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Monetary And Fiscal Policy Interactions In A New Keynesian Model With Capital Accumulation And Non Ricardian Consumers
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Book Synopsis Monetary and Fiscal Policy Interactions in a New Keynesian Model with Capital Accumulation and Non-Ricardian Consumers by : Campbell Leith
Download or read book Monetary and Fiscal Policy Interactions in a New Keynesian Model with Capital Accumulation and Non-Ricardian Consumers written by Campbell Leith and published by . This book was released on 2016 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a small New Keynesian model with capital accumulation and.
Book Synopsis Fiscal and Monetary Policy Interactions in a New Keynesian Model with Liquidity Constraints by : Anton Muscatelli
Download or read book Fiscal and Monetary Policy Interactions in a New Keynesian Model with Liquidity Constraints written by Anton Muscatelli and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper derives a New Keynesian dynamic general equilibrium model with liquidity-constrained consumers and sticky prices. The model allows a role for both government spending and taxation in the DGE model. The model is then estimated using US data. We find that rule-of-thumb consumers play a significant role in determining aggregate consumption. Our model is subsequently used to analyse the interaction between fiscal and monetary policies. We demonstrate the extent to which fiscal policy (automatic stabilisers) assist or hinder monetary policy when the latter takes a standard forward-looking inflation targeting form. We also investigate the extent to which inertia in fiscal policy and the existence of rule-of-thumb consumers affect output and inflation variability in the presence of such a monetary policy rule.
Book Synopsis Putting the New Keynesian Model to a Test by : Roland Straub
Download or read book Putting the New Keynesian Model to a Test written by Roland Straub and published by International Monetary Fund. This book was released on 2006-05 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, New Keynesian dynamic stochastic general equilibrium (NK DSGE) models have become increasingly popular in the academic literature and in policy analysis. However, the success of these models in reproducing the dynamic behavior of an economy following structural shocks is still disputed. This paper attempts to shed light on this issue. We use a VAR with sign restrictions that are robust to model and parameter uncertainty to estimate the effects of monetary policy, preference, government spending, investment, price markup, technology, and labor supply shocks on macroeconomic variables in the United States and the euro area. In contrast to the NK DSGE models, the empirical results indicate that technology shocks have a positive effect on hours worked, and investment and preference shocks have a positive impact on consumption and investment, respectively. While the former is in line with the predictions of Real Business Cycle models, the latter indicates the relevance of accelerator effects, as described by earlier Keynesian models. We also show that NK DSGE models might overemphasize the contribution of cost-push shocks to business cycle fluctuations while, at the same time, underestimating the importance of other shocks such as changes to technology and investment adjustment costs.
Book Synopsis Understanding the Effects of Government Spending on Consumption by : Jordi Galí
Download or read book Understanding the Effects of Government Spending on Consumption written by Jordi Galí and published by . This book was released on 2005 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government spending.
Book Synopsis Fiscal Policy Multipliers in a New Keynesian Model Under Positive and Zero Nominal Interest Rate by : Lorant Kaszab
Download or read book Fiscal Policy Multipliers in a New Keynesian Model Under Positive and Zero Nominal Interest Rate written by Lorant Kaszab and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a simple new-Keynesian model (with and without capital) and calculates multipliers of four types. That is, we assume either an increase in government spending or a cut in sales/labor/capital tax that is financed by lump-sum taxes (Ricardian evidence holds). We argue that multipliers of a temporary fiscal stimulus for separable preferences and zero nominal interest rate results in lower values than what is obtained by Eggertsson (2010). Using Christiano et al. (2009) non-separable utility framework which they used to calculate spending multipliers we study tax cuts as well and find that sales tax cut multiplier can be well above one (joint with government spending) when zero lower bound on nominal interest binds. In case of a permanent stimulus we show in the model without capital and assuming non-separable preferences that it is the spending and wage tax cut which produce the highest multipliers with values lower than one. In the model with capital and assuming that the nominal rate is fixed for a one-year (or two-year) duration we present an impact multiplier of government spending that is very close to the one in Bernstein and Romer (2009) but later declines with horizon in contrast to their finding and in line with the one of Cogan et al. (2010). We also demonstrate that the long-run spending multiplier calculated similarly to Campolmi et al. (2010) implies roughly the same value for both types of preferences for particular calibrations. For comparison, we also provide long-run multipliers using the method proposed by Uhlig (2010). -- New-Keynesian model ; fiscal multipliers ; zero lower bound ; monetary policy ; government spending ; tax cut ; permanent ; transitory
Book Synopsis Economic Policy Frameworks Revisited by : Cesare Imbriani
