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Small and orthodox fiscal multipliers at the zero lower bound

Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2013

Does fiscal policy have large and qualitatively different effects on the economy when the nominal interest rate is zero? An emerging consensus in the New Keynesian literature is that the answer is yes. New evidence provided here suggests that the answer is often no. For a broad range of...

Persistent link: https://www.econbiz.de/10010209160

Fiscal policy in a currency union at the zero lower bound

Cook, David; Devereux, Michael B. - 2018 - Revised, November 2017

When monetary policy is constrained by the zero lower bound, fiscal policy can be used to achieve macro stabilization objectives. At the same time, fiscal policy is also a key policy variable within a single currency area that allow policy-makers to respond to regional demand asymmetries. How do...

Persistent link: https://www.econbiz.de/10011786683

Chapter 22 Political economics and macroeconomic policy

Persson, Torsten; Tabellini, Guido - In: Handbook of macroeconomics : volume 1, part C, (pp. 1397-1482). 1999

This chapter surveys the recent literature on the theory of macroeconomic policy. We study the effect of various incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and divided government. The survey is organized in three...

Persistent link: https://www.econbiz.de/10014024218

Government solvency, austerity and fiscal consolidation in the OECD : a keynesian appraisal of transversality and no ponzi game conditions

Azizi, Karim; Canry, Nicolas; Chatelain, Jean-Bernard; … - 2013

This paper investigates the relevance of the No-Ponzi game condition for public debt (i.e. the public debt growth rate has to be lower than the real interest rate, a necessary assumption for Ricardian equivalence) and of the transversality condition for the GDP growth rate (i.e. the GDP growth...

Persistent link: https://www.econbiz.de/10009737169

The twinning of inflation and unemployment phenomena in Saudi Arabia: Phillips curve perspective

Bokhari, Abla A. H. - In: Contemporary Economics 14 (2020) 2, pp. 254-271

The global economy has witnessed many economic fluctuations and waves of inflation and recession. With the … consideration of achieving price stability as a primary goal of the economic policies, any attempt to eliminate inflation means …', who developed the inflation/unemployment curve. After the emergence of the stagflation phenomenon, this relationship …

Persistent link: https://www.econbiz.de/10014544639

Inflation: An einem Strang ziehen!

Wollmershäuser, Timo - In: Wirtschaftsdienst 103 (2023) 2, pp. 77

Persistent link: https://www.econbiz.de/10014289953

Europe, where to?

Ioan-Franc, Valeriu; Pop, Napoleon; Diamescu, Andrei Marius - In: Amfiteatru Economic 25 (2023) 63, pp. 610-624

The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...

Persistent link: https://www.econbiz.de/10014463458

Establishing credibility: Evolving perceptions of the European Central Bank

Goldberg, Linda S.; Klein, Michael W. - 2005

The perceptions of a central bank’s inflation aversion may reflect institutional structure or, more dynamically, the … for persistent variation in market perceptions of central bank inflation aversion. The first years of the European Central … ECB evolved significantly during the first six years of the Bank’s operation, with a belief in its inflation aversion …

Persistent link: https://www.econbiz.de/10010283437

WELFARE-MAXIMIZING OPERATIONAL MONETARY AND TAX POLICY RULES

Kollmann, Robert Miguel W. K. - Centre for Economic Policy Research <London> - 2008

. Optimized policy has a strong anti-inflation stance andimplies persistent fluctuations of the tax rate and of public debt. Very … simple optimizedpolicy rules, under which the interest rate just responds to inflation and the tax rate justresponds to …

Persistent link: https://www.econbiz.de/10009138469

The effects of monetary policy : a meta-analysis

De Grauwe, Paul; Costa Storti, Cláudia - 2004

countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …

Persistent link: https://www.econbiz.de/10010261220