THÈSE Four Essays on Fiscal Policy after the Global Financial Crisis
... decades, fiscal policy was thought as playing a secondary role and monetary policy was considered the primary instrument to stabilize economic fluctuations. The abandonment of fiscal policy as a cyclical tool may have been the result of the believe that, on the one hand, financial market development ...
... decades, fiscal policy was thought as playing a secondary role and monetary policy was considered the primary instrument to stabilize economic fluctuations. The abandonment of fiscal policy as a cyclical tool may have been the result of the believe that, on the one hand, financial market development ...
Monetary Policy According to HANK ∗ Greg Kaplan Benjamin Moll
... small changes in interest rates (consistent with evidence in Vissing-Jorgensen, 2002, that non-asset holders do not respond to interest rate cuts). Third, these same survey data reveal vast inequality in wealth holdings and composition across households (Diaz-Gimenez et al., 2011). Some households m ...
... small changes in interest rates (consistent with evidence in Vissing-Jorgensen, 2002, that non-asset holders do not respond to interest rate cuts). Third, these same survey data reveal vast inequality in wealth holdings and composition across households (Diaz-Gimenez et al., 2011). Some households m ...
annual report - Splitska banka
... Societe Generale-Splitska banka is constantly working on improving social and cultural aspects of the community where it operates. These efforts continued also in the year of 2014, which has a special significance for Societe Generale Group and thus also for Splitska banka, as it marks 150 years sin ...
... Societe Generale-Splitska banka is constantly working on improving social and cultural aspects of the community where it operates. These efforts continued also in the year of 2014, which has a special significance for Societe Generale Group and thus also for Splitska banka, as it marks 150 years sin ...
Principles of Macroeconomics Self-study quiz and Exercises March
... D) promissory notes issued by corporations. 24) Which of the following is a CORRECT statement? A) Companies issue shares but donʹt issue bonds. B) The government issues both bonds and shares. C) Bondholders earn dividends but shareholders donʹt. D) Shareholders earn dividends but bondholders donʹt. ...
... D) promissory notes issued by corporations. 24) Which of the following is a CORRECT statement? A) Companies issue shares but donʹt issue bonds. B) The government issues both bonds and shares. C) Bondholders earn dividends but shareholders donʹt. D) Shareholders earn dividends but bondholders donʹt. ...
Sovereign debt issuance and selective default
... sovereign to default. For this reason we throughout the model we adopt economic definition. Another reason is the consideration of the role of the secondary markets, which would cease to function if foreign and domestic bonds were two different obligations. 1. Sovereign defaults usually happen in se ...
... sovereign to default. For this reason we throughout the model we adopt economic definition. Another reason is the consideration of the role of the secondary markets, which would cease to function if foreign and domestic bonds were two different obligations. 1. Sovereign defaults usually happen in se ...
When is the Government Spending Multiplier Large?
... function of the real interest rate. In the zero bound the real interest rate generally rises. So, other things equal, savings and investment diverge as the real interest rate rises, thus exacerbating the meltdown associated with the zero bound. As a result, the fall in output necessary to bring savi ...
... function of the real interest rate. In the zero bound the real interest rate generally rises. So, other things equal, savings and investment diverge as the real interest rate rises, thus exacerbating the meltdown associated with the zero bound. As a result, the fall in output necessary to bring savi ...
Inflation And Its Relationship To Unemployment And Growth
... inflationary process. Rational expectations are the expectations that the economists' model predicts. Adaptive expectations are those based, in some way, on what has been in the past. Extrapolative expectations are those that ...
... inflationary process. Rational expectations are the expectations that the economists' model predicts. Adaptive expectations are those based, in some way, on what has been in the past. Extrapolative expectations are those that ...
Principles of Macroeconomics
... 1980s and 1990s, the financial crisis and recession of 2008-2009, and the prolonged recovery that is still incomplete in most industrial countries in 2015. To that end, the text examines macroeconomic institutions, performance, and policies in ways that help students understand and evaluate critical ...
... 1980s and 1990s, the financial crisis and recession of 2008-2009, and the prolonged recovery that is still incomplete in most industrial countries in 2015. To that end, the text examines macroeconomic institutions, performance, and policies in ways that help students understand and evaluate critical ...
