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Household Income Volatility and Tax Policy : Helping More and Hurting Less, Testimony Before the U.S. Joint Economic Committee

Batchelder, Lily L. - 2010

This testimony makes three main points. First, income volatility, especially when it involves income declines, imposes significant hardships on American families. It heightens stress about finances and may increase household living expenses. These hardships are most pronounced for middle-and...

Persistent link: https://www.econbiz.de/10014195419

The interaction between monetary and fiscal policies in Turkey : an estimated new Keynesian DSGE model

C̦ebi, Cem - 2011

This paper estimates a New Keynesian open economy DSGE model for Turkey by using Bayesian estimation technique for the period of 2002:q1 - 2009:q3. It studies fiscal and monetary policy interactions and their role in stabilisation of the economy using a small-scale model following the...

Persistent link: https://www.econbiz.de/10009157475

Estimating US fiscal and monetary interactions in a time varying VAR

Gerba, Eddie; Hauzenberger, Klemens - 2013

We contribute to the growing empirical literature on monetary and fiscal interactions by applying a sign restriction identification scheme to a structural TVP-VAR in order to disentangle and evaluate the policy shocks and policy transmissions. This in turn allows us to study the Great Recession...

Persistent link: https://www.econbiz.de/10009722854

Bad for Euroland, worse for Germany : the ECB's record

Bibow, Jörg (contributor) - 2005

unification ; Bundesbank ; policy inconsistency ; stability culture ; ECB ; EMU …

Persistent link: https://www.econbiz.de/10003229840

Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models

Levin, Andrew T.; Onatski, Alexei; Williams, John C.; … - 2007

We use a micro-founded macroeconometric modeling framework to investigate the design of monetary policy when the central bank faces uncertainty about the true structure of the economy. We apply Bayesian methods to estimate the parameters of the baseline specification using postwar U.S. data and...

Persistent link: https://www.econbiz.de/10014061946

Optimal Inflation Persistence : Ramsey Taxation with Capital and Habits

Chugh, Sanjay K. - 2005

Ramsey models of fiscal and monetary policy with perfectly-competitive product markets and a fixed supply of capital predict highly volatile inflation with no serial correlation. In this paper, we show that an otherwise-standard Ramsey model that incorporates capital accumulation and habit...

Persistent link: https://www.econbiz.de/10014066114

Bad for Euroland, Worse for Germany - the Ecb's Record

Bibow, Jörg - 2006

This paper assesses the contribution of the European Central Bank (ECB) to Germany's ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the bank...

Persistent link: https://www.econbiz.de/10012735028

Are Fiscal Adjustments Less Successful in Decentralized Governments?

Schaltegger, Christoph A. - 2007

A common political claim is that decentralized governments undermine policy makers' ability to fight fiscal imbalance. This paper examines how different fiscal institutions influence the likelihood of a successful fiscal adjustment. Using a panel of the Swiss cantons from 1981 to 2001, we first...

Persistent link: https://www.econbiz.de/10012777298

Monetary Policy, Rule-of-Thumb Consumers and External Habits: A G7 Comparison

Di Bartolomeo, Giovanni; Rossi, Lorenza; Tancioni, … - 2009

This paper extends the standard New Keynesian dynamic stochastic general equilibrium (DSGE) model to agents who cannot smooth consumption (i.e. spenders) and are affected by external consumption habits. Although these assumptions are not new, their joint consideration strongly affects some...

Persistent link: https://www.econbiz.de/10010343913

Exchange rate regimes and fiscal discipline in OECD countries

Heinemann, Friedrich - 1999

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to … the fiscal balance - a result backing an optimistic view on fiscal discipline under EMU. On the other hand, however, there … is the result that a high degree of openness has a deficit reducing impact. This is a worrying result in the EMU context …

Persistent link: https://www.econbiz.de/10011442384