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Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits
Laxton, Douglas; Muir, Dirk; Kumhof, Michael; Mursula, … - International Monetary Fund (IMF) - 2009
This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary...
Persistent link: https://www.econbiz.de/10008497609
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Optimal Fiscal and Monetary Policy with Nominal and Indexed Debt
Cosimano, Thomas F.; Gapen, Michael T. - International Monetary Fund (IMF) - 2003
This paper highlights the importance of debt composition in setting optimal fiscal and monetary policy over short-run business cycles and in the long run. Nominal debt as state-contingent debt can be a significant policy tool to reduce the volatility of distortionary government policy, thereby...
Persistent link: https://www.econbiz.de/10005263667
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Central Banks Quasi-Fiscal Policies and Inflation
Park, Seok Gil - International Monetary Fund (IMF) - 2012
Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In...
Persistent link: https://www.econbiz.de/10009650632
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Monetary and Fiscal Rules in an Emerging Small Open Economy
Levine, Paul; Pearlman, Joseph; Batini, Nicoletta - International Monetary Fund (IMF) - 2009
a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt … domestic and CPI inflation targeting interest rate rules alongside a 'Structural Surplus Fiscal Rule' as followed recently in … Chile. A comparison with a fixed exchange rate regime is made. We find that domestic inflation targeting is superior to …
Persistent link: https://www.econbiz.de/10005825799
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Financial Stability and Fiscal Crises in a Monetary Union
Jahjah, Samir - International Monetary Fund (IMF) - 2001
help prevent or minimize the risk of fiscal crises and the corresponding risk of central bank financing and inflation. …
Persistent link: https://www.econbiz.de/10005826053
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DSGE Modeling At the Fund; Applications and Further Developments
Botman, Dennis P. J.; Rose, David; Laxton, Douglas; … - International Monetary Fund (IMF) - 2007
Researchers in policymaking institutions have expended significant effort to develop a new generation of macro models with more rigorous microfoundations. This paper provides a summary of the applications of two of these models. The Global Economy Model is a quarterly model that features a large...
Persistent link: https://www.econbiz.de/10005826064
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Monetary and Fiscal Policy Options for Dealing with External Shocks; Insights from the GIMF for Colombia
Flores, Enrique; Leigh, Daniel; Clements, Benedict J. - International Monetary Fund (IMF) - 2009
results suggest that under Colombia’s inflation targeting regime, which incorporates exchange rate flexibility and a highly …
Persistent link: https://www.econbiz.de/10005826520
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Asymmetric Effects of Government Spending; Does the Level of Real Interest Rates Matter?
Choi, Woon Gyu; Devereux, Michael B. - International Monetary Fund (IMF) - 2005
conducive to short-run growth when real rates are low. It also finds asymmetric effects on interest rates and inflation, and …
Persistent link: https://www.econbiz.de/10005768903
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The Short-Run Macroeconomics of Aid Inflows; Understanding the Interaction of Fiscal and Reserve Policy
Zanna, Luis-Felipe; Berg, Andrew; Mirzoev, Tokhir; … - International Monetary Fund (IMF) - 2010
We develop a tractable open-economy new-Keynesian model with two sectors to analyze the short-term effects of aid-financed fiscal expansions. We distinguish between spending the aid, which is under the control of the fiscal authorities, and absorbing the aid-using the aid to finance a higher...
Persistent link: https://www.econbiz.de/10008470400
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Effects of Fiscal Stimulus in Structural Models
Kumhof, Michael; Muir, Dirk; Resende, Carlos de; Jan in … - International Monetary Fund (IMF) - 2010
The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of...
Persistent link: https://www.econbiz.de/10008470409