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Managing an Energy Shock : Fiscal and Monetary Policy
Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023
This paper studies the macroeconomic effects of energy price shocks in energy-importing economies using a heterogeneous-agent New Keynesian model. When MPCs are realistically large and the elasticity of substitution between energy and domestic goods is realistically low, increases in energy...
Persistent link: https://www.econbiz.de/10014337777
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EMU : Ready, or Not?
Obstfeld, Maurice - 1999
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10012471509
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Welfare and Macroeconomic Interdependence
Corsetti, Giancarlo - 1997
The paper develops a simple choice-theoretic model suitable for carrying out welfare" analyses of the international transmission of monetary and fiscal policies. The model can be" solved in closed form and illustrated in terms of the simplest graphical apparatus provide the analysis of...
Persistent link: https://www.econbiz.de/10012472506
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The Monetary and Fiscal History of Brazil, 1960-2016
Ayres, Joao - 2019
Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994. This last period coincided with severe balance of...
Persistent link: https://www.econbiz.de/10012479377
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The Monetary and Fiscal History of Bolivia, 1960–2017
Kehoe, Timothy J. - 2019
After the economic reforms that followed the National Revolution of the 1950s, Bolivia seemed positioned for sustained growth. Indeed, it achieved unprecedented growth from 1960 to 1977. The rapid accumulation of debt due to persistent deficits and a fixed exchange rate policy during the 1970s...
Persistent link: https://www.econbiz.de/10012479478
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The Transmission of Domestic Shocks in the Open Economy
Erceg, Christopher J. - 2007
This paper uses an open economy DSGE model to explore how trade openness affects the transmission of domestic shocks. For some calibrations, closed and open economies appear dramatically different, reminiscent of the implications of Mundell-Fleming style models. However, we argue such stark...
Persistent link: https://www.econbiz.de/10012465026
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Macroeconomic Shocks and Their Propagation
Ramey, Valerie A. - 2016
This chapter reviews and synthesizes our current understanding of the shocks that drive economic fluctuations. The chapter begins with an illustration of the problem of identifying macroeconomic shocks, followed by an overview of the many recent innovations for identifying shocks. It then...
Persistent link: https://www.econbiz.de/10012456695
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Inflation Past, Present and Future : Fiscal Shocks, Fed Response, and Fiscal Limits
Cochrane, John H. - National Bureau of Economic Research - 2022
Our current inflation stemmed from a fiscal shock. The Fed is slow to react. Why? Will the Fed's slow reaction spur more inflation? I write a simple model that encompasses the Fed's mild projections and its slow reaction, and traditional views that inflation will surge without swift rate rises....
Persistent link: https://www.econbiz.de/10013210124
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Global Fund Flows and Emerging Market Tail Risk
Chari, Anusha; Stedman, Karlye Dilts; Lundblad, Christian - National Bureau of Economic Research - 2022
Global risk and risk aversion shocks have distinct distributional impacts on emerging market capital flows and returns. In particular, we find salient consequences of these different global shocks for tail risk in emerging markets. Open-end mutual fund trading provides a key mechanism linking...
Persistent link: https://www.econbiz.de/10013435139
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How Do Households Respond to Income Shocks?
Krueger, Dirk; Malkov, Egor; Perri, Fabrizio - National Bureau of Economic Research - 2023
components, modest changes in consumption expenditures, and large changes in wealth. We then split the sample in households which … do not own business or real estate wealth, and households who do. For the first group, we find that consumption responses … income shocks can explain well the consumption and wealth responses, both at short and long horizons. For the second group …
Persistent link: https://www.econbiz.de/10014437025