Download or read book Economic Policy Frameworks Revisited written by Cesare Imbriani and published by Springer Nature. This book was released on with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effectiveness of Fiscal Policy in Stimulating Economic Activity by : Richard Hemming
Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Book Synopsis Fiscal and Monetary Policy Interactions in a New Keynesian Model with Liquidity Constraints by :
Download or read book Fiscal and Monetary Policy Interactions in a New Keynesian Model with Liquidity Constraints written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary-fiscal Policy Interactions by : Manuel Gonzalez-Astudillo
Download or read book Monetary-fiscal Policy Interactions written by Manuel Gonzalez-Astudillo and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Complex Society: In the Middle of a Middle World by : Bojan Radej
Download or read book Complex Society: In the Middle of a Middle World written by Bojan Radej and published by Vernon Press. This book was released on 2021-04-06 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The decreasing capacity to govern complex social processes results in negative trends that breach system thresholds in all main social domains with extreme economic stratification of society. Independent studies steadily report that a strong majority of the world’s population, between 60% and 80%, already feels excluded and no longer represented by their governments. The two prevailing concepts of complexity seem to overlook the central importance of mesoscopic complexity. Socially complex conditions call for a new kind of social thought specifically developed for a blinded generation that must be as different from modern and postmodern thoughts, as they were different from their middle-age precedents. 'Complex Society: In the Middle of a Middle World', addresses the concerns of the excluded majority by explaining how present complex social conditions work in favor of generational aspirations to achieve a more positive future. In the geometry of thinking, a complex matter is not comprehensible objectively, but only by evaluating overlaps between complexity domains on their periphery, which is in the area of their inconsistencies. The book first develops an evaluative methodology for studying complex social matters and then tests it with three case studies that reflect some of the most pressing problems in contemporary societies: aggregation problem, integration problem, and organization problem. The obtained findings give grounds for the depiction of an outline for the ‘anti-postmodern’ ordering of contemporary societies. This ground-breaking text will be of particular interest for graduate and post-graduate level of social sciences, evaluators of project, program and policy impact evaluation, evaluators of philosophy of science, as well as methodologists of social research and public governance.
Book Synopsis NBER Macroeconomics Annual 2005 by : Kenneth S. Rogoff
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.
Download or read book Monthly Report written by and published by . This book was released on 2006 with total page 638 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monthly Bulletin written by and published by . This book was released on 2006 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
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.
Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí
Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451956770 Total Pages :228 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1988-01-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central proposition regarding effects of different mechanisms of fi-nancing public expenditures is that, under specific circumstances, it makes no difference to the level of aggregate demand if the government finances its outlays by debt or taxation. This so-called Ricardian equivalence states that, for a given expenditure path, substitution of debt for taxes does not affect private sector wealth and consumption. This paper provides a model illustrating the implications of Ricardian equivalence, surveys the litera-ture, considers effects of relaxing the basic assumptions, provides a frame-work to study implications of various extensions, and critically reviews recent empirical work on Ricardian equivalence.
Book Synopsis The Short-Run Macroeconomics of Aid Inflows by : Tokhir Mirzoev
Download or read book The Short-Run Macroeconomics of Aid Inflows written by Tokhir Mirzoev and published by International Monetary Fund. This book was released on 2010-03-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a tractable open-economy new-Keynesian model with two sectors to analyze the short-term effects of aid-financed fiscal expansions. We distinguish between spending the aid, which is under the control of the fiscal authorities, and absorbing the aid-using the aid to finance a higher current account deficit-which is influenced by the central bank's reserves policy when access to international capital markets is limited. The standard treatment of the transfer problem implicitly assumes spending equals absorption. Here, in contrast, a policy mix that results in spending but not absorbing the aid generates demand pressures and results in an increase in real interest rates. It can also lead to a temporary real depreciation if demand pressures are strong enough to threaten external balance. Certain features of low income countries, such as limited participation in domestic financial markets, make a real depreciation more likely by amplifying demand pressures when aid is spent but not absorbed. The results from our model can help understand the recent experience of Uganda, which saw an increase in government spending following a surge in aid yet experienced a real depreciation and an increase in real interest rates.
