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Author : Klaus Adam
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (613 download)
Download or read book Optimal Monetary and Fiscal Stabilisation Policies written by Klaus Adam and published by . This book was released on 2010 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Monetary and Fiscal Stabilisation Policies written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sven Jari Stehn
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.3/5 ( download)
Download or read book Optimal Monetary and Fiscal Policy with Limited Asset Market Participation written by Sven Jari Stehn and published by International Monetary Fund. This book was released on 2009-07 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable income each period. With full asset market participation, the optimal policy relies entirely on the interest rate to stabilise cost-push shocks and government expenditure is not changed. When asset market participation is limited, there is a case for fiscal stabilisation policy. Active use of public spending raises aggregate welfare because it enables a more balanced distribution of the stabilisation burden across asset-holding and non-asset-holding consumers. The optimal response of government expenditure is sensitive to the financing scheme and whether the policymaker has access to a targeted transfer that can directly redistribute resources between consumers.
Author : Richard T. Froyen
Publisher : Edward Elgar Publishing
ISBN 13 : 1784717193
Total Pages : 466 pages
Book Rating : 4.7/5 (847 download)
Download or read book Optimal Monetary Policy under Uncertainty, Second Edition written by Richard T. Froyen and published by Edward Elgar Publishing. This book was released on 2019 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Author : Pierpaolo Benigno
Publisher :
ISBN 13 :
Total Pages : 88 pages
Book Rating : 4.3/5 ( download)
Download or read book Optimal Monetary and Fiscal Policy written by Pierpaolo Benigno and published by . This book was released on 2003 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jordi Galí
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (15 download)
Download or read book Optimal Monetary and Fiscal Policy in a Currency Union written by Jordi Galí and published by . This book was released on 2005 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyze its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is implemented at the country level, through the choice of government spending level. The model incorporates country-specific shocks and nominal rigidities. Under our assumptions, the optimal monetary policy requires that inflation be stabilized at the union level. On the other hand, the relinquishment of an independent monetary policy, coupled with nominal price rigidities, generates a stabilization role for fiscal policy, one beyond the efficient provision of public goods. Interestingly, the stabilizing role for fiscal policy is shown to be desirable not only from the viewpoint of each individual country, but also from that of the union as a whole. In addition, our paper offers some insights on two aspects of policy design in currency unions: (i) the conditions for equilibrium determinacy and (ii) the effects of exogenous government spending variations.
Author : George W. Evans
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.X/5 (6 download)
Download or read book Expectations and the Stability Problem for Optimal Monetary Policies written by George W. Evans and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Gertler
Publisher : Mit Press
ISBN 13 : 9780262072533
Total Pages : 432 pages
Book Rating : 4.0/5 (725 download)
Download or read book NBER Macroeconomics Annual 2003 written by Mark Gertler and published by Mit Press. This book was released on 2004 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers to an audience of public policymakers and the academic community. Each commissioned paper is followed by comments and discussion. This year's edition provides a mix of cutting-edge research and policy analysis on such topics as productivity and information technology, the increase in wealth inequality, behavioral economics, and inflation.
Author : Flora Lutz
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.4/5 (2 download)
Download or read book Optimal Monetary and Macroprudential Policies Under Fire-Sale Externalities written by Flora Lutz and published by International Monetary Fund. This book was released on 2023-03-10 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: I provide an integrated analysis of monetary and macroprudential policies in a model economy featuring a financial friction and a nominal wage rigidity. In this set-up, the monetary authority faces a trade-off between macroeconomic and financial stability: While expansionary counter-cyclical monetary policy prevents involuntary unemployment, it also amplifies an inefficient reallocation of capital across sectors. The main contribution of the analysis is threefold: First it highlights a novel channel through which monetary policy can impact financial stability. Second, it shows that, by itself, monetary policy can significantly mitigate the wedge between the constrained efficient and the competitive allocation. Third, regardless of the availability of macroprudential tools, stabilizing demand is usually not optimal for monetary policy.
