Results 51 to 60 of about 78,583 (246)

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

Introduction to Post-Keynesian Economics: New Foundations by Marc Lavoie [PDF]

, 2023
Sylvio Antonio Kappes, Louis‐Philippe Rochon   +1 more
openalex   +1 more source

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

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

Behavioral Economics and Macroeconomic Models [PDF]

, 2014
Over the past 20 years, macroeconomists have incorporated more and more results from behavioral economics into their models. We argue that doing so has helped fixed deficiencies with standard approaches to modeling the economy—for example, the ...
Driscoll, John C., Holden, Steinar
core   +1 more source

Monetary and Macroprudential Policies under Dollar‐Denominated Foreign Debt

Journal of Money, Credit and Banking, EarlyView.
Abstract This paper studies monetary and macroprudential policies in a small open economy that borrows from abroad in foreign currency. The model features a novel mechanism in which exchange rate depreciation triggered by a borrowing constraint is amplified through balance of payments adjustments, increasing the real burden of foreign debt and causing ...
HIDEHIKO MATSUMOTO
wiley   +1 more source

Taylor Rule Deviations Across Horizons: A Practical Tool for Monetary Policy

Journal of Money, Credit and Banking, EarlyView.
Abstract We propose “Taylor rule yields” across horizons for the United States. Applying the standard Taylor rule to expected paths of inflation and the output gap, we construct a sequence of short‐term rates under neutral monetary policy stances, whose average defines the Taylor rule yield at each horizon.
MASAZUMI HATTORI, TOMOHIDE MINEYAMA, JOUCHI NAKAJIMA   +2 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

Empirical Literature on Fiscal Multipliers: A Bibliometric Approach, 2002–2023

Journal of Economic Surveys, EarlyView.
ABSTRACT This paper reviews the empirical literature on fiscal multipliers through a bibliometric approach, analyzing 337 journal articles published between 2002 and 2023. The articles are categorized based on empirical methodologies, fiscal shock identification strategies, geographic focus, exchange rate arrangements, and macro‐financial regime ...
Margarida Correia Varela, Ana Paula Ferreira Ribeiro   +1 more
wiley   +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