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The central bank strikes back! : credibility of monetary policy under fiscal influence

Camous, Antoine; Matveev, Dmitry - 2022 - Last updated: March 4, 2022

How should independent central banks react if pressured by fiscal policymakers? We study an environment with strategic monetary-fiscal interactions where the central bank has a limited degree of commitment to follow policies over time and the fiscal authority has none. We contrast the...

Persistent link: https://www.econbiz.de/10012886819

Macroeconomic Stabilisation in the Emu : Rules Versus Institutions

Cavallari, Lilia; Di Gioacchino, Debora - 2004

stability, we show that coordination among national fiscal authorities can reduce output and inflation volatility relative to …

Persistent link: https://www.econbiz.de/10014068253

Convex supply curves

Boehm, Christoph E.; Pandalai-Nayar, Nitya - 2020

We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model, in which capacity constraints at the plant level generate convex supply curves at the industry level. The industry's capacity utilization rate is a sufficient statistic for the...

Persistent link: https://www.econbiz.de/10012271523

Money, interest rates, and monetary policy

Kulish, Mariano - 2005

Persistent link: https://www.econbiz.de/10003553419

Asymmetric effects in the Polish monetary policy rule

Sznajderska, Anna - In: Economic modelling 36 (2014), pp. 547-556

Persistent link: https://www.econbiz.de/10010416364

Optimal monetary policy rules : theory and estimation for OECD countries

Zhang, Wenlang - 2004

Persistent link: https://www.econbiz.de/10002604624

Asymmetric monetary policy rules in Australia

Tawadros, George B. - In: Applied economics 48 (2016) 49/51, pp. 4758-4772

Persistent link: https://www.econbiz.de/10011640975

Raising the Euro’s Inflation Target without an Inflationary Default

Lunardelli, Andre - 2017

To raise the euro's inflation target without an inflationary default and meanwhile to promote growth and the …

Persistent link: https://www.econbiz.de/10012975133

Fiscal Histories

Cochrane, John H. - National Bureau of Economic Research - 2022

The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long … pegs, the ends of hyperinflations, currency crashes, and the success of inflation targets. Going forward, fiscal theory …

Persistent link: https://www.econbiz.de/10013361983

Budget-neutral fiscal rules targeting inflation differentials

Brede, Maren - 2016

In light of persistent in ation dispersion and rising debt levels in the EMU, this paper investigates the welfare implications of budget-neutral scal policies that counteract in ation di erentials. In a two-country DSGE model of a monetary union with traded and non-traded goods a national scal...

Persistent link: https://www.econbiz.de/10011437921