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Fiscal Policy and Macroeconomic Stability within a Monetary Union
Kirsanova, Tatiana; Vines, David; Wren-Lewis, Simon - 2005
there is a significant backward looking element in inflation behaviour. This cyclical instability can be mitigated if fiscal … policy in each member country reacts to inflation differences, but it can be aggravated if fiscal feedback on debt is too …
Persistent link: https://www.econbiz.de/10014064465
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Does the Euro-zone diverge? A stress indicator for analyzing trends and cycles in real GDP and inflation
Flaig, Gebhard; Wollmershäuser, Timo - 2007
and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short …
Persistent link: https://www.econbiz.de/10010276206
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Central bank independence and the monetary instrument problem
Niemann, Stefan; Pichler, Paul; Sorger, Gerhard - 2010
We study the monetary instrument problem in a model of optimal discretionary fiscal and monetary policy. The policy problem is cast as a dynamic game between the central bank, the fiscal authority, and the private sector. We show that, as long as there is a conflict of interest between the two...
Persistent link: https://www.econbiz.de/10003951467
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Forecasting and policy making
Wieland, Volker; Wolters, Maik H. - 2012
Persistent link: https://www.econbiz.de/10010394237
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The Negative Mean Output Gap
Aiyar, Shekhar S. - 2019
We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns than they increase employment during expansions. This is demonstrated in a simple...
Persistent link: https://www.econbiz.de/10012862445
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The Role of Policymakers in Business Cycle Fluctuations
Granato, Jim; Wong, M. C. Sunny - 2003
conditions and explore the possibility under which a policy tack that targets inflation stability, output stability, or both, can … efficient business cycle outcomes (inflation and output stability). We find that there is a range of inflation and output target … weights that simultaneously stabilize inflation and output. We call this condition, produced by these weights, inflation …
Persistent link: https://www.econbiz.de/10014102995
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Welfare Implications of the Design of a Currency Union in Case of Member Countries of Different Sizes and Output Persistence
Frey, Rainer - 2004
inflation and output preferences affect welfare. …
Persistent link: https://www.econbiz.de/10010295642
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Some Thoughts on Macroeconomic Fluctuations and the Timing of Labor Market Reform
Saint-Paul, Gilles - 2002
n this paper, I analyze the pros and cons of implementing structural reforms of the labor market in booms vs. recessions, in light of considerations of social efficiency, political viability, and macroeconomic fine tuning. While the optimal timing of a reform depends on the relative importance...
Persistent link: https://www.econbiz.de/10010262615
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Some thoughts on macroeconomic fluctuations and the timing of labor market reform
Saint-Paul, Gilles - 2002
In this paper, I analyze the pros and cons of implementing structural reforms of the labor market in booms vs. recessions, in light of considerations of social efficiency, political viability, and macroeconomic fine tuning. While the optimal timing of a reform depends on the relative importance...
Persistent link: https://www.econbiz.de/10011414121
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Labor market institutions and macroeconomic volatility in a panel of OECD countries
Rumler, Fabio; Scharler, Johann - 2009
coordinated wage bargaining systems have a dampening impact on inflation volatility. …
Persistent link: https://www.econbiz.de/10011605051