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The Effect of Money-Financed Policy for Fiscal Reform
Aoki, Masaru - 2017
This study analyzes the effect of a money-financed policy for fiscal reform. We introduce a realistic setting in which real output is not given by an exogenous variable, but is determined by effective demand in a monetary growth model. Using this model, we compare the effects of the...
Persistent link: https://www.econbiz.de/10012968526
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Economic policy in India : for economic stimulus, or for austerity and volatility?
Sen, Sunanda; DasGupta, Zico - 2014
The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...
Persistent link: https://www.econbiz.de/10010385761
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(Optimal) monetary policy with and without debt
Chafwehé, Boris; Oikonomou, Rigas; Priftis, Romanos; … - 2021 - Last updated: January 26, 2021
We propose a framework of optimal monetary policy where debt sustainability may, or may not, be a relevant constraint for the central bank. We show analytically that in each environment the optimal interest rate path consists of a Taylor rule augmented with forward guidance terms. These terms...
Persistent link: https://www.econbiz.de/10012420260
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The Effect of Monetary Unification on Public Debt and its Real Return
Beetsma, Roel M. W. J.; Vermeylen, Koen - 2021
We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
Persistent link: https://www.econbiz.de/10013318729
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Central bank policies and the debt trap
Orphanides, Athanasios; Ke, T. Tony - 2017
Monetary policy and fiscal dynamics are inexorably linked. When a government faces the risk of getting caught in a high debt trap, debt monetization may become an appealing option. However, independent central banks may be able to allay debt concerns without compromising price stability. One...
Persistent link: https://www.econbiz.de/10011749492
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After 25 years as faithful members of the EU : public support for the euro and trust in the ECB in Austria, Finland and Sweden
Roth, Felix; Jonung, Lars - 2020
Austria, Finland and Sweden became members of the EU in 1995. This paper examines how support for the euro and trust in the European Central Bank (ECB) have evolved in these three countries since their introduction at the turn of the century. Support for the euro in the two euroarea members...
Persistent link: https://www.econbiz.de/10012269193
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Unconventional monetary policies and central bank profits : seigniorage as fiscal revenue in the aftermath of the global financial crisis
Bibow, Jörg - 2018
This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the … as monetary policies are seeing their gradual "normalization". Seigniorage exposes the connections between currency … seigniorage, and in normal times seigniorage largely derives from the note issue supplemented by "own" resources. Essentially, the …
Persistent link: https://www.econbiz.de/10011910944
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Completing the monetary union of Europe as mid-term solution of the Euro crisis
Fischer, Justina A. V.; Pastore, Francesco - 2015
This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....
Persistent link: https://www.econbiz.de/10011308548
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On the Franco-German euro contradiction and ultimate euro battleground
Bibow, Jörg - 2013
Highlighting that France and Germany held largely contradicting hopes and aspirations for Europe's common currency, this paper analyzes how the resulting euro contradiction conditioned the ongoing euro crisis as well as current strategies to resolve it. While Germany generally prevailed in...
Persistent link: https://www.econbiz.de/10009732260
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Monetary-fiscal policy interaction and fiscal inflation : a tale of three countries
Kliem, Martin; Kriwoluzky, Alexander; Sarferaz, Samad - 2015
We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...
Persistent link: https://www.econbiz.de/10011391752