Showing 1 - 10 of 12,256
Persistent link: https://www.econbiz.de/10011347879
One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency,...
Persistent link: https://www.econbiz.de/10010251586
This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...
Persistent link: https://www.econbiz.de/10011434680
Persistent link: https://www.econbiz.de/10011521384
Persistent link: https://www.econbiz.de/10011521832
Persistent link: https://www.econbiz.de/10010423585
Persistent link: https://www.econbiz.de/10010503101
This paper assesses the impact of unconventional United States (US) and Japanese monetary policies on emerging economies, and explores policy coordination issues to promote macroeconomic and financial stability in developed and emerging economies. The paper first considers a theoretical...
Persistent link: https://www.econbiz.de/10010465407
Persistent link: https://www.econbiz.de/10013166409
I extend the Bayesian Factor-Augmented Vector Autoregressive model (FAVAR) to incorporate an identification scheme based on an exogenous variable approach. A Gibbs sampling algorithm is provided to estimate the posterior distributions of the models parameters. I estimate the effects of a...
Persistent link: https://www.econbiz.de/10012798851