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In this work, behavior of money multipliers for a developing country, Turkey is examined and is calculated by estimating the values of the model constructed for the purpose for the period of 1952-1972. However, model lends itself for applications covering any other period.Study includes three...
Persistent link: https://www.econbiz.de/10012891758
G-Cubed is a multi-country, multi-sector, intertemporal general equilibrium model that has been used to study a variety of policies in the areas of environmental regulation, tax reform, monetary and fiscal policy, and international trade. It is designed to bridge the gaps between three areas of...
Persistent link: https://www.econbiz.de/10014025276
Governments through the ages have appropriated real resources through the monopoly of the "coinage". In modern fiat money economies, the monopoly of the issue of legal tender is generally assigned to an agency of the state, the Central Bank, which may have varying degrees of operational and...
Persistent link: https://www.econbiz.de/10010295293
Governments through the ages have appropriated real resources through the monopoly of the 'coinage'. In modern fiat money economies, the monopoly of the issue of legal tender is generally assigned to an agency of the state, the Central Bank, which may have varying degrees of operational and...
Persistent link: https://www.econbiz.de/10014048989
In many countries, government-budget surpluses have led to a decline in the amount of federal government debt outstanding. This paper considers the consequences of this development for a central bank that conducts monetary policy through open market operations in treasury debt. A model is...
Persistent link: https://www.econbiz.de/10014122218
We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that arise when trying to identify monetary–fiscal regime. The chapter concludes with directions in which...
Persistent link: https://www.econbiz.de/10014024282
By all accounts, the variety and scale of government intervention to assist individual businesses and industries, and to provide general economic stimulus during the 2008-2009 economic crisis, was extraordinary. Understandably, taxpayers have been concerned about the cost. A simple tally of...
Persistent link: https://www.econbiz.de/10013133713
We study the Ramsey policy problem in an economy in which firms face a collateral constraint. Issuing more public debt alleviates this friction by increasing the aggregate quantity of collateral. In so doing, however, the issuance of more debt also raises interest rates, which in turn increases...
Persistent link: https://www.econbiz.de/10013087355
We provide 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. Examples...
Persistent link: https://www.econbiz.de/10013048746
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