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Fiscal and monetary policies and the cost of sudden stops
Hutchison, Michael M.; Noy, Ilan; Wang, Lidan - 2007
This article investigates the effects of macroeconomic policy (monetary and fiscal) on output growth during financial crises characterized by a sudden stopʺ in net capital inflows in developing and emerging market economies. We investigate 83 sudden stop crises in 77 countries over 1982-2003...
Persistent link: https://www.econbiz.de/10003855118
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Managing households' expectations with salient economic policies
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2019 - This version: August 2019
consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …
Persistent link: https://www.econbiz.de/10012057290
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Are proposed African monetary unions optimal currency areas? : real, monetary and fiscal policy convergence analysis
Asongu, Simplice A. - 2012
fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East … Africa is facing stiff challenges in the timing of monetary convergence, the imperative of central bankers to apply common … panel GMM estimation with data from different non-overlapping intervals is employed. The implied rate of convergence and the …
Persistent link: https://www.econbiz.de/10011410252
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Revisiting the monetary presentation of the euro area balance of payments
Aguilar, Carmen Picón; Soares, Rodrigo Oliveira; … - 2020
We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments (b.o.p.). This is possible because the net external assets of the monetary financial institutions (MFIs) are present in two statistical frameworks that follow similar...
Persistent link: https://www.econbiz.de/10012165260
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Excess Savings and Twin Deficits : The Transmission of Fiscal Stimulus in Open Economies
Aggarwal, Rishabh; Auclert, Adrien; Rognlie, Matthew; … - National Bureau of Economic Research - 2022
We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth everywhere. In the short run, a country with a...
Persistent link: https://www.econbiz.de/10013334403
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Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union
Schnabl, Gunther; Zemanek, Holger - 2010
In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current account imbalances have gained rising attention. Whereas Greece and Ireland struggle for austerity in private and public spending, Germany is urged to reduce its current account...
Persistent link: https://www.econbiz.de/10008798227
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Die Deutsche Wiedervereinigung und die europäische Schuldenkrise im Lichte der Theorie optimaler Währungsräume
Schnabl, Gunther; Zemanek, Holger - 2011
Der Beitrag analysiert die inner-europäischen Leistungsbilanzungleichgewichte auf der Grundlage der Theorie der optimalen Währungsräume. Wir zeigen, dass die deutsche Wiedervereinigung nicht nur zur EWS-Krise 1992/93 führte, sondern auch der Ursprung der derzeitigen europäischen...
Persistent link: https://www.econbiz.de/10009152176
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Economic growth with constraints on tax revenues and public debt : implications for fiscal policy and cross-country differences
Aizenman, Joshua; Kletzer, Kenneth; Pinto, Brian - 2007
This paper evaluates optimal public investment and fiscal policy for countries characterized by limited tax and debt capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process, in countries where distortions and limited...
Persistent link: https://www.econbiz.de/10003854944
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The Fed's international dollar liquidity facilities: new evidence on effects
Goldberg, Linda S.; Ravazzolo, Fabiola - 2021
In March 2020, the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new Foreign and International Monetary Authorities (FIMA) Repo Facility. We provide new evidence on how the...
Persistent link: https://www.econbiz.de/10012797880
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Fiscal policies, the current account and Ricardian equivalence
Nickel, Christiane (contributor);  … - 2008
This paper analyses the empirical relationship between fiscal policy and the current account of the balance of payments and considers how Ricardian equivalence changes this relationship. To do so, we estimate a dynamic panel threshold model for 22 industrialised countries in which the...
Persistent link: https://www.econbiz.de/10003790939