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Fiscal Consequences of Central Bank Losses
Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024
In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...
Persistent link: https://www.econbiz.de/10014544756
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Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik
Heimberger, Philipp - 2016
Finanzkrise im Vergleich von Eurozone, USA und Großbritannien. Die Eurozone erholte sich seit 2010 deutlich schleppender als die … Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Ergebnis ist, dass der restriktivere Mix aus Geld- und Fiskalpolitik in der Eurozone die im Vergleich zu den USA und …
Persistent link: https://www.econbiz.de/10012100198
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Monetary policy and macroeconomic factors : Japan versus the US and the euro area
Siklos, Pierre L. - In: Asia and the global economy : AGE 3 (2023) 2, pp. 1-8
Narratives that portray macroeconomic policies in Japan as unlike ones pursued in other large economies persist. I revisit how several factors, including monetary, fiscal, and demographic factors impact Japan, the US, and the euro area. Panel VARs driven by factors or observed macroeconomic...
Persistent link: https://www.econbiz.de/10014447638
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U.S. And Euro Area Monetary and Fiscal Interactions During the Pandemic : A Structural Analysis
Hodge, Andrew; Jakab, Zoltan; Lindé, Jesper; Nguyen, … - 2022
This paper employs a two-country New Keynesian DSGE model to assess the macroeconomic impact of the changes in monetary policy frameworks and the fiscal support in the U.S. and euro area during the pandemic. Moving from a previous target of “below, but close to 2 percent” to a formal...
Persistent link: https://www.econbiz.de/10014237881
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U.S. Monetary-Fiscal Regime Changes in the Presence of Endogenous Feedback in Policy Rules
Chang, Yoosoon - 2017
We investigate U.S. monetary and fiscal policy regime interactions in a model, where regimes are determined by latent autoregressive policy factors with endogenous feedback. Policy regimes interact strongly: shocks that switch one policy from active to passive tend to induce the other policy to...
Persistent link: https://www.econbiz.de/10012942192
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U.S. monetary-fiscal regime changes in the presence of endogenous feedback in policy rules
Chang, Yoosoon; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2017
We investigate U.S. monetary and fiscal policy regime interactions in a model, where regimes are determined by latent autoregressive policy factors with endogenous feedback. Policy regimes interact strongly: Shocks that switch one policy from active to passive tend to induce the other policy to...
Persistent link: https://www.econbiz.de/10011657240
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Banking, finance, and money : a socioeconomics approach
Wray, L. Randall (contributor) - 2006
This paper briefly summarizes the orthodox approach to banking, finance, and money, and then points the way toward an alternative based on socioeconomics. It argues that the alternative approach is better fitted to not only the historical record, but also sheds more light on the nature of money...
Persistent link: https://www.econbiz.de/10003720491
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Quantifying the Costs and Benefits of Quantitative Easing
Levin, Andrew T.; Lu, Brian L.; Nelson, William R. - National Bureau of Economic Research - 2022
We conduct a systematic analysis of the costs and benefits of large-scale securities purchases, using the Federal Reserve's QE4 program as a concrete example. This program was initiated at the onset of the pandemic in March 2020 and continued for two years, leading to a doubling of the Fed's...
Persistent link: https://www.econbiz.de/10013477241
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Exigent and Unusual Circumstances : The Federal Reserve and the U.S. Financial Crisis
Johnson, Christian A. - 2013
The U.S. Federal Reserve has committed hundreds of billions of dollars in unprecedented lending activities and purchases of mortgage-backed securities based upon its authority under the Federal Reserve Act, and particularly upon its interpretation of Section 13(3), a formerly untested and unused...
Persistent link: https://www.econbiz.de/10013094881
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Global policy at the zero lower bound in a large-scale DSGE model
Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo - 2010
shocks compared to the non-ZLB case. International coordination is helpful but does not play a major role in the results …
Persistent link: https://www.econbiz.de/10008688538