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Fiscal policy in the semi-structural model ECB-BASE
Bańkowski, Krzysztof - 2023
a well-suited macroeconomic model for analysing fiscal policy at a central bank is of primary importance. This paper … documents the fiscal block of the ECB-BASE, which is a semi-structural model for the euro area developed at the ECB for … links to the quarterly fiscal accounts. Thanks to this design, it is possible to simulate the model with a wide range of …
Persistent link: https://www.econbiz.de/10014278636
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Monetary Policy, Bond Returns and Debt Dynamics
Berndt, Antje - 2015
Using the government's intertemporal budget constraint, we quantify the contribution of returns paid on the U.S. government's debt portfolio to the evolution of the debt-to-GDP ratio. We show that announcements of unconventional monetary policy measures by the Federal Reserve between 2008.IV and...
Persistent link: https://www.econbiz.de/10013028968
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Macroeconomics and Politics in the Accumulation of Greece's Debt : An Econometric Investigation, 1975-2009
Alogoskoufis, George - 2013
democracy in 1974 till the crisis of 2009. The econometric investigation is based on a model in which two political parties … determined expenditure and tax targets, subject to a debt accumulation equation. The model predicts a political equilibrium in …. However, this stabilization incentive is weaker in election years. The model also predicts potential partisan differences in …
Persistent link: https://www.econbiz.de/10013072412
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A case where Barro expectations are not rational
Schlicht, Ekkehart - 2012
The paper generalizes Feldstein's criticism (Perceived Wealth in Bonds and Social Security, 1976) of Barro's analysis (Are Government Bonds Real Net Wealth?, 1974) for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents...
Persistent link: https://www.econbiz.de/10010308120
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Unexpected Consequences of Ricardian Expectations
Schlicht, Ekkehart - 2013
this note a surprising finding is established. Assuming that the agents in a standard infinite horizon growth model hold …
Persistent link: https://www.econbiz.de/10010427622
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Unexpected Consequences of Ricardian Expectations
Schlicht, Ekkehart - 2012
this note a surprising finding is established. Assuming that the agents in a standard infinite horizon growth model hold …
Persistent link: https://www.econbiz.de/10010427638
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A Case Where Barro Expectations Are Not Rational
Schlicht, Ekkehart - 2012
This note generalizes Feldstein’s (1976) criticism of Barro’s(1974) analysis for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents hold “Barro expectations”: they believe that government debt must necessarily...
Persistent link: https://www.econbiz.de/10010427647
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Public debt as private wealth : some equilibrium considerations
Schlicht, Ekkehart - 2004
Government bonds are interest-bearing assets. Increasing public debt increases income, wealth, and consumption demand. The smaller government expenditure is, the larger consumption demand must be in equilibrium, and the larger must be public debt. Conversely, lower public debt implies higher...
Persistent link: https://www.econbiz.de/10010440451
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Unexpected consequences of Ricardian expectations
Schlicht, Ekkehart - 2013
this note a surprising finding is established. Assuming that the agents in a standard infinite horizon growth model hold …
Persistent link: https://www.econbiz.de/10010441506
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The simple analytics of helicopter money : why it works - always
Buiter, Willem H. - 2014
The author provides a rigorous analysis of Milton Friedman's parable of the "helicopter" drop of money a permanent/irreversible increase in the nominal stock of fiat base money rate which respects the intertemporal budget constraint of the consolidated Central Bank and Treasury - the State....
Persistent link: https://www.econbiz.de/10010392960