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The theory of monetary disorder : debt finance, existing assets, and the consequences of prolonged monetized budget deficits and ultra-easy monetary policy
Palley, Thomas I. - 2023
. That disorder is likely to develop long before inflation accelerates so that inflation targeting fails to protect against …
Persistent link: https://www.econbiz.de/10014529497
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Monetary policy under a fiscal theory of sovereign default
Schabert, Andreas - 2009
This paper examines equilibrium determination under different monetary policy regimes when the government might default on its debt. We apply a cash-in-advance model where the government does not have access to non-distortionary taxation and does not account for initial outstanding debt when it...
Persistent link: https://www.econbiz.de/10011379355
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The Cantillon effect of money injection through deficit spending
Cheng, Wenli; Angus, Simon D. - 2012
This paper develops a simple dynamic model to study some of the implications of Cantillon's insight that new money enters an economy at a specific point and that it takes time for the new money to permeate the economy. It applies a process analysis and uses numerical simulations to map out how...
Persistent link: https://www.econbiz.de/10009552994
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The 'New Political Economy' : Two Recent Books
Saint-Paul, Gilles - 2000
Persistent link: https://www.econbiz.de/10014155021
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Monetary Policy Under a Fiscal Theory of Sovereign Default
Schabert, Andreas - 2009
This paper examines equilibrium determination under different monetary policy regimes when the government might default on its debt. We apply a cash-in-advance model where the government does not have access to non-distortionary taxation and does not account for initial outstanding debt when it...
Persistent link: https://www.econbiz.de/10013154953
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Macroeconomic Policy as an Epistemic Problem
Trantidis, Aris; Boettke, Peter J. - 2022
Mainstream macroeconomic theory understands the economy as a phenomenon tractable by analysis adequately enough to be manageable by macroeconomic policy guided by this analysis. We explore why this epistemological approach of the economy has remained dominant in mainstream economics despite...
Persistent link: https://www.econbiz.de/10014078641
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Aligning Basic to Intermediate Macroeconomics to Current Central Bank Practice - New Suggestions and Some Unfinished Business
Baumberger, Jörg - 2003
The present paper aims at providing a framework for teaching macroeconomics at the introductory to intermediate level. In doing this, my principal concern is to align current teaching models with the modern practice of central banking. In the spirit of Romer (1999), I introduce a simple monetary...
Persistent link: https://www.econbiz.de/10014085677
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Economic recovery and inflation : this policy contribution was prepared for the Committee on Economic and Monetary Affairs of the European Parliament (ECON) as an input for the Mon...
Dąbrowski, Marek - 2018
In the last decade, advanced economies, including the euro area, experienced deflationary pressures caused by the global financial crisis of 2007-2009 and the anti-crisis policies that followed - in particular, the new financial regulations (which led to a deep decline in the money multiplier)....
Persistent link: https://www.econbiz.de/10011852813
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Does external debt drive inflation in Sudan : evidence from symmetric and asymmetric ARDL approaches
Sharaf, Mesbah Fathy; Shahen, Abdelhalem Mahmoud - In: Journal of business and socio-economic development 3 (2023) 4, pp. 293-307
Purpose - This study aims to examine the symmetric and asymmetric impact of external debt on inflation in Sudan from … additional inflation determinants. Design/methodology/approach - The authors utilize an Auto Regressive Distributed Lag (ARDL …) model to examine the symmetric impact of external debt on inflation, while the asymmetric impact is examined using a …
Persistent link: https://www.econbiz.de/10014438895
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Identifying money and inflation expectation shocks on real oil prices
Benk, Szilárd; Gillman, Max - 2023
The paper adds money supply and inflation expectations shocks to a well-known three-variable structural model that … supply and to inflation expectations significantly increase real oil prices; with the unadjusted M1 aggregate there is no … role played by inflation expectations and the money supply shocks during major oil shock episodes. These shocks partially …
Persistent link: https://www.econbiz.de/10014295388