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Mayer, Thomas; Schnabl, Gunther - 2022

The paper analyses the reasons for Japan's persistently low inflation since the bursting of the Japanese bubble economy … (low inflation conundrum). It is shown that Japan experienced a structural break from a high-growth period with relatively … creation in Japan's post-bubble period. With the price level being assumed to be dependent on both goods with free market …

Persistent link: https://www.econbiz.de/10013284915

The liquidity channel of fiscal policy

Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020

—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete … markets and portfolio choice, in which public debt affects private liquidity. In this environment, the short-run fiscal … multiplier is amplified by the countercyclical liquidity premium. This liquidity channel stabilizes investment and crowds in …

Persistent link: https://www.econbiz.de/10012231567

Transatlantic monetary and fiscal policy interaction

Aarle, Bas van; Garretsen, Harry; Huart, Florence - 2003

This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...

Persistent link: https://www.econbiz.de/10011509484

Monetary policy in Turkey after Central Bank independence

Gürkaynak, Refet S.; Kantur, Zeynep; Taş, M. Anil; … - 2015

We present an accessible narrative of the Turkish economy since its great 2001 crisis. We broadly survey economic developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong inflation targeter early in this period but began to pay...

Persistent link: https://www.econbiz.de/10011375680

Reforming the euro pragmatically : towards sustainable fiscal policy and a revamped eurosystem

Oksanen, Heikki - 2019

The conflicting standpoints on reforming the euro are creating more controversies than practical results. Mistrust between the participants led to short-sighted fiscal discipline that has amplified the economic disturbances. Expert analysis on the proposed reforms is often deficient as the...

Persistent link: https://www.econbiz.de/10012119522

Subjective models of the macroeconomy : evidence from experts and a representative sample

Andre, Peter; Pizzinelli, Carlo; Roth, Christopher; … - 2019

We propose a method to measure people's subjective models of the macroeconomy. Using a sample of 2,200 households representative of the US population and a sample of more than 1,000 experts, we measure beliefs about how the unemployment rate and the inflation rate respond to four different...

Persistent link: https://www.econbiz.de/10012104048

Is optimal monetary policy always optimal?

Davig, Troy; Gürkaynak, Refet S. - 2015

No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy...

Persistent link: https://www.econbiz.de/10011306110

Designing the policy mix in a monetary union

Kempf, Hubert - 2020

This paper studies the design of the policy mix in a monetary union, that is, the institutional arrangement specifying the relationships between the various policymakers present in the union and the extent of their capacity of action. It is assumed that policymakers do not cooperate. Detailing...

Persistent link: https://www.econbiz.de/10012219885

Sustainability and solvency of government finances under the euro : illustrations and policy Options

Oksanen, Heikki - 2020

resort for a euro area government under liquidity shortage to prevent it from developing into a general financial crisis …

Persistent link: https://www.econbiz.de/10012238506

Secular stagnation : insights from a new Keynesian model with hysteresis effects

Aarle, Bas van - 2016

To analyse the most important aspects of the Secular Stagnation hypothesis, this paper considers the effects of hysteresis in potential output in a New-Keynesian model that is extended with endogenous potential output. To do so, a number of simulations of relevant scenarios is undertaken. It is...

Persistent link: https://www.econbiz.de/10011444072

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