Results 51 to 60 of about 79,210 (220)

Generalizing Determinacy under Monetary and Fiscal Policy Switches: The Case of the Zero Lower Bound

Journal of Money, Credit and Banking, EarlyView.
Abstract In a fixed‐regime context, it has been established since the work of Leeper (1991) that a determinate and unique equilibrium can be achieved under both monetary dominance (characterized by an active monetary policy and a passive fiscal policy) and fiscal dominance (characterized by an active fiscal policy and a passive monetary policy) regimes
SEONGHOON CHO, ANTONIO MORENO
wiley   +1 more source

Monetary Policy and Government Debt

Journal of Money, Credit and Banking, EarlyView.
Abstract We study how the level of government debt affects the effectiveness of monetary policy, that is, the elasticity of economic aggregates to interest rate changes. We build a New Keynesian model where fiscal policy is non‐Ricardian and government debt is risk‐free.
NICOLAS CARAMP, ETHAN FEILICH
wiley   +1 more source

Financial Fragility and the Fiscal Multiplier

Journal of Money, Credit and Banking, EarlyView.
Abstract We show that undercapitalized banks with large holdings of government bonds subject to sovereign default risk lead to a new crowding‐out channel: deficit‐financed fiscal stimuli lead to higher bond yields, triggering capital losses for the banks. Banks then cut back loans, which reduces fiscal multipliers.
CHRISTIAAN VAN DER KWAAK, SWEDER VAN WIJNBERGEN   +1 more
wiley   +1 more source

Science and social control

Erasmus Journal for Philosophy and Economics, 2010
This paper deals with the concepts of science and social control to be found within interwar institutional economics. It is argued that these were central parts of the institutionalist approach to economics as the key participants in the movement ...
Malcolm Rutherford
doaj   +1 more source

The Role of Taxes as Automatic Destabilizers in New Keynesian Economics [PDF]

This paper analyses the effects of taxation in New Keynesian economics. The results show that taxes contribute to price and wage stickiness and, moreover, that the resulting fluctuations in welfare are magnified by the presence of taxes.
Claus Thustrup Hansen, Henrik Jacobsen Kleven   +1 more
core  

Monetary Policy When Preferences Are Quasi‐Hyperbolic

Journal of Money, Credit and Banking, EarlyView.
Abstract We study discretionary monetary policy in an economy where economic agents have quasi‐hyperbolic discounting. We demonstrate that a benevolent central bank is able to keep inflation under control for a wide range of discount factors. If the central bank, however, does not adopt the household's time preferences and tries to discourage early ...
RICHARD DENNIS, OLEG KIRSANOV
wiley   +1 more source

Back to Keynes? [PDF]

After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by J.M. Keynes.
Frederick van der Ploeg
core  

Does the Phillips Curve Lie Down as We Age?

Journal of Money, Credit and Banking, EarlyView.
Abstract Using microlevel data, we present evidence that older individuals are less willing to substitute across varieties of goods. We estimate the elasticity of substitution for different age groups and find that the youngest cohort (aged 25–34) exhibits a higher elasticity of substitution compared to the oldest group (65+).
CHADWICK CURTIS, JULIO GARÍN, ROBERT LESTER   +2 more
wiley   +1 more source

The place of The General Theory in the economics canon

Iberian Journal of the History of Economic Thought, 2020
This paper presents in non-technical language an interpretation of the argument of The General Theory, which is the importance of effective demand and its relation to human agency.
Constantinos Repapis
doaj   +1 more source

Interest Rate Pegs and the Reversal Puzzle: On the Role of Anticipation

Journal of Money, Credit and Banking, EarlyView.
Abstract We revisit the reversal puzzle: a counterintuitive contraction of inflation in response to an interest rate peg. We show that its occurrence is intimately related to the degree of agents' anticipation. If agents perfectly anticipate the peg, reversals occur depending on the duration of the peg.
RAFAEL GERKE, SEBASTIAN GIESEN, DANIEL KIENZLER   +2 more
wiley   +1 more source