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van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005

After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...

Persistent link: https://www.econbiz.de/10005504355

The macroeconomic effects of fiscal consolidation in dynamic general equilibrium

Schwarzmüller, Tim; Wolters, Maik H. - 2014

-run output effects of the different consolidation strategies, but also regarding the welfare effects and the distributional … of credit-constrained households who cannot smooth consumption has a large impact on the overall output and welfare …

Persistent link: https://www.econbiz.de/10010416675

Back to Keynes?

van der Ploeg, Frederick - 2005

After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by J.M. Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...

Persistent link: https://www.econbiz.de/10010261154

Changes in the US financial system and the subprime crisis

Kregel, Jan A. (contributor) - 2008

This paper traces the evolution of housing finance in the United States from the deregulation of the financial system in the 1970s to the breakdown of the savings and loan industry and the development of GSE (government-sponsored enterprise) securitization and the private financial system. The...

Persistent link: https://www.econbiz.de/10003727282

Fiscal tools at the zero lower bound : a DSGE model with occasionally binding constraints on monetary policy and borrowing

Adolfsen, Jakob Feveile - 2017

The paper analyses the effectiveness of fiscal tools at the zero lower bound (ZLB). A non-linear New Keynesian DSGE model with occasionally binding constraints on monetary policy and borrowing is applied. When the ZLB binds in a liquidity trap, government spending becomes more effective in...

Persistent link: https://www.econbiz.de/10011778742

Tax policy reform and universal basic income effectiveness in a currency union : implications for long-term growth, inequality, and welfare

Kame Babilla, Thierry U. - In: Journal of government and economics : JGE 10 (2023), pp. 1-15

-term growth and welfare in a currency union that faces fiscal rule constraints and inequality. To address this ongoing government …, inequality, and welfare depends on the type of fiscal policy adopted by government to fund it, notably the trade-off between … completely eliminating oil subsidies appears to be the best policy for reducing inequality while increasing growth and welfare …

Persistent link: https://www.econbiz.de/10014414077

Money and Production, and Liquidity Trap

Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2006

We prove the existence of monetary equilibrium in a finite horizon economy with production. We also show that if agents expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future, then the economy will fall into a liquidity trap...

Persistent link: https://www.econbiz.de/10005762579

Inflation and GDP dynamics in production networks : a sufficient statistics approach

Afrouzi, Hassan; Bhattarai, Saroj - 2023

We derive closed-form solutions and sufficient statistics for inflation and GDP dynamics in multi-sector New Keynesian economies with arbitrary input-output linkages. Analytically, we decompose how production linkages (1) amplify the persistence of inflation and GDP responses to monetary and...

Persistent link: https://www.econbiz.de/10014267200

Credit risk, excess reserves and monetary policy : the deposits channel

Bratsiotis, George - 2017 - This Version: 25 January 2018

reserves can act as the main tool of monetary policy, that is shown to provide higher welfare gains in relation to a simple …

Persistent link: https://www.econbiz.de/10011810801

Tax Smoothing in Frictional Labor Markets

Arseneau, David M. - 2009

We re-examine the optimality of tax smoothing from the point of view of frictional labor markets. Our central result is that whether or not this cornerstone optimal fiscal policy prescription carries over to an environment with labor market frictions depends crucially on the cyclical nature of...

Persistent link: https://www.econbiz.de/10012718757

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