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The financial meltdown: a model with endogenous default probability
Ferrari, Massimo - Volkswirtschaftliche Fakultät, … - 2014
Abstract Starting from some of the most recent literature developed after the world financial crisis, it has been …, the total level of investments, output and employment. Abstract When a financial crisis occurs, banks reduce their supply … of interbank funds replicating, to some extent, the behaviour of the interbank market during the last crisis. Through the …
Persistent link: https://www.econbiz.de/10011156994
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Economic Policy Coordination in the EMU. How Much Scope will There be Within the Framework of the Stability and Growth Pact?
Breuss, Fritz; Weber, Andrea - 1999
With a large-scale econometric world model we derive policy multipliers and the parameters for the utility functions for 10 EMU countries and for the ECB. The gains from cooperation are calculated by comparing two equilibria, a Nash and a cooperative equilibrium. The cooperative equilibrium is...
Persistent link: https://www.econbiz.de/10011435046
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Optimal deficit-spending in a liquidity trap with long-term government debt
De Beauffort, Charles - 2022
When the government issues long-term bonds, the optimal time-consistent fiscal and monetary policy is to consolidate debt in a liquidity trap by increasing taxes and by taming public spending. This prescription is at odds with large deficit-spending undertaken in the US during previous liquidity...
Persistent link: https://www.econbiz.de/10014305308
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Post-COVID-19 Asia will grow strongly in 2021 but structural problems continue to pile up
Herrero, Alicia Garcia - In: European Journal of Economics and Economic Policies: … 18 (2021) 2, pp. 240-258
2020 was a terrible year for Asia but for some countries less than for others. Countries recovered divergently with some managing to grow positively notwithstanding the pandemic, namely mainland China, Taiwan, and Vietnam. The rest of Asia had a hard time, facing problems such as current-account...
Persistent link: https://www.econbiz.de/10014363419
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Economic policy coordination in the EMU : how much scope will there be within the framework of the stability and growth pact?
Breuss, Fritz; Weber, Andrea - 1999
With a large-scale econometric world model we derive policy multipliers and the parameters for the utility functions for 10 EMU countries and for the ECB. The gains from cooperation are calculated by comparing two equilibria, a Nash and a cooperative equilibrium. The cooperative equilibrium is...
Persistent link: https://www.econbiz.de/10011491576
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Optimal deficit-spending in a liquidity trap with long-term government debt
De Beauffort, Charles - 2022
When the government issues long-term bonds, the optimal time-consistent fiscal and monetary policy is to consolidate debt in a liquidity trap by increasing taxes and by taming public spending. This prescription is at odds with large deficit-spending undertaken in the US during previous liquidity...
Persistent link: https://www.econbiz.de/10013278929
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Do heterogeneous expectations constitute a challenge for policy interaction?
Gasteiger, Emanuel - Unidade de Investigação em Desenvolvimento … - 2013
Yes, indeed; at least when it comes to fiscal and monetary policy interaction. We examine a Neo-Classical economy, where agents have either rational or adaptive expectations. We demonstrate that the monetarist solution can be unique and stationary under a passive fiscal/active monetary policy...
Persistent link: https://www.econbiz.de/10010835375
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Personal and Corporate Saving in South Africa
Aron, Janine; Muellbauer, John - C.E.P.R. Discussion Papers - 2000
Low domestic saving rates in South Africa may perpetuate a low-growth trap. The decline in government saving, a major reason for the overall decline in saving, is now being reversed. However, personal saving rates have fallen since 1993, and corporate rates since 1995, and both may decline...
Persistent link: https://www.econbiz.de/10005124249
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A Post Keynesian Review of Modern Monetary Theory
Túñez Area, Narciso - 2020
Modern Monetary Theory has lately received much attention but also a fair amount of criticisms. The intention of this paper is to review the main arguments in contention to assess the validity of the arguments put forward and the limitations of its policies. Modern Monetary Theory questions...
Persistent link: https://www.econbiz.de/10012837299
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A New Approach for the General Equilibrium Analysis. Increase of the Production and Employment with Monetary and Fiscal Boosts
Nomidis, Dimitrios - 2014
The purpose of this paper is to present an approach with regard to the dynamic process of the general equilibrium during the business cycle fluctuations following monetary and fiscal interventions, which, I think, could contribute to bridging the differences between the different schools of...
Persistent link: https://www.econbiz.de/10013053400