Asymmetric Fiscal Policy Shocks
... austerity program to reduce deficits and in the long-run debt as a percent of GDP. Recently for example, highly indebted Eurozone countries (Greece, Ireland, Portugal and Spain) are required to implement fiscal austerity measures in order to balance their balance sheets. In this context it is intere ...
... austerity program to reduce deficits and in the long-run debt as a percent of GDP. Recently for example, highly indebted Eurozone countries (Greece, Ireland, Portugal and Spain) are required to implement fiscal austerity measures in order to balance their balance sheets. In this context it is intere ...
Price level targeting, the zero bound on the nominal interest rate and
... the ensuing global recession, millions of jobs were lost; trillions of dollars of output foregone. These zero lower bound episodes and the large welfare costs associated with them have called into question the effectiveness of our existing monetary policy frameworks and have given new impetus to the ...
... the ensuing global recession, millions of jobs were lost; trillions of dollars of output foregone. These zero lower bound episodes and the large welfare costs associated with them have called into question the effectiveness of our existing monetary policy frameworks and have given new impetus to the ...
Kad Brunner*
... employment line below the balance-of-payments line. Whatever’l~he motivations involved may be, they will be expressed within this general approach by ...
... employment line below the balance-of-payments line. Whatever’l~he motivations involved may be, they will be expressed within this general approach by ...
The Case for a Long-Run Inflation Target of Four Percent
... a guaranteed return of zero. A negative interest rate would mean that someone lends $100 and receives less than $100 in the future. Such a loan would never occur, because the lender could do better by putting cash in a safe deposit box. The zero bound on interest rates can bind if an adverse event p ...
... a guaranteed return of zero. A negative interest rate would mean that someone lends $100 and receives less than $100 in the future. Such a loan would never occur, because the lender could do better by putting cash in a safe deposit box. The zero bound on interest rates can bind if an adverse event p ...
Expectations Traps and Coordination Failures with Discretionary
... influence how policy today is conducted. The discretionary policymaker’s Achilles heel is that when formulating policy it is unable to manage private sector expectations, and this inability, inherent to time-consistent policymaking, leaves ajar the door to multiple equilibria. When expectations cann ...
... influence how policy today is conducted. The discretionary policymaker’s Achilles heel is that when formulating policy it is unable to manage private sector expectations, and this inability, inherent to time-consistent policymaking, leaves ajar the door to multiple equilibria. When expectations cann ...
Medium Term Debt Management Strategy (2011
... The Debt Management Strategy has a fundamental objective to ensure the financing of activities provided in the state budget law at a minimum cost in the medium and long term and at an optimal level of risk, as well as to attract funding for the priority sectors of the national economy. This strategy ...
... The Debt Management Strategy has a fundamental objective to ensure the financing of activities provided in the state budget law at a minimum cost in the medium and long term and at an optimal level of risk, as well as to attract funding for the priority sectors of the national economy. This strategy ...
3 estimation of the impact of single monetary policy on - Hal-SHS
... overall information on the state of the economy the Central Bank is expected to react to. The difficulty is due to the lack of experience on the transmission channel for the common monetary policy in EMU and to inescapable uncertainties about this mechanism. The introduction of a new common currency ...
... overall information on the state of the economy the Central Bank is expected to react to. The difficulty is due to the lack of experience on the transmission channel for the common monetary policy in EMU and to inescapable uncertainties about this mechanism. The introduction of a new common currency ...
Monetary policy trade-offs and forward guidance
... the fact that no single variable can provide a comprehensive indication of current economic conditions, the 7% unemployment rate is set as a ‘threshold’, not a ‘trigger’: that is, reaching the threshold will not automatically result in a rise in Bank Rate. Instead, the MPC will reassess whether or n ...
... the fact that no single variable can provide a comprehensive indication of current economic conditions, the 7% unemployment rate is set as a ‘threshold’, not a ‘trigger’: that is, reaching the threshold will not automatically result in a rise in Bank Rate. Instead, the MPC will reassess whether or n ...
New Fiscal ROSCs and PEFA Assessments: Two Complementary …
... General: IMF’s Code & Manual on Fiscal Transparency Budgeting: OECD Best Practices for Budget Transparency ...
... General: IMF’s Code & Manual on Fiscal Transparency Budgeting: OECD Best Practices for Budget Transparency ...
