Search Results - subject:"Time Consistent Policy"

Concerted efforts? : Monetary policy and macro-prudential tools

Ferrero, Andrea; Harrison, Richard; Nelson, Benjamin F. - 2018

Persistent link: https://www.econbiz.de/10011917360

Decentralization and overborrowing in a fiscal federation

Guo, Si; Pei, Yun; Xie, Zoe - 2018

We build an infinite horizon equilibrium model of fiscal federation, where anticipation of transfers from the central government creates incentives for local governments to overborrow. Absent commitment, the central government over-transfers, which distorts the central-local distribution of...

Persistent link: https://www.econbiz.de/10011895599

A quantitative theory of time-consistent unemployment insurance

Pei, Yun; Xie, Zoe - In: Journal of monetary economics 117 (2021), pp. 848-870

Persistent link: https://www.econbiz.de/10012603264

Can we Identify the Fed's Preferences?

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

Durbin (1970) pre-tests of Ramsey optimal policy versus time-consistent policy rejects time-consistent policy and … policy than with time-consistent policy although the number of structural parameters, including central bank preferences, is … missing) and hence under-identified for time-consistent policy (three identifying equations missing). …

Persistent link: https://www.econbiz.de/10011719797

Can we identify the Fed's preferences?

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017 - [Updated version]

Persistent link: https://www.econbiz.de/10011721067

Can we identify the fed's preferences?

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

A pre-test of Ramsey optimal policy versus time-consistent policy rejects time-consistent policy and (optimal) simple …-identified for time-consistent policy (three identifying equations missing). Estimating a structural VAR for Ramsey optimal policy … auto-correlated cost-push shock. The number of reduced form parameters is larger with Ramsey optimal policy than with time-consistent …

Persistent link: https://www.econbiz.de/10011597921

A quantitative theory of time-consistent unemployment insurance

Pei, Yun; Xie, Zoe - 2016

During recessions, the U.S. government substantially increases the duration of unemployment insurance (UI) benefits through multiple extensions. This paper seeks to understand the incentives driving these increases. Because of the trade-off between insurance and job search incentives, the...

Persistent link: https://www.econbiz.de/10011776821

A quantitative theory of time-consistent unemployment insurance

Pei, Yun; Xie, Zoe - 2016

Persistent link: https://www.econbiz.de/10011558181

Debt and Deficit Fluctuations in a Time-Consistent Setup

Grechyna, Daryna - Volkswirtschaftliche Fakultät, … - 2015

This paper compares the stochastic behavior of fiscal variables under optimal fiscal policy for the cases of full commitment by the government (Ramsey problem) and no commitment by the government (focusing on differentiable Markov perfect equilibrium). It shows that the cyclical properties of...

Persistent link: https://www.econbiz.de/10011264814

Banking panics and protracted recessions

Sanches, Daniel - 2015

Persistent link: https://www.econbiz.de/10011449260