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Fiscal reform to benefit state and local governments : the modern money theory approach

Wray, L. Randall - 2019

This paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money of account, and issues currency in that money of account cannot face a financial constraint. It can make all payments...

Persistent link: https://www.econbiz.de/10012102465

Has Japan been following Modern Money Theory without recognizing it? : no! and yes

Wray, L. Randall; Nersisyan, Yeva - 2021

Modern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits … really spend tax revenue or borrow in their own currency-with Japan serving as an example of a country that does not face … financial budget constraints as normally defined. In this paper we evaluate whether Japan is the poster child of MMT and argue …

Persistent link: https://www.econbiz.de/10012432238

The simple geometry of transmission and stabilization in closed and open economies

Corsetti, Giancarlo (contributor); … - 2005

"This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, illustrating its main properties with the help of an intuitive graphical apparatus. Among the issues we discuss are optimal...

Persistent link: https://www.econbiz.de/10002772730

Resolving troubled systemically important cross-border financial institutions : is a new corporate organizational form required?

Cumming, Christine M.; Eisenbeis, Robert A. - 2010

This paper explores the advantages of a new financial charter for large, complex, internationally active financial institutions that would address the corporate governance challenges of such organizations, including incentive problems in risk decisions and the complicated corporate and...

Persistent link: https://www.econbiz.de/10008657240

Financial stability considerations for monetary policy : theoretical mechanisms

Ajello, Andrea; Boyarchenko, Nina; Gourio, François; … - 2022

This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial...

Persistent link: https://www.econbiz.de/10013161877

Financial stability considerations for monetary policy : empirical evidence and challenges

Boyarchenko, Nina; Favara, Giovanni; Schularick, Moritz - 2022

This paper reviews literature on the empirical relationship between vulnerabilities in the financial system and the macroeconomy, and how monetary policy affects that connection. Financial vulnerabilities build up over time, with both risk appetite and risk taking rising during economic...

Persistent link: https://www.econbiz.de/10013161882

Global price of risk and stabilization policies

Adrian, Tobias; Stackman, Daniel; Vogt, Erik - 2016

We estimate a highly significant price of risk that forecasts global stock and bond returns as a nonlinear function of the CBOE Volatility Index (VIX). We show that countries' exposure to the global price of risk is related to macroeconomic risks as measured by output, credit, and inflation...

Persistent link: https://www.econbiz.de/10011523754

Fiscal stabilization in the United States : lessons for monetary unions

Nikolov, Plamen; Pasimeni, Paolo - 2019

The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances...

Persistent link: https://www.econbiz.de/10011999069

Is monetary financing inflationary? : a case study of the Canadian economy, 1935 - 75

Ryan-Collins, Josh - 2015

Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today. One option that has not yet been considered is monetary financing by central banks to boost...

Persistent link: https://www.econbiz.de/10011389179

Is a very high public debt a problem?

Leão, Pedro - 2015

This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a government default, or inflation. The second objective is to show that government deficits do not face a financing problem. After...

Persistent link: https://www.econbiz.de/10011309513

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