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Welfare Maximizing Monetary and Fiscal Policy Rules
Kollmann, Robert - Society for Computational Economics - SCE - 2004
This paper studies the welfare effects of monetary and fiscal policy rules, in a dynamic general equilibrium model with sticky prices. The model features capital accumulation and endogenous labor effort, and exogenous productivity shocks. Government purchases are valued positively by the private...
Persistent link: https://www.econbiz.de/10005132785
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EMU Monetary and Fiscal Policies: Optimal Policies in a Global Game
Haber, Gottfried; Neck, Reinhard; McKibbin, Warwick J. - Society for Computational Economics - SCE - 2002
Persistent link: https://www.econbiz.de/10005132830
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Measuring the Natural Rate of Interest
Laubach, Thomas; Williams, John C. - Society for Computational Economics - SCE - 2001
The natural rate of interest -- the real interest rate consistent with output equaling potential -- plays an important role in both economic forecasting and monetary policy. Much of the literature has assumed that the natural rate of interest is constant. For example, the Taylor rule includes a...
Persistent link: https://www.econbiz.de/10005132898
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Monetary Concequences of Alternative Fiscal Policy Rules
Railavo, Jukka - Society for Computational Economics - SCE - 2005
In this paper we analyse the monetary impact of alternative fiscal policy rules using the debt and deficit, both mentioned as measures of fiscal policy performance in the Stability and Growth Pact (SGP). We use a New Keynesian model, with distortionary taxation and an appropriately defined...
Persistent link: https://www.econbiz.de/10005345042
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How Well Do Alternative Time-Varying Parameter Models of the NAIRU Help Policymakers Forecast Unemployment and Inflation in the OECD Countries?
Boone, Laurence; Juillard, Michel; Laxton, Doug; … - Society for Computational Economics - SCE - 2002
Persistent link: https://www.econbiz.de/10005706636
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Strategic Interactions between Fiscal and Monetary Policies in a Monetary Union
Behrens, Doris A.; Neck, Reinhard - Society for Computational Economics - SCE - 2003
Persistent link: https://www.econbiz.de/10005537816
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Unemployment Benefits and the Persistence of European Unemployment
Ortigueira, Salvador - Society for Computational Economics - SCE - 2003
Persistent link: https://www.econbiz.de/10005345660
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Designing large value payment systems: an agent based approach
Yang, Jing; Markose, Sheri; Alentorn, Amadeo - Society for Computational Economics - SCE - 2005
settlement risk in RTGS comes with excessive demands for liquidity on banks. This could lead them to adopt various delaying … tactics to minimise liquidity needs with free-riding and other ‘bad’ equilibria as potential outcomes. The introduction of … hybrid systems with real-time netting is viewed as a means by which liquidity costs can be reduced while settlement risk is …
Persistent link: https://www.econbiz.de/10005132671
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A Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance
Pritsker, Matt - Society for Computational Economics - SCE - 2005
I present a fully-rational symmetric-information model of an IPO, as well as a dynamic imperfectly competitive model of the aftermarket trading that follows. The model helps explain why IPO share allocations favor large institutional investors. It also helps to explain IPO underpricing, and...
Persistent link: https://www.econbiz.de/10005345038
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Aggregate Uncertainty, Individual Uncertainty and the Housing Market
Peterson, Brian - Society for Computational Economics - SCE - 2003
Persistent link: https://www.econbiz.de/10005345687