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Essays In Fiscal And Monetary Policy
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Book Synopsis Essays in Fiscal and Monetary Policy by : Michael J. Artis
Download or read book Essays in Fiscal and Monetary Policy written by Michael J. Artis and published by Oxford ; New York : Oxford University Press. This book was released on 1981 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compilation of essays on design, measurement and effects of fiscal policy and monetary policy in the UK - using econometric models, analyses short term and long term effects in a closed economy, on an open economy under alternative exchange rates, and the assumptions concerning capital flow. Bibliography pp. 186 to 193, graphs, references and statistical tables.
Book Synopsis Essays on the effects of fiscal and monetary policy by : Jesper Lindé
Download or read book Essays on the effects of fiscal and monetary policy written by Jesper Lindé and published by . This book was released on 1999 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Monetary and Fiscal Policy Interactions in Small Open Economies by : Thitima Chucherd
Download or read book Essays on Monetary and Fiscal Policy Interactions in Small Open Economies written by Thitima Chucherd and published by . This book was released on 2013 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis addresses interactions between monetary and fiscal policies in a theoretical dynamic stochastic general equilibrium (DSGE) model of a small open economy and in an empirical model under a structural vector error correction model (SVECM). The thesis consists of three essays. The contribution is both theoretical and empirical that enables a better understanding of the complexity of interactions between monetary and fiscal policies in small open economies. The first essay examines the equilibrium determinacy under monetary and fiscal rules. The goal is to investigate how monetary and fiscal policy interactions ensure a unique and non-explosive (determinate) equilibrium for a small open economy. The study focuses when policy makers implement a set of policy mixes to address domestic output price inflation control for monetary policy, debt stabilization for fiscal policy, and joint output stabilization tasks. The result indicates that two policy schemes facilitate a determinate equilibrium. First, monetary policy actively controls inflation when fiscal policy sets a sufficient feedback on debt. Second, monetary policy becomes passive against inflation when fiscal policy is insolvent. Adding output stabilization to each rule simply causes variants of this fundamental. An interest rate rule with output stabilization can be more passive against inflation while providing a stronger response to the output gap. Fiscal policy is required to set higher feedback on debt along with its stronger counter-cyclical policy. The second essay links between the equilibrium determinacy and policy optimization. This essay provides insights into the design of policy mixes and compares determinacy outcomes between two theoretical models of a small open economy: with and without an explicit exchange rate role. This study shows that policy interactions in a small open economy with an endogenous exchange rate is quite sophisticated, especially when a monetary rule is added with an output stabilization task and/or targeted to Consumer Price Index (CPI) inflation. Additional concern for monetary policy in an open economy causes a partial offset to its reaction on domestic output price inflation that weakens its effect on the real debt burden. To minimize economic fluctuations, policy makers should mute the role of output stabilization for monetary policy, and set minimum feedback on debt that is compatible with the degree of counter-cyclical fiscal policy. Substantially active response to inflation is satisfactory for monetary policy with CPI inflation targeting. The third essay empirically presents monetary and fiscal policy interactions in Thailand's SVECM suggested by a theoretical DSGE model developed from the previous essays. This essay shows that the DSGE-SVECM model can be supported by Thai data. A shock to monetary policy is effective with a lag. Government spending policy is also effective with a lag and some crowding-out effects on output. An adverse shock in tax policy unexpectedly stimulates the economy, indicating room for enhancing economic growth by relaxing revenue constraint. Monetary policy is mainly implemented to correct a consequence of a fiscal shock on inflation (and also the domestic and foreign shocks), while fiscal policy appears to counter a consequence of the monetary policy shock on output.
Book Synopsis Essays in Macroeconomic Policy by : Miranda S. Goeltom
Download or read book Essays in Macroeconomic Policy written by Miranda S. Goeltom and published by Gramedia Pustaka Utama. This book was released on 2007 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Fiscal and Monetary Policy by : Jonathan A. Rawls
Download or read book Three Essays on Fiscal and Monetary Policy written by Jonathan A. Rawls and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Monetary Economics (Collected Works of Harry Johnson) by : Harry Johnson
Download or read book Essays in Monetary Economics (Collected Works of Harry Johnson) written by Harry Johnson and published by Routledge. This book was released on 2013-07-18 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
Book Synopsis The Preparation of Monetary Policy by : J.M. Berk
Download or read book The Preparation of Monetary Policy written by J.M. Berk and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard macroeconomic monographs often discuss the mechanism of monetary transmission, usually ending by highlighting the complexities and uncertainties involved in this mechanism. Conversely, The Preparation of Monetary Policy takes these uncertainties as a starting point, analytically investigating their nature and spelling out their consequences for the monetary policy maker. The second innovative aspect of this book is its focus on policy preparation instead of well-covered topics such as monetary policy strategy, tactics, and implementation. Thirdly, a general, multi-model framework for preparing monetary policy is proposed, which is illustrated by case studies stressing the role of international economic linkages and of expectations. Written in a self-contained fashion, these case studies are of interest by themselves. The book is written for an audience that is interested in the art and science of monetary policy making, which includes central bankers, academics, and (graduate) students in the field of monetary economics, macroeconomics, international economics and finance.
Book Synopsis Public Finance and Stabilization Policy by : Richard Abel Musgrave
Download or read book Public Finance and Stabilization Policy written by Richard Abel Musgrave and published by . This book was released on 1974 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Positive Economics by : Milton Friedman
Download or read book Essays in Positive Economics written by Milton Friedman and published by University of Chicago Press. This book was released on 1953 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is concerned primarily with certain methodological problems that arise in constructing the "distinct positive science" that John Neville Keynes called for, in particular, the problem how to decide whether a suggested hypothesis or theory should be tentatively accepted as part of the "body of systematized knowledge concerning what is."
