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The Fiscal Consequences of Deflation : Evidence from the Golden Age of Globalization
Afonso, António - 2016
consequences of deflation. By means of impulse response analyses and panel regressions, we find that a 1 percent fall in the price … the exchange rate raises the absolute value of the coefficient on deflation. Moreover, the debt ratio increases when … deflation is also associated with an economic recession. For government revenue, its lag yields a statistically significant …
Persistent link: https://www.econbiz.de/10012984328
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Deflation and economic growth in long-term perspective
Ryska, Pavel - 2014
This paper deals with the relationship between deflation and economic growth. Although there are numerous theories on … the potential effects of deflation on real output, empirical evidence in this field is still scarce and partial. In order … negative effect of deflation on output growth, alleged by some authors, disappears after adding a control variable. Second …
Persistent link: https://www.econbiz.de/10010358347
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One-stop source: a global database of inflation
Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska - 2021
This paper introduces a global database that contains inflation series: (i) for a wide range of inflation measures (headline, food, energy, and core consumer price inflation; producer price inflation; and gross domestic product deflator changes); (ii) at multiple frequencies (monthly, quarterly...
Persistent link: https://www.econbiz.de/10012584053
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House Prices, Money, Credit and the Macroeconomy.
Goodhart, Charles; Hofmann, Boris - 2008
This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 industrialized countries spanning the period 1970-2006. The...
Persistent link: https://www.econbiz.de/10011604934
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Is quantity theory still alive?
Teles, Pedro; Uhlig, Harald - 2013
This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best. Second, the fit markedly improves, when correcting...
Persistent link: https://www.econbiz.de/10011605650
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Cross-country estimates of the degree of fiscal dominance and central bank independence
De Resende, Carlos - 2007
This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say , is backed by the present discounted...
Persistent link: https://www.econbiz.de/10010280005
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Cross-country estimates of the degree of fiscal dominance and central bank independence
De Resende, Carlos (contributor) - 2007
This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say , is backed by the present discounted...
Persistent link: https://www.econbiz.de/10003484267
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Inflation Responses to Commodity Price Shocks - How and Why Do Countries Differ?
Ustyugova, Yulia - 2012
This paper relates the inflationary impact of commodity price shocks across countries to a broad range of structural characteristics and policy frameworks over the period 2001-2010, using several approaches. The analysis suggests that economies with higher food shares in CPI baskets, fuel...
Persistent link: https://www.econbiz.de/10013098581
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Is Quantity Theory Still Alive?
Teles, Pedro - 2013
This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best. Second, the fit markedly improves, when correcting...
Persistent link: https://www.econbiz.de/10013073658
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Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?
Gokhale, Jagadeesh - 2009
Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...
Persistent link: https://www.econbiz.de/10013155688