Wieland, Volker; Wolters, Maik H. - 2012

Persistent link: https://www.econbiz.de/10010394237

The Great Depression and the Friedman-Schwartz Hypothesis

Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2021

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...

Persistent link: https://www.econbiz.de/10013319389

Has Inflation Targeting Strategy Made A Difference in Ghanaian Macroeconomic Management? Analysis of Business Cycle Fluctuations and Econometric Estimates

Akosah, Nana Kwame; Paul Alagidede, Imhotep; Schaling, Eric - 2020

For over a decade of practicing inflation targeting (IT) strategy, inflation has remained high and persistent while … management in Ghana by reducing average inflation rate, boosting average growth rate and dampening the cyclical oscillations in … both output and inflation. We however find a slower pace of disinflation in Ghana, underpinning the high inflation inertia …

Persistent link: https://www.econbiz.de/10014093032

Liquidity traps and large-scale financial crises

Caggiano, Giovanni; Castelnuovo, Efrem; Damette, Olivier; … - 2018

This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive was in place in the U.S. Great Depression and the recent Great Recession. We find clear evidence in favor of a breakdown of the liquidity effect after an unexpected increase in...

Persistent link: https://www.econbiz.de/10011863616

International crises and policy responses in the Southern cone

Borensztein, Eduardo; Castilleja, Liliana; Hernaiz, Daniel - 2012

Central Banks should meet their inflation targets to preserve fiscal space and anchor inflation expectations. …

Persistent link: https://www.econbiz.de/10011303276

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