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Economic policy in India: For economic stimulus, or for austerity and volatility?

Sen, Sunanda; DasGupta, Zico - 2014

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Persistent link: https://www.econbiz.de/10010513081

Japan's liquidity trap

Akram, Tanweer - 2016

Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This paper examines Japan's liquidity trap in light of the structure and performance of the country's economy since the onset of stagnation. It also analyzes the country's liquidity...

Persistent link: https://www.econbiz.de/10011784652

The Euro's savior? Assessing the ECB's crisis management performance and potential for crisis resolution

Bibow, Jörg - 2015

This study assesses the European Central Bank's (ECB) crisis management performance and potential for crisis resolution …. The study investigates the institutional and functional constraints that delineate the ECB's scope for policy action under … that the ECB may well stand out positively when compared to other important euro-area or national authorities involved in …

Persistent link: https://www.econbiz.de/10011545305

The Federal Reserve in times of economic crisis: Paths and choices since 2007

Rüdiger, Sina - 2013

This paper studies the actions of the U.S. Federal Reserve Bank during the financial crisis from 2007-2012. Whereas the first two parts concentrate on asset bubble theory and the development of the housing bubble, the third part rates the performance of the Federal Reserve during the crisis. The...

Persistent link: https://www.econbiz.de/10010322812

The dynamics of monthly changes in US swap yields: A Keynesian perspective

Akram, Tanweer; Mamun, Khawaja - 2022

John Maynard Keynes (1930) asserted that the central bank sways the long-term interest rate through the influence of its policy rate on the short-term interest rate. Recent empirical research shows that Keynes's conjecture holds for long-term Treasury yields in the United States. This paper...

Persistent link: https://www.econbiz.de/10014322575

An inquiry concerning long-term US interest rates using monthly data

Akram, Tanweer; Li, Huiqing - 2017

This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within the autoregressive distributive lag (ARDL) framework, using monthly data and...

Persistent link: https://www.econbiz.de/10011784684

The dynamics of Japanese government bonds' nominal yields

Akram, Tanweer; Li, Huiqing - 2018

This paper employs a Keynesian perspective to explain why Japanese government bonds' (JGBs) nominal yields have been low for more than two decades. It deploys several vector error correction (VEC) models to estimate long-term government bond yields. It shows that the low short-term interest...

Persistent link: https://www.econbiz.de/10012142953

The impact of the Bank of Japan's monetary policy on Japanese government bonds' low nominal yields

Akram, Tanweer; Li, Huiqing - 2019

Nominal yields for Japanese government bonds (JGBs) have been remarkably low for several decades. Japanese government debt ratios have continued to increase amid a protracted period of stagnant nominal GDP, low inflation, and deflationary pressures. Many analysts are puzzled by the phenomenon of...

Persistent link: https://www.econbiz.de/10012142985

On the negatives of negative interest rates and the positives of exemption thresholds

Berentsen, Aleksander; van Buggenum, Hugo; Ruprecht, Romina - 2020

Major central banks remunerate reserves at negative interest rates and it is increasingly likely that they will keep rates negative for many more years. To study the long run implications of negative rates, we construct a dynamic general equilibrium model with commercial banks funding investment...

Persistent link: https://www.econbiz.de/10012420685

Multifactor Keynesian models of the long-term interest rate

Akram, Tanweer - 2021

Using panel data models, we analyze the flypaper effects-whether intergovernmental fiscal transfers or states' own income determine expenditure commitments - on ecological fiscal spending in India. The econometric results show that the unconditional fiscal transfers, rather than the states' own...

Persistent link: https://www.econbiz.de/10012818355