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We study the emergence of multiple equilibria in models with capital and bonds under various monetary and fiscal policies. We show that the presence of capital is indeed another independent source of local and global multiplicities, even under active policies that yield local determinacy. We...
Persistent link: https://www.econbiz.de/10005498947
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We lay out an optimizing multicountry framework suitable for fiscal policy analysis in a monetary union. We show that, for any given member country, the relinquishment of monetary policy independence, coupled with nominal price rigidity, generates a motive for fiscal stabilization beyond the...
Persistent link: https://www.econbiz.de/10005498955
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
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Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Persistent link: https://www.econbiz.de/10005499030
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Persistent link: https://www.econbiz.de/10005499042
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Persistent link: https://www.econbiz.de/10005499043
Distinguished address for a conference sponsored by the Federal Reserve Bank of New York called Financial Innovation and Monetary Transmission
Persistent link: https://www.econbiz.de/10005499045