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Oil, Disinflation, and Export Competitiveness : A Model of the "Dutch Disease"

Buiter, Willem H. - 1980

This paper examines three possible sources of "de-industrialization" in an open economy: monetary disinflation, an increase in the international price of oil, and a 'domestic oil discovery. The analysis is conducted using a model which incorporates different speeds of adjustment in goods and...

Persistent link: https://www.econbiz.de/10012478533

Monetary Policy and International Competitiveness

Buiter, Willem H. - 1980

A model of Dornbusch is adapted to analyze the consequences for output and competitiveness of certain aspects of the U.K. government's medium term financial strategy and some other policy actions. This includes the announcement of a sequence of reductions in the target rate of monetary growth,...

Persistent link: https://www.econbiz.de/10012478534

The Fallacy of the Fiscal Theory of the Price Level

Buiter, Willem H. - 1999

or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …

Persistent link: https://www.econbiz.de/10012471482

Liquidity Traps : How to Avoid Them and How to Escape Them

Buiter, Willem H. - 1999

The paper considers ways of avoiding a liquidity trap and ways of getting out of one. Unless lower short nominal interest rates are associated with significantly lower interest volatility, a lower average rate of inflation, which will be associated with lower expected nominal interest rates,...

Persistent link: https://www.econbiz.de/10012471545

Notes on "A Code for Fiscal Stability"

Buiter, Willem H. - 1998

This note comments on two central issues for fiscal policy design in the UK, highlighted in the recent Code for Fiscal Stability' proposed by the new Labour government. The first concerns the merits of the so-called golden rule of public sector investment' -- the proposition that, over the...

Persistent link: https://www.econbiz.de/10012472285

The Young Person's Guide to Neutrality, Price Level Indeterminacy, Interest Rate Pegs, and Fiscal Theories of the Price Level

Buiter, Willem H. - 1998

's fiscal theory of the price level, according to which for certain fiscal rules the (initial) price level is independent of the …

Persistent link: https://www.econbiz.de/10012472412

A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises

Buiter, Willem H. - 1995

The paper analyzes the modalities and consequences of a breakdown of cooperation between the monetary authorities of inflation-prone Periphery Countries that use an exchange rate peg as an anti- inflationary device, when the Center is hit by an aggregate demand shock. Cooperation in the...

Persistent link: https://www.econbiz.de/10012473742

Capital Mobility, Fiscal Policy and Growth under Self-Financing of Human Capital Formation

Buiter, Willem H. - 1995

This paper considers the effects of fiscal and financial policy on economic growth in open and closed economies, when human capital formation by young households is constrained by the illiquidity of human wealth. Both endogenous and exogenous growth versions of the basic OLG model are analyzed....

Persistent link: https://www.econbiz.de/10012473766

Generational Accounts, Aggregate Saving and Intergenerational Distribution

Buiter, Willem H. - 1995

Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources and (when augmented with generation-specific propensities to consume out of life-time resources) on aggregate consumption and saving? The paper makes three points. First, the...

Persistent link: https://www.econbiz.de/10012473800

Permanent International Productivity Growth Differentials in an Integrated Global Economy

Buiter, Willem H. - 1992

The paper analyzes the role of differences in household behavior as a source of persistent and even permanent differences between national or regional productivity growth rates, when there are constant static returns to scale in production and costless international diffusion of technology. A...

Persistent link: https://www.econbiz.de/10012474745