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Investment Funds, Monetary Policy, and the Global Financial Cycle
Kaufmann, Christoph - 2021
financial markets world-wide gained importance during the post-crisis “second phase of global liquidity” (Shin, 2013). The …
Persistent link: https://www.econbiz.de/10013314948
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Exchange Rate Anchoring - Is there Still a De Facto US Dollar Standard?
Bracke, Thierry - 2011
The paper provides a measure of exchange rate anchoring behavior across 149 emerging market and developing economies for the 1980-2010 period. An extension of the Frankel and Wei (2008) methodology is used to determine whether exchange rates are pegged or floating, and in the case of pegs, to...
Persistent link: https://www.econbiz.de/10013124257
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Financial Policy in an Exuberant World
Walther, Ansgar - 2020
This paper studies optimal financial policy in a world where the financial sector can become excessively optimistic. I …
Persistent link: https://www.econbiz.de/10012839106
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Global Growth on Life Support? The Contributions of Fiscal and Monetary Policy Since the Global Financial Crisis
Baumann, Ursel - 2019
This paper compares the role of monetary and fiscal policy shocks in advanced and emerging economies. Using a model with a hierarchical structure we capture the variability of GDP response to policy shocks both between and within the groups of advanced and emerging countries. Our results provide...
Persistent link: https://www.econbiz.de/10012890779
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Global Policy at the Zero Lower Bound in a Large-Scale DSGE Model
Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo; … - 2021
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...
Persistent link: https://www.econbiz.de/10013316157
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Post-Covid Fiscal Rules : A Central Bank Perspective
Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022
expenditure growth targets which take account of the ECB’s symmetric 2% inflation target can improve the cyclical properties of … the framework. Fiscal policy would be tighter when inflation is above the target but looser when inflation is below target … inflation environment would enable monetary policy to operate more effectively especially in the vicinity of the effective lower …
Persistent link: https://www.econbiz.de/10013297106
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What Accounts for the Changes in U.S. Fiscal Policy Transmission?
Bilbiie, Florin; Meier, André; Müller, Gernot J. - 2021
Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited...
Persistent link: https://www.econbiz.de/10013318046
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Monetary and Fiscal Complementarity in the Covid-19 Pandemic
Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2021
In response to the coronavirus (Covid-19) pandemic, there has been a complementary approach to monetary and fiscal policy in the United States with the Federal Reserve System purchasing extraordinary quantities of securities and the government running a deficit of some 17% of projected GDP. The...
Persistent link: https://www.econbiz.de/10013210564
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The Impact of Constrained Monetary Policy on the Fiscal Multipliers on Output and Inflation
Bletzinger, Tilman - 2017
on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We … that this over-proportionality is stronger for the fiscal multiplier on inflation than on output. We relate this finding to …
Persistent link: https://www.econbiz.de/10012963016
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What accounts for the changes in U.S. fiscal policy transmission?
Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - 2006
Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited...
Persistent link: https://www.econbiz.de/10011604628