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The power of forward guidance and the fiscal theory of the price level

McClung, Nigel - 2018

Standard New Keynesian models predict implausibly large and favorable responses of inflation and output to expansionary forward guidance on interest rates. We find that the introduction of permanent or recurring active fiscal policy dampens the response of output and inflation to forward...

Persistent link: https://www.econbiz.de/10012148360

Target balances and the German financial account in light of the European balance-of-payments crisis

Sinn, Hans-Werner; Wollmershäuser, Timo - 2012

As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit and Target credit granted by core-country central banks have replaced private international capital flows in financing the crisis countries' current account deficits, and even...

Persistent link: https://www.econbiz.de/10009689403

Target-balances : the Greek examples

Krüger, Malte - 2013

This article looks at the evolution of the Target balance of the Greek central bank. It is shown that in the first 18 months “after Lehman”, lending policy has been relatively lax, contributing to the increase of Target deficits. However, from spring 2010 onwards, there has been a...

Persistent link: https://www.econbiz.de/10010255109

Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis

Sinn, Hans-Werner - 2013

Persistent link: https://www.econbiz.de/10013088462

Unappropriated Dollars : The Fed's Ad Hoc Lending Facilities and the Rules That Govern Them

Menand, Lev - 2020

Persistent link: https://www.econbiz.de/10012833832

Optimal Monetary Policy in a Currency Union : Should a Central Bank Care about Output Stabilization?

Thams, Andreas - 2008

In this paper we derive optimal monetary targeting rules under various assumptions about fiscal behavior. In contrast to the existing literature we use a linear-quadratic approach and allow for dynamic games between the two policy authorities. It is shown that optimal monetary behavior is...

Persistent link: https://www.econbiz.de/10012726512

The Power of Forward Guidance and the Fiscal Theory of the Price Level

McClung, Nigel - 2018

Persistent link: https://www.econbiz.de/10012908747

Fiscal Policy in a Monetary Union in the Presence of Uncertainty about the Central Bank Preferences

Dai, Meixing - 2009

In this paper, we examine the link between political transparency of a common central bank (CCB) and decentralized supply-side fiscal policies in a monetary union. We find that the opacity of a conservative CCB has a restrictive effect on national fiscal policies since each government...

Persistent link: https://www.econbiz.de/10012765687

How Much Can the Swiss National Bank Contribute to the Financing of the Swiss Old Age Insurance (AHV)?

Weber, Ernst Juerg - 2019

The ageing of the Swiss population poses a challenge for the financing of the Swiss Old Age Insurance (AHV). It has therefore been suggested that the Swiss National Bank (SNB) transfer part of its assets to a new AHV demography fund, the income of which could be used to finance the AHV. In this...

Persistent link: https://www.econbiz.de/10012869447

The Lender of Last Resort in the Eurozone

Steinbach, Armin - 2017

Liquidity supply by a Lender of Last Resort (LOLR) can be pivotal for both the conduct of monetary policy and safeguard … of financial stability. During the financial crisis, the importance of liquidity provision has significantly increased at … of Emergency Liquidity Assistance (ELA) through the National Central Banks (NCBs). This article examines the legal …

Persistent link: https://www.econbiz.de/10012969002