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Ramsey Optimal Policy in the New-Keynesian Model with Public Debt

Chatelain, Jean-Bernard; Ralf, Kirsten - 2020

In the discrete-time new-Keynesian model with public debt, Ramsey optimal policy eliminates the indeterminacy of simple-rules multiple equilibria between the fiscal theory of the price level versus new-Keynesian versus an unpleasant equilibrium. If public debt volatility is taken into account...

Persistent link: https://www.econbiz.de/10015226127

Did the Crisis Change it All? Evidence from Monetary and Fiscal Policy

Mitreska, Ana; Kadievska Vojnovic, Maja; Georgievska, Ljupka - 2010

The recent financial and economic crisis has triggered bold and diverse policy responses to prevent further, sharper and prolonged adverse effects to the financial and the real sector. The measures for alleviating the cycle were a feature both of the advanced and the emerging and developing...

Persistent link: https://www.econbiz.de/10015234979

Monetary Policy Shifts and Central Bank Independence

Qureshi, Irfan - 2015

a novel propagation mechanism of the policy shock. …

Persistent link: https://www.econbiz.de/10015257604

The relationship between unemployment, NAIRU and investment: microfundations for incomplete nominal adjustment

Vîntu, Denis - 2022

This paper proposes a simple method to estimate a macro shock-speciﬁc Okun elasticity: it measures by how much the … speciﬁc macroeconomic shock. Inference is based on simple instrumental variable regressions of cumulative unemployment on … adjusts relative to output depends on the shock driving ﬂuctuations. This highlights the importance to consider longer …

Persistent link: https://www.econbiz.de/10015268847

STRUKTURELLE VERÄNDERUNGEN IN DER WIRTSCHAFT DER REPUBLIKEN KRAOATIEN UND BUNDESREPUBