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Inflation Level and Inflation Volatility : A Seigniorage Argument
Dmitriev, Mikhail - 2016
In this paper we contribute to the literature on environments with active fiscal and accommodating monetary policy. We show that this framework is able to explain the positive relationship between the steady state level of inflation and business cycle inflation volatility observable in the data....
Persistent link: https://www.econbiz.de/10012998151
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The Generation and Distribution of Central Bank Seigniorage in the Czech Republic, Hungary and Poland
Hochreiter, Eduard; Rovelli, Riccardo - 1999
We measure the amount of central bank seigniorage generated in three economies in transition, and inquire to what … extent seigniorage ultimately accrues to the government. We relate our findings to the institutional environment of the three … countries. In particular we document that, in parallel to the process of disinflation, seigniorage has declined in the period …
Persistent link: https://www.econbiz.de/10014185389
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New Keynesian versus old Keynesian government spending multipliers : a comment
Hughes Hallett, Andrew; Rannenberg, Ansgar; Schreiber, Sven - 2014
Cogan et al. (2009, 2010) claim that the stimulus package passed by the United States Congress in February 2009 had a multiplier far below one. However, the stimulus ́multiplier strongly depends on the assumed monetary policy response. Based on official statements from the Fed chairman, the...
Persistent link: https://www.econbiz.de/10010258714
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Evaluating the Market Exchange Rate Pressure in Inflation Condition (An Empirical Evidence of Iran)
Ziaei, Sayyed - 2012
For this paper, exchange rate market pressure has been calculated quarterly over the last seven years in Iran and secondly, by using the SVAR model, the EMP effects on main economic variables such as consumer price, budget deficit and credit to private sector are analyzed. The results indicate...
Persistent link: https://www.econbiz.de/10013108009
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The Comovement between Sovereign and Bank Credit Risk During the Financial Crisis : The Case of the Euro Area
Nucera, Federico - 2012
We investigate the comovement between sovereign and bank credit risk in the Euro area over the period 2008-2010. We construct two synthetic credit risk measures of the European sovereign and banking sectors that can be used for macro-prudential supervision. We estimate a Vector error-correction...
Persistent link: https://www.econbiz.de/10013108223
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Identifying and Measuring Financial Repression : The British Case in the Mid-20th Century
Hileman, Garrick - 2017
A disagreement has emerged over whether advanced countries such as Britain engaged in financial repression following the Second World War. A review of the historical and archival evidence identifies eleven pieces of British legislation and sixteen directives that supported financial repression...
Persistent link: https://www.econbiz.de/10012955723
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Economic Activity and its Determinants : A Panel Analysis of Indian States
Wahi, Garima - 2018
This paper assesses the impact of both monetary and fiscal policy along with other macroeconomic determinants on economic activity using state-level Indian data. Since economic activity can vary across states due to local factors and state government policies, a state-level empirical analysis,...
Persistent link: https://www.econbiz.de/10012910700
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The Optimal Inflation Tax When Taxes are Costly to Collect
De Fiore, Fiorella - 2021
Tax collection costs have been advocated in the literature as a reason to deviate from the Friedman rule, in standard general equilibrium monetary models with flexible prices. This paper shows that there are conditions under which the Friedman rule is optimal despite the presence of collection...
Persistent link: https://www.econbiz.de/10013320305
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Endogenous forward guidance
Chafwehé, Boris; Oikonomou, Rigas; Priftis, Romanos; … - 2019
We propose a novel framework where forward guidance (FG) is endogenously determined. Our model assumes that a monetary authority solves an optimal policy problem under commitment at the zero-lower bound. FG derives from two sources: 1. from commiting to keep interest rates low at the exit of the...
Persistent link: https://www.econbiz.de/10012304687
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Endogenous forward guidance
Chafwehé, Boris; Oikonomou, Rigas; Priftis, Romanos; … - 2018
We propose a novel framework where forward guidance (FG) is endogenously determined. Our model assumes that a monetary authority solves an optimal policy problem under commitment at the zero-lower bound. FG derives from two sources: 1. from commiting to keep interest rates low at the exit of the...
Persistent link: https://www.econbiz.de/10011920684