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Breaking the Impediments to Budgetary Reforms
Mody, Ashoka - 2008
Under what conditions are budget institutions likely to be strengthened? We find that fiscal deficits do not help in focusing policymakers on undertaking reforms. To the contrary, the larger the deficit, the lower is the likelihood of reforms. Large deficits apparently imply strong claims on the...
Persistent link: https://www.econbiz.de/10012677567
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Structural Reforms in the Euro Area : Economic Impact and Role of Synchronization Across Markets and Countries
Schule, Werner - 2006
Persistent link: https://www.econbiz.de/10012691025
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Does Global Liquidity Matter for Monetary Policy in the Euro Area?
Berger, Helge - 2009
Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for … longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro …
Persistent link: https://www.econbiz.de/10012677373
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Excess Liquidity and the Effectiveness of Monetary Policy : Evidence from Sub-Saharan Africa
Saxegaard, Magnus - 2006
Intro -- Contents -- I. INTRODUCTION -- II. SOME STYLIZED FACTS ON RESERVE REQUIREMENTS AND EXCESS LIQUIDITY IN AFRICAN … COUNTRIES -- III. MEASUREMENT OF EXCESS LIQUIDITY -- IV. EXCESS BANK LIQUIDITY AND MONETARY POLICY TRANSMISSION MECHANISM -- V …
Persistent link: https://www.econbiz.de/10012691164
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Policy analysis and forecasting in the world economy : a panel unobserved components approach
Vitek, Francis - 2012
This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within...
Persistent link: https://www.econbiz.de/10009618572
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Strategic Interactions between an Independent Central Bank and a Myopic Government with Government Debt
Stehn, Sven Jari - 2008
We analyse optimal discretionary games between a benevolent central bank and a myopic government in a New Keynesian model. First, when lump-sum taxes are available and public debt is absent, we show that a Nash game results in too much government spending and excessively high interest rates,...
Persistent link: https://www.econbiz.de/10012677459
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Improving Surveillance Across the CEMAC Region
Iossifov, Plamen - 2009
In this paper, we consider the design of the surveillance, and, in particular, the fiscal criteria in the Central African Economic and Monetary Community (CEMAC) with the view to ensuring they are consistent with internal and external sustainability. This consistency is important within a...
Persistent link: https://www.econbiz.de/10012677509
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Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints
Kumhof, Michael - 2009
We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowingconstrained agents,...
Persistent link: https://www.econbiz.de/10012677523
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Fiscal and Monetary Anchors for Price Stability
Fund, International Monetary - 2008
The paper presents a model of fiscal dominance with borrowing constraints, and provides evidence for a large number of sub-Saharan African countries on the relative importance of fiscal and monetary determinants of inflation. Based on the dynamic response of inflation to different shocks,...
Persistent link: https://www.econbiz.de/10012677562
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Monetary and Fiscal Rules in an Emerging Small Open Economy
Levine, Paul - 2009
We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt-GDP ratio around a specified long run. We show how such...
Persistent link: https://www.econbiz.de/10012677709