Results 11 to 20 of about 81,728 (42)
Expectations-Driven Liquidity Traps: Implications for Monetary and Fiscal Policy
Finance and Economics Discussion Series, 2019 We study optimal time-consistent monetary and fiscal policy in a New Keynesian model where occasional declines in agents’ confidence give rise to persistent liquidity trap episodes.
Taisuke Nakata, Sebastian Schmidt
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Interaction of Economic Policy. Lessons on Social Welfare and Risk Premium
, 2021 Received August 12, 2020 Revised from September, 22, 2020 Accepted November 10, 2020 Available online March 15, 2021 The Purpose of this paper is to quantify the impacts on social welfare and risk premium, by combination and alternatives to interactions ...
R. Rivero
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Social Science Research Network, 2003 This paper examines the interaction of monetary and fiscal policies using an estimated New Keynesian dynamic general equilibrium model for the US.
V. Muscatelli +2 more
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Dynamic Fiscal Limits and Monetary-Fiscal Policy Interactions
Social Science Research Network, 2019 This paper analyzes the impact of monetary policy on public debt sustainability through the lens of a general equilibrium model with fiscal limits. We find that the mere possibility of a binding ZLB may have detrimental effects on debt sustainability, as
Niccolò Battistini +2 more
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Fiscal Activism and the Zero Nominal Interest Rate Bound
Social Science Research Network, 2017 I show that the zero nominal interest rate bound may render it desirable for society to appoint a fiscally activist policy-maker who cares less about the stabilisation of government spending relative to inflation and output gap stabilisation than the ...
Sebastian Schmidt
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Towards shared unemployment insurance in the euro area
, 2016 The divergences developed within the euro area represent the main threat to the existence of the single currency and to the stability of the EU as a whole. Without proper automatic stabilisers, a monetary union can only deliver suboptimal results and may
L. Andor
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Auction Mechanisms and Treasury Revenue: Evidence from the Chinese Experiment
Social Science Research Network, 2019 This paper exploits a large-scale auction experiment conducted by two Chinese government treasury security issuers—the Chinese Development Bank and the Export-Import Bank—to investigate whether treasury securities should be sold through uniform price or ...
Klenio Barbosa +3 more
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The Role of Fiscal Policy in a Monetary Union: Are National Automatic Stabilizers Effective?
Social Science Research Network, 2006 We assess the role of national fiscal policies, as automatic stabilizers, within a monetary union. We use a two-country New Keynesian DGE model which incorporates non-Ricardian consumers (as in Galì et al.
A. Colciago +3 more
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Maintaining Price Stability Under Free-Floating: A Fearless Way Out of the Corner?
Social Science Research Network, 2003 The behaviour of the exchange rate under a floating exchange rate regime for a small open economy with perfect capital mobility may appear like a managed float or even a firmer peg.
C. Detken, Vítor Gaspar
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The Impact of Constrained Monetary Policy on the Fiscal Multipliers on Output and Inflation
Social Science Research Network, 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.
Tilman Bletzinger, Magdalena Lalik
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