Similar Search Results

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/10012908747

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

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

McClung, Nigel - 2020

Standard models predict implausible responses to forward guidance announcements when interest rates are pegged (the ``forward guidance puzzle"). This paper develops conditions for regime-switching models to exhibit a forward guidance puzzle, and shows when the fiscal theory of the price level...

Persistent link: https://www.econbiz.de/10014098004

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

Sinn, Hans-Werner - 2013

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/10013088462

Fiscal Dominance in Sub-Saharan Africa Revisited

Hooley, John; Nguyen, Lam; Saito, Mika; Nikaein … - 2021

This paper explores the causes and consequences of fiscal dominance over monetary policy in Sub-Saharan Africa (SSA). Fiscal dominance has always been a pressing problem as it can contribute to inflation and macroeconomic instability, and increasingly so as fiscal deficits and public debt are...

Persistent link: https://www.econbiz.de/10013243067

Target-Salden und die deutsche Kapitalbilanz im Zeichen der europäischen Zahlungsbilanzkrise

Sinn, Hans-Werner; Wollmershäuser, Timo - In: Kredit und Kapital 45 (2012) 4, pp. 465-487

Target-Salden und die deutsche Kapitalbilanz im Zeichen der europäischen Zahlungsbilanzkrise Die Europäische Währungsunion steckt in einer tiefen Zahlungsbilanzkrise. Privates Kapital fließt im großen Stil von den Peripherieländern in die Kernländer. Um den Fortbestand des Euro zu...

Persistent link: https://www.econbiz.de/10014521838

Balance sheets and debt crises : empirical regularities for modern cases of sovereign distress

Huertas Laverde, Gonzalo; Meyer Cirkel, Alexis - 2021

Public and private sector balance sheets are an important component to any analysis of debt sustainability. A vulnerable and indebted private sector can become a sudden liability for the government; alternatively, resilient household and bank balance sheets may reveal potential sources of...

Persistent link: https://www.econbiz.de/10012613508

Sovereign debt, the blessing aspects and the implications for the Euro area

Chiesa, Gabriella - In: Vierteljahrshefte zur Wirtschaftsforschung 89 (2020) 1, pp. 9-30

environment; ii) the role of government bonds as liquidity instruments; iii) whether and how the correlation structure of the … sovereign-bonds’ market values affects the portfolio composition of liquidity instruments and prices, and the scope for a debt …

Persistent link: https://www.econbiz.de/10012507194

The Interaction of Political, Fiscal and Financial Stability: Lessons from the Crisis

Panizza, Ugo; Gnan, Ernest; Nowotny, Ewald; Simor, András - SUERF - The European Money and Finance Forum

The current financial, economic and fiscal crisis is among other things characterised by complex interrelations between financial, fiscal, macroeconomic and political instability. One instability breeds another, with feedback loops generating self-reinforcing adverse cycles: The financial crisis...

Persistent link: https://www.econbiz.de/10011070911