Does Monetary Cooperation or Confrontation Lead to Successful
... 1. H O W S H O U L D M O N E TA R Y P O L I C Y R E S P O N D TO T H E N E E D F O R F I S C A L CO N S O L I D AT I O N ? As fiscal policies become unsustainable, monetary policy becomes irrelevant at best. Under extreme fiscal conditions, even if central banks resist direct monetization of excessi ...
... 1. H O W S H O U L D M O N E TA R Y P O L I C Y R E S P O N D TO T H E N E E D F O R F I S C A L CO N S O L I D AT I O N ? As fiscal policies become unsustainable, monetary policy becomes irrelevant at best. Under extreme fiscal conditions, even if central banks resist direct monetization of excessi ...
... B. will be 2 units of bicycles. C. will be zero because unemployed resources are available. D. of doing so cannot be determined from the information given. The fact that the slope of the production possibilities curve becomes steeper as we move down along the curve indicates that: A. the princi ...
Slide 1
... Every Transaction routed through a bank will attract a certain deduction in appropriate percentage as Bank Transaction Tax i.e. Single Point Tax Deducted at Source (say 2 %) This deduction is to be effected on receiving/credit account only This deducted amount will be credited to different Governmen ...
... Every Transaction routed through a bank will attract a certain deduction in appropriate percentage as Bank Transaction Tax i.e. Single Point Tax Deducted at Source (say 2 %) This deduction is to be effected on receiving/credit account only This deducted amount will be credited to different Governmen ...
When is the Government Spending Multiplier Large? Northwestern University
... to shocks that make the zero lower bound on the nominal interest rate binding. We begin by considering an economy with Calvo-style price frictions, no capital and a monetary authority that follows a standard Taylor rule. Building on insights in Eggertsson and Woodford (2003), we study the eect of a ...
... to shocks that make the zero lower bound on the nominal interest rate binding. We begin by considering an economy with Calvo-style price frictions, no capital and a monetary authority that follows a standard Taylor rule. Building on insights in Eggertsson and Woodford (2003), we study the eect of a ...
A MACROECONOMETRIC MODEL FOR THE ECONOMY OF
... view of assessing existing and alternative macroeconomic policies. The model is designed to capture the structural characteristics of the economy while also exploiting the developments in economic theory and statistical analytical tools. It consists of seven sectors, namely, the production sector, t ...
... view of assessing existing and alternative macroeconomic policies. The model is designed to capture the structural characteristics of the economy while also exploiting the developments in economic theory and statistical analytical tools. It consists of seven sectors, namely, the production sector, t ...
CEEC – Transition and Enlargement
... affects global supply curve and global goods prices Prof. Dr. Herbert Brücker Lehrstuhl für Volkswirtschaftslehre, insbesondere Integration Europäischer Arbeitsmärkte Universität Bamberg | [email protected] | www.uni-bamberg.de/sowi/bruecker ...
... affects global supply curve and global goods prices Prof. Dr. Herbert Brücker Lehrstuhl für Volkswirtschaftslehre, insbesondere Integration Europäischer Arbeitsmärkte Universität Bamberg | [email protected] | www.uni-bamberg.de/sowi/bruecker ...
NBER WORKING PAPER SERIES MONETARY SCIENCE, FISCAL ALCHEMY Eric M. Leeper
... take decades to play out, giving fiscal actions long-lasting impacts. Fiscal initiatives are debated at length and individuals continually update and act on their beliefs about future taxes and spending, which creates intricate interactions between fiscal news and private behavior. Finally, fiscal effec ...
... take decades to play out, giving fiscal actions long-lasting impacts. Fiscal initiatives are debated at length and individuals continually update and act on their beliefs about future taxes and spending, which creates intricate interactions between fiscal news and private behavior. Finally, fiscal effec ...
Fiscal Policy in the EMU and Outside
... precludes automatic credit facilities, and thereby monetization of public deficits are ruled out. So governments must finance expenditures by raising taxes or issuing bonds and securities. Countries that have relied on monetary financing (seigniorage) as an important source of public revenue must tu ...
... precludes automatic credit facilities, and thereby monetization of public deficits are ruled out. So governments must finance expenditures by raising taxes or issuing bonds and securities. Countries that have relied on monetary financing (seigniorage) as an important source of public revenue must tu ...