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Is monetary financing inflationary? : a case study of the Canadian economy, 1935 - 75
Ryan-Collins, Josh - 2015
Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today. One option that has not yet been considered is monetary financing by central banks to boost...
Persistent link: https://www.econbiz.de/10011389179
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Financial Stability, Monetary Autonomy and Fiscal Interference : Bulgaria in Search of its Way, 1879-1913
Dimitrova, Kalina - 2010
government spending in an effort to finance the building and management of the new autonomous state. This study is a continuation …
Persistent link: https://www.econbiz.de/10013146498
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Excess Reserves, Unconventional Monetary Policy and the Consequences for Fiscal Stimulus Packages
Terveer, Pascal - 2014
Employing huge economic stimulus packages was a common response of many policy leaders during the past financial crisis. In Germany for instance, the government enacted two fiscal packages with an overall volume of approximately 80 billion Euros. On the other hand, the distortions in the banking...
Persistent link: https://www.econbiz.de/10013053647
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An alternative view of finance, saving, deficits, and liquidity
Wray, L. Randall - 2009
This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The … deficit that supplies the net dollar saving to the nongovernment sector. Further, saving is never a source of finance; rather …, private lending creates bank deposits to finance spending that generates income. Some of this income can be saved, so the …
Persistent link: https://www.econbiz.de/10010281719
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"An Alternative View of Finance, Saving, Deficits, and Liquidity"
Wray, L. Randall - Levy Economics Institute - 2009
This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The … deficit that supplies the net dollar saving to the nongovernment sector. Further, saving is never a source of finance; rather …, private lending creates bank deposits to finance spending that generates income. Some of this income can be saved, so the …
Persistent link: https://www.econbiz.de/10008531421
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Pecking Order Theory for Government Finance
Miglo, Anton - 2019
In this article we argue that asymmetric information can explain why seignorage is an inferior choice to debt for governments. We also argue that the Ricardian equivalence for governments is very similar to what the Modigliani-Miller proposition is for corporations. Our model is based on Bolton...
Persistent link: https://www.econbiz.de/10012890514
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The power of helicopter money revisited : a new Keynesian perspective
Carter, Thomas J.; Mendes, Rhys R. - 2020
We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only...
Persistent link: https://www.econbiz.de/10012159954
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The collateral framework of the Eurosystem and its fiscal implications
Eberl, Jakob Korbinian - 2016
This thesis was written by Jakob Eberl while having been a research assistant at the Center for Economic Studies (CES) at the University of Munich. It was completed in December 2015 and accepted as a doctoral thesis by the Department of Economics at the University of Munich in May 2016. The...
Persistent link: https://www.econbiz.de/10011742392
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Optimal Simple Rules for the Conduct of Monetary and Fiscal Policy
Chadha, Jagjit S.; Nolan, Charles - 2005
Stabilization policy involves joint monetary and fiscal rules. We develop a model enabling us to characterize systematic simple monetary and fiscal policy over the business cycle. We principally focus on the following question: what are the key properties of the joint simple rule governing the...
Persistent link: https://www.econbiz.de/10014065079
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Macroeconomics of Fiscal Policy in Developing Countries
Jha, Raghbendra - 2011
This paper considers some aspects of the effects of fiscal policy on macroeconomic adjustment in developing countries. First, the paper reviews the notion of the fiscal deficit in the particular context of developing countries. It then spells out the conditions under which the internal and...
Persistent link: https://www.econbiz.de/10014135654