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Discount rates, debt maturity and the fiscal theory

Corhay, Alexandre; Kind, Thilo; Kung, Howard; Morales, … - 2021 - Last updated: November 26, 2021

stance of monetary/fiscal policy. Accounting for risk premia in the fiscal theory allows the government portfolio to affect … fiscal theory directly depend on the conditional nominal term premium, giving rise to an optimal debt maturity policy that is …

Persistent link: https://www.econbiz.de/10012670322

The power of helicopter money revisited : a new Keynesian perspective

Carter, Thomas J.; Mendes, Rhys R. - 2020

We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only...

Persistent link: https://www.econbiz.de/10012159954

The impact of constrained monetary policy on the fiscal multipliers on output and inflation

Bletzinger, Tilman; Lalik, Magdalena - 2017

This paper uses two established DSGE models (QUEST III and Smets-Wouters) to assess the impact of fiscal spending cuts on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We compare four different settings of constrained monetary...

Persistent link: https://www.econbiz.de/10011637428

Ramsey Optimal Policy versus Multiple Equilibria with Fiscal and Monetary Interactions

Chatelain, Jean-Bernard - 2020

We consider a frictionless constant endowment economy based on Leeper (1991). In this economy, it is shown that, under an ad-hoc monetary rule and an ad-hoc fiscal rule, there are two equilibria. One has active monetary policy and passive fiscal policy, while the other has passive monetary...

Persistent link: https://www.econbiz.de/10012847979

Ramsey Optimal Policy in the New-Keynesian Model with Public Debt

Chatelain, Jean-Bernard; Ralf, Kirsten - 2020

-rules multiple equilibria between the fiscal theory of the price level versus new-Keynesian versus an unpleasant equilibrium. If …

Persistent link: https://www.econbiz.de/10014104493

Shall we twist?

Altermatt, Sophie; Beyeler, Simon - 2018

In recent monetary history, central banks around the world have started to introduce unconventional monetary policy measures, such as extending or restructuring the asset side of their balance sheet. The origin of these monetary policy tools goes back to an intervention by the U.S. Federal...

Persistent link: https://www.econbiz.de/10011961353

Borrowed reserves, Fed funds rate targets, and the term structure

Nilsen, Jeffrey H. - 1997

structure, I find that the average monthly interest rates implied by the expectations theory is consistent with the pattern of …

Persistent link: https://www.econbiz.de/10011536719

Monetary policy after the crisis : a joint publication with the National Bank of Poland

Gnan, Ernest (ed.); Kokoszcynski, Ryszard (ed.); … - Conference Monetary Policy after the Crisis <2011, Warschau>; … - 2011

On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...

Persistent link: https://www.econbiz.de/10011710723

Understanding HANK : insights from a PRANK

Acharya, Sushant; Dogra, Keshav - 2018

affects determinacy: procyclical risk permits determinacy even under an interest rate peg, while countercyclical income risk …

Persistent link: https://www.econbiz.de/10011795425

Equilibrium Selection in a Cashless Economy with Transaction Frictions in the Bond Market

Marzo, Massimiliano - 2011

markets for the determinacy of rational expectations equilibria. We use a strongly-separable utility function to model ‘liquid … this context, the inflation targeting parameter should be higher than one for determinacy of rational expectations …. Achieving solution determinacy requires constraining these coefficients within bounds that depend on the structural parameters …

Persistent link: https://www.econbiz.de/10013122863