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Nakata, Taisuke; Sunakawa, Takeki - 2019 - This draft: April 2019

We analyze credible forward guidance policies in a sticky-price model with an effective lower bound (ELB) constraint on nominal interest rates by solving a series of optimal sustainable policy problems indexed by the duration of reputational loss. Lower-for-longer policies --- while effective in...

Persistent link: https://www.econbiz.de/10012181173

Monetary-fiscal policies interactions and optimal rules in Egypt

Al-Shawarby, Sherine H.; Mossallamy, Mai el - In: Review of economics and political science : REPS 4 (2019) 2, pp. 138-157

Purpose - This paper aims to estimate a New Keynesian small open economy dynamic stochastic general equilibrium (DSGE) model for Egypt using Bayesian techniques and data for the period FY2004/2005:Q1-FY2015/2016:Q4 to assess monetary and fiscal policy interactions and their impact on economic...

Persistent link: https://www.econbiz.de/10012159965

Quantitative Analyse der Auswirkungen wirtschaftspolitischer Massnahmen auf die Einkommensverteilung und das "neue magische Viereck" in der Schweiz

Hartwig, Jochen (contributor) - 2004 - [Elektronische Ressource]

Macroeconometric policy simulation models allow for an analysis, and, above all, for a quantification of the effects different economic policies have on the various variables that represent the economy. Despite the seminal "Lucas critique" levelled against them, these models are still widely...

Persistent link: https://www.econbiz.de/10002202977

Estimating US fiscal and monetary interactions in a time varying VAR

Gerba, Eddie; Hauzenberger, Klemens - 2013

We contribute to the growing empirical literature on monetary and fiscal interactions by applying a sign restriction identification scheme to a structural TVP-VAR in order to disentangle and evaluate the policy shocks and policy transmissions. This in turn allows us to study the Great Recession...

Persistent link: https://www.econbiz.de/10009722854

Myths and maths: macroeconomic effects of fiscal adjustments in Hungary

Horváth, Ágnes; Jakab, M. Zoltán; Kiss, Gábor P.; … - 2006

In this paper we investigate the possible effects of fiscal tightening in Hungary from two perspectives. First, simulations in an estimated neo-Keynesian model are used to characterise the effects of different scenarios for fiscal consolidations. We show that the composition of fiscal shocks is...

Persistent link: https://www.econbiz.de/10003347824

The relationship between fiscal and monetary policies in Colombia : an empirical exploration of the credit channel

Lozano-Espitia, Ignacio; Arias Rodríguez, Fernando - In: Latin American journal of central banking : LAJCB 3 (2022) 4, pp. 1-14

This paper provides evidence of the relationship between fiscal and monetary policy in Colombia through an empirical exploration of the credit risk channel. Under this empirical approach, fiscal policy serves as an important explanatory role in the sovereign risk premium which, in turn, could...

Persistent link: https://www.econbiz.de/10014375480

The Policy Mix in the US and EMU : Evidence from a SVAR Analysis

Afonso, António - 2018

the US and the Euro Area (EMU). Overall, our results show that these two cases are different from each other. First, while … in the case of the US there is evidence of Keynesian monetary policy, the same is not true in the case of the EMU. Second … of the EMU (expansionary fiscal consolidation), while it does not hold in the case of the US. Third, there is evidence …

Persistent link: https://www.econbiz.de/10012928380

Fiscal Analysis is Darned Hard

Leeper, Eric M. - 2015

Dramatic fiscal developments in the wake of the 2008 financial crisis and global recession led researchers to recognize how little we know about fiscal policies and their impacts. This essay argues that fiscal analysis that aims to address pertinent issues and provide useful inputs to...

Persistent link: https://www.econbiz.de/10013010203

Uncertainty at the Zero Lower Bound

Nakata, Taisuke - 2015

This paper examines how the presence of uncertainty alters allocations and prices when the nominal interest rate is constrained by the zero lower bound. I conduct the analysis using a standard New Keynesian model in which the nominal interest rate is determined according to a truncated Taylor...

Persistent link: https://www.econbiz.de/10013035763

Fiscal Multipliers at the Zero Lower Bound : The Role of Policy Inertia

Hills, Timothy - 2015

The presence of the lagged shadow policy rate in the interest rate feedback rule reduces the government spending multiplier nontrivially when the policy rate is constrained at the zero lower bound (ZLB). In the economy with policy inertia, increased inflation and output due to higher government...

Persistent link: https://www.econbiz.de/10013031117