Author : Ole Roste
Publisher : Routledge
ISBN 13 : 1351504886
Total Pages : 214 pages
Book Rating : 4.3/5 (515 download)
Download or read book Monetary Policy and Macroeconomic Stabilization written by Ole Roste and published by Routledge. This book was released on 2017-09-08 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. "Monetary Policy and Macroeconomic Stabilization" is about macroeconomic stabilization policy, with emphasis on the value of a distinct national monetary policy to growth. Ole Bjorn Roste's argument is for public officials to restrain themselves in the pursuit of policy. As the author notes: when you know less, you should do less.The history of modern macroeconomics started in 1936 with the publication of Keynes' "General Theory of Employment, Interest, and Money". The problems of the Great depression of the 1930s paved the way for a change of focus, from the long run to economic fluctuations in the short run, and from nominal to real variables, such as unemployment and aggregate output.Keynes offered clear policy implications in tune with the times. Because economic adjustment was slow, waiting for the economy to recover by itself was irresponsible. Particularly fiscal policy was essential to return to high employment. Monetary policy could affect aggregate demand through Interest rates, but was less important. Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas (OCAs). This is followed by estimates of the output loss associated with disinflation policy (the sacrifice ratio) for six OECD economies. Further, Roste models the dynamic adjustment to negative, local labor-market shocks, with particular relevance to Scandinavia, in a final section.The idea that governments should pursue stabilizing fiscal or monetary policies with regard to real variables is often taken for granted by the public, if not by economists. Among the reasons for skepticism, is the presence of differing views on how economies really work, that the state of a given economy becomes known only after a time lag, and that economic agents react to policy and expectations of policy. For these reasons, the effects of policy are generally uncertain. This book explains why the role of history is critical to the study of macroeconomics.p>
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451844239
Total Pages : 33 pages
Book Rating : 4.4/5 (518 download)
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Author : Arturo Anton
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783838314228
Total Pages : 100 pages
Book Rating : 4.3/5 (142 download)
Download or read book Optimal Monetary and Fiscal Policy in Dynamic Economies written by Arturo Anton and published by LAP Lambert Academic Publishing. This book was released on 2009-09 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past twenty five years, fiscal and monetary authorities around the world have pursued policies roughly consistent with the insights from optimal monetary and fiscal policy. In the area of monetary policy, the modern consensus is to set policy rules so that nominal interest rates and inflation are low. In the area of fiscal policy, statutory corporate income tax rates have decreased sharply in OECD countries on average over time. Typically, theoretical models in the literature usually examine either monetary or fiscal policies in isolation, but not both of them simultaneously. This book presents two alternative dynamic, general equilibrium models where the prescriptions from optimal monetary and fiscal policies are simultaneously examined. These models offer some new insights on the interaction of such policies, especially in terms of their effects on household s welfare. A third chapter examines optimal fiscal policy in the context of preference reversals. This book should be especially useful for policymakers in the area of macroeconomics and researchers working in the field.
Author : Kenneth S. Rogoff
Publisher : MIT Press
ISBN 13 : 0262072726
Total Pages : 479 pages
Book Rating : 4.2/5 (62 download)
Download or read book NBER Macroeconomics Annual 2005 written by Kenneth S. Rogoff and published by MIT Press. This book was released on 2006-04 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
Author : Pierpaolo Benigno
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (535 download)
Download or read book Optimal Monetary and Fiscal Policy written by Pierpaolo Benigno and published by . This book was released on 2003 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky and the only available sources of government revenue are distorting taxes. Our linear-quadratic approach allows us to nest both conventional analyses of optimal monetary stabilization policy and analyses of optimal tax-smoothing as special cases of our more general framework. We show how a linear-quadratic policy problem can be derived which yields a correct linear approximation to the optimal policy rules from the point of view of the maximization of expected discounted utility in a dynamic stochastic general-equilibrium model. Finally, we derive targeting rules through which the monetary and fiscal authorities may implement the optimal equilibrium
Author : Michal Horvath
Publisher :
ISBN 13 :
Total Pages : 500 pages
Book Rating : 4.:/5 (627 download)
Download or read book Optimal Monetary and Fiscal Policy in Economies with Multiple Distortions written by Michal Horvath and published by . This book was released on 2008 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sheung Kan Luk
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (912 download)
Download or read book Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt written by Sheung Kan Luk and published by . This book was released on 2015 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a New Keynesian framework to study the coordination of fiscal and monetary policies, in response to an inflation shock when the policymaker acts with commitment. We first show that, in the simplest New Keynesian model, fiscal policy plays no part in the optimal policy response, because of the comparative advantage which monetary policy has in the control of inflation. We then add endogenous public debt and show that the above result is no longer true. When the initial stock of debt is low, it is optimal for government spending to remain largely inactive, but when the initial stock of debt is high, government spending should play a significant stabilisation role in the first period. This finding is robust to adding endogenous capital accumulation and inflation persistence in the Phillips curve.
Author : Sven Jari Stehn
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (318 download)
Download or read book Debt Stabilization Bias and the Taylor Principle written by Sven Jari Stehn and published by International Monetary Fund. This book was released on 2007-08 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse optimal monetary and fiscal policy in a New-Keynesian model with public debt and inflation persistence. Leith and Wren-Lewis (2007) have shown that optimal discretionary policy is subject to a 'debt stabilization bias' which requires debt to be returned to its pre-shock level. This finding has two important implications for optimal discretionary policy. Firstly, as Leith and Wren-Lewis have shown, optimal monetary policy in an economy with high steady-state debt cuts the interest rate in response to a cost-push shock - and therefore violates the Taylor principle. We show that this striking result is not true with high degrees of inflation persistence. Secondly, we show that optimal fiscal policy is more active under discretion than commitment at all degrees of inflation persistence and all levels of debt.
