Results 21 to 30 of about 81,728 (42)
The Inflation-Output Trade-Off with Downward Wage Rigidities
, 2011 Pierpaolo Benigno, L. Ricci
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Inflation Adjustment, Endogenous Risk Premium and Exchange Rate: A Theoretical Analysis
Foreign Trade Review, 2023This article develops a full employment monetary framework that deals with the interaction between exchange rate and inflation rate dynamics, emphasising the existence of risk premium. The economy consists of internal and foreign bonds.
Moumita Basu +2 more
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Fiscal regimes and the exchange rate
Social Science Research Network, 2022In this paper, we argue that the effect of monetary and fiscal policies on the exchange rate depends on the fiscal regime. A contractionary monetary (expansionary fiscal) shock can lead to a depreciation, rather than an appreciation, of the domestic ...
Nikola Mirkov +3 more
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The Role of Corporate Tax Policy on Monetary Effectiveness: A Quasi-Experimental Approach
Social Science Research Network, 2022This paper documents the first empirical evidence on how corporate tax policy affects monetary policy outcomes. Using exogenous marginal tax reforms in the US, I show that the average impact of monetary policy differs based on the tax treatments firms ...
Ezgi Kurt
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Capital Flows and Foreign Exchange Intervention
American Economic Journal: Macroeconomics, 2019I consider a small open economy model where international financial markets are imperfect and the exchange rate is determined by capital flows. I use this framework to study the effects of portfolio flow shocks, derive the optimal foreign exchange ...
Paolo Cavallino
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Larry Ball’s The Fed and Lehman Brothers: A Review Essay
Journal of Economic Literature, 2022Laurence Ball argues that the Federal Reserve (the Fed) could—and should—have bailed out Lehman Brothers so that it did not have to declare bankruptcy. He presents compelling evidence that it could have. I argue that the view that the Fed should not bail
V. Chari
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US Treasury Auctions: A High-Frequency Identification of Supply Shocks
American Economic Journal: MacroeconomicsWe identify Treasury supply shocks using auction data, interpreting changes in futures prices around announcements as shocks to expected supply. We isolate the component of futures price variations pertaining to US Treasury announcements between 1998 and
Maxime Phillot
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Inflation Targeting under Fiscal Fragility
American Economic Journal: MacroeconomicsWe propose a model to study an inflation-targeting regime under a high government debt burden. We assume that an altruistic policymaker chooses debt issuance, inflation, and public expenditure, while private agents dislike inflation and finance the ...
A. Araújo +4 more
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Convenience Yield, Inflation Expectations, and Public Debt Growth
The Review of financial studiesWe present new facts on how convenience yields fluctuate with macroeconomic variables and fiscal policy: the convenience yield of long-term Treasuries is negatively correlated with inflation expectations, and inflation expectations predict future debt ...
J. Fu, Jian Li, Yinxi Xie
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Market Power and Capital Constraints
Social Science Research NetworkWe explore how traders’ equity capitalization influences asset prices in a framework that accounts for market power. In our model, traders with capital constraints engage in transactions in an imperfectly competitive market.
Milena Wittwer, Jason Allen
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