Book Synopsis Essays on Money, Banking, and Regulation by : C.J.M Kool
Download or read book Essays on Money, Banking, and Regulation written by C.J.M Kool and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays on Money, Banking and Regulation honors the interests and achievements of the Dutch economist Conrad Oort. The book is divided into four parts. Part 1 - Fiscal and monetary policy - reviews a variety of topics ranging from the measurement of money to the control and management of government expenditures. Part 2 - International institutions and international economic policy - looks at the international dimension of monetary and fiscal policy, with extensive discussion of the International Monetary Fund and the European Monetary Union. Part 3 - The future of international banking and the financial sector in the Netherlands - is an insider's view of the strategic choices facing financial institutions in the near future. Finally, Part 4 - Taxation and reforms in the Dutch tax system - is closest to Oort's research and practice since he has become known as an architect of the 1990 Dutch tax reform; this part is dedicated in particular to the tax reforms suggested by Oort.
Book Synopsis Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics by : John Smithin
Download or read book Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics written by John Smithin and published by World Scientific Publishing Company. This book was released on 2013-06-27 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.
Book Synopsis Banking, Monetary Policy and the Political Economy of Financial Regulation by : Gerald A. Epstein
Download or read book Banking, Monetary Policy and the Political Economy of Financial Regulation written by Gerald A. Epstein and published by Edward Elgar Publishing. This book was released on 2014-07-31 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D�Arista, among others. Now, writing in the tradition of D�Arista's extensive work, the
Book Synopsis Further Essays in Monetary Economics (Collected Works of Harry Johnson) by : Harry G. Johnson
Download or read book Further Essays in Monetary Economics (Collected Works of Harry Johnson) written by Harry G. Johnson and published by Routledge. This book was released on 2013-07-18 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sequel to Essays in Monetary Economics, this book develops the ideas on domestic and international monetary issues, with reference to specific events and crises of the 1960s and 70s. These essays are distinguished by the author’s expert grasp of the analytical techniques and contemporaneous policy problems of both domestic and international monetary economics.
Book Synopsis Essays on Fiscal and Monetary Policy by : Alfredo Mier y Teran
Download or read book Essays on Fiscal and Monetary Policy written by Alfredo Mier y Teran and published by . This book was released on 2014 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: The three chapters of this dissertation investigate how micro level phenomena affect aggregate outcomes and challenge basic fiscal and monetary principles. In particular, I analyze how these phenomena affect the transmission mechanisms and outcomes of specific fiscal and monetary policies in emerging markets. In Chapter 1, I investigate the transmission of monetary policy to retail interest rates using a novel transaction-level data set that includes all corporate loans of every commercial bank in Mexico from 2005 to 2010. In particular, I analyze the speed and completeness of the pass-through of the monetary policy rate to bank lending rates, and provide evidence on the importance of bank competition to explain heterogeneity in the way banks react to monetary policy impulses along the business cycle. For this purpose, I develop a simple model of the banking firm and test its implications using dynamic panel data methods. I find that: (1) interest rate pass-through is sluggish and incomplete; (2) the degree of bank competition is positively correlated with the completeness of the interest rate pass-through; and (3) interest rate pass-through is asymmetric: lending rates adjust less in the case of monetary policy easing than in the case of tightening. Chapter 2 draws from a district-level database to investigate the local impact on socioeconomic outcomes of mining-related revenue windfalls in Peru, which have grown almost twentyfold in the last two decades. I find evidence that improvements in average living standards are related to the mining activity but independent from fiscal revenue windfalls at the district level, where inefficiencies in the use of public funds may be accounting for the disconnect between fiscal revenues and socioeconomic outcomes. In Chapter 3, I investigate how the fiscal institutional framework has given rise to deficit and procyclical biases in the case of Mexico, and evaluate how the use of alternative fiscal rules may affect these biases. For the latter, I conduct a series of simulations using an unrestricted VAR model that allows me to evaluate the effect on fiscal outcomes of a constellation of shocks calibrated to match Mexican historical macro-data. I find that Mexico's fiscal framework allows the conduct of a countercyclical fiscal policy during economic recessions; however, it does not contemplate a mechanism to generate buffers during economic expansions. Thus, fiscal policy is oftentimes procyclical and has a built-in deficit bias. Moreover, I find that a budget balance rule with an expenditure cap is able to mimic the results of a rule based on a cyclically adjusted balance in terms of reducing the procyclical and deficit biases, with the advantage of not having to rely on an autonomous fiscal agency, which is usually absent under weak institutional frameworks.
Book Synopsis Three Essays in Macroeconomics of Fiscal and Monetary Policies by :
Download or read book Three Essays in Macroeconomics of Fiscal and Monetary Policies written by and published by . This book was released on 2015 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Economic Management by : Alec Cairncross
Download or read book Essays in Economic Management written by Alec Cairncross and published by Routledge. This book was released on 2013-11-05 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers in this volume cover the following areas: * Government and Industry * The Managed Economy * Monetary Policy * Fiscal Policy * Economic Forecasting and Economic Planning * Economists in Government
Book Synopsis Essays in Monetary Economics by : Harry Gordon Johnson
Download or read book Essays in Monetary Economics written by Harry Gordon Johnson and published by . This book was released on 1969 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
