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Chapter 22 Political economics and macroeconomic policy
Persson, Torsten; Tabellini, Guido - In: Handbook of macroeconomics : volume 1, part C, (pp. 1397-1482). 1999
incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and …: it covers credibility issues, political business cycles, and optimal design of monetary institutions. Part II deals with … fiscal policy in a dynamic general equilibrium set up: the main topics here are credibility of tax policy, and political …
Persistent link: https://www.econbiz.de/10014024218
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The portfolio theory of inflation and policy (in)effectiveness revisited : corroborating evidence
Bossone, Biagio; Cuccia, Andrea - 2020
This study revisits and tests empirically the Portfolio Theory of Inflation (PTI), which analyzes how the effectiveness of macroeconomic policy in open and globally financially integrated economies is influenced by global investor decisions (Bossone, The portfolio theory of inflation and policy...
Persistent link: https://www.econbiz.de/10012140238
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Political Economics and Macroeconomic Policy
Persson, Torsten; Tabellini, Guido - 2008
incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and … and focuses on credibility, political business cycles, and optimal design of monetary institutions. Part II deals with … fiscal policy in a dynamic general equilibrium set up; the main topics covered in this section are credibility of tax policy …
Persistent link: https://www.econbiz.de/10014070302
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Liquidity, insolvency and the state
Ehnts, Dirk H. - 2016
The importance of liquidity and insolvency for nation states and banks has been highlighted by current economic woes in the eurozone and elsewhere. The concepts are grounded in monetary theory, which determine the way they are interpreted. Connected to the discussion of autometallism and...
Persistent link: https://www.econbiz.de/10011553939
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Fiscal and monetary anomie in Argentina : the legacy of endemic populism
Ocampo, Emilio - 2021
Argentina's modern economic history offers perhaps the clearest evidence in support of a rules-based fiscal and monetary policy framework. From 1899 until 1914 the country abided by the rules of the gold standard and experienced rapid GDP growth with price stability. After WWI and until 1939,...
Persistent link: https://www.econbiz.de/10012510995
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The subjective inflation expectations of households and firms : measurement, determinants, and implications
Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022
Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...
Persistent link: https://www.econbiz.de/10013271201
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Small and orthodox fiscal multipliers at the zero lower bound
Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2013
Does fiscal policy have large and qualitatively different effects on the economy when the nominal interest rate is zero? An emerging consensus in the New Keynesian literature is that the answer is yes. New evidence provided here suggests that the answer is often no. For a broad range of...
Persistent link: https://www.econbiz.de/10010209160
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Government solvency, austerity and fiscal consolidation in the OECD : a keynesian appraisal of transversality and no ponzi game conditions
Azizi, Karim; Canry, Nicolas; Chatelain, Jean-Bernard; … - 2013
This paper investigates the relevance of the No-Ponzi game condition for public debt (i.e. the public debt growth rate has to be lower than the real interest rate, a necessary assumption for Ricardian equivalence) and of the transversality condition for the GDP growth rate (i.e. the GDP growth...
Persistent link: https://www.econbiz.de/10009737169
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Identifying effective combinations of economic policy measures for the coronavirus recession in Europe
Bernoth, Kerstin; Clemens, Marius; Dany-Knedlik, Geraldine - In: DIW weekly report : economy, politics, science : a … 10 (2020) 23, pp. 263-273
As the coronavirus pandemic spread across the globe in early 2020, the European Central Bank as well as national governments in the euro area enacted or announced numerous economic policy measures to counteract the severe economic consequences of the resulting lockdowns. In this paper, the...
Persistent link: https://www.econbiz.de/10012231998
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Fiscal policy in a currency union at the zero lower bound
Cook, David; Devereux, Michael B. - 2018 - Revised, November 2017
When monetary policy is constrained by the zero lower bound, fiscal policy can be used to achieve macro stabilization objectives. At the same time, fiscal policy is also a key policy variable within a single currency area that allow policy-makers to respond to regional demand asymmetries. How do...
Persistent link: https://www.econbiz.de/10011786683