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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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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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(Optimal) monetary policy with and without debt
Chafwehé, Boris; Oikonomou, Rigas; Priftis, Romanos; … - 2021 - Last updated: January 26, 2021
stabilizing inflation, whereas under no debt concerns, monetary policy is very effective in stabilizing the macroeconomy. …
Persistent link: https://www.econbiz.de/10012420260
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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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Intersectoral conflict and delays in macroeconomic stabilization
Razmi, Arslan - 2024
developing country set-up where the government employs seigniorage revenue to finance spending pre-stabilization, and faces …
Persistent link: https://www.econbiz.de/10014529854
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The role of fiscal policy : a survey of recent empirical findings
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - 2023
DSGE models based on New Keynesian principles, which have been extended to allow for banking, the zero lower bound on interest rates (ZLB), and varying price duration, can account well for recent macroeconomic behavior across a variety of economies. These models Önd that active Öscal policy...
Persistent link: https://www.econbiz.de/10014433366
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Does Inflation Targeting Matter for Output and Inflation Volatility? A Conditional Analysis
Gambetti, Luca - 2013
purposes, and the theory predicts that conditional on such shocks output growth should be more volatile than inflation in …We address this question by examining the conditional dynamics of inflation and output growth in response to markup … shocks for 14 industrialized countries. Markup shocks create a trade-off between output gap and inflation stabilization …
Persistent link: https://www.econbiz.de/10013095590
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Cross-country fiscal policy spillovers and capital-skill complementarity in currency unions
Davione, Thomas; Molnar, Matthias - 2017
We investigate cross-country fiscal policy spillovers through the integration of capital markets in a currency union and allow capital use in production to differ across countries. Following empirical evidence, we assume that production exhibits capital-skill complementarity. Using a...
Persistent link: https://www.econbiz.de/10011630088
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Thinking beyond the pandemic : monetary policy challenges in the medium- to long-term
Dąbrowski, Marek - 2021
The economic characteristics of the COVID-19 crisis differ from those of previous crises. It is a combination of demand- and supply-side constraints which led to the formation of a monetary overhang that will be unfrozen once the pandemic ends. Monetary policy must take this effect into...
Persistent link: https://www.econbiz.de/10012592174
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Macroeconomic Effects of Capital Tax Rate Changes
Bhattarai, Saroj - 2019
short-run effects depend critically on the monetary policy response: whether the central bank allows inflation to directly …
Persistent link: https://www.econbiz.de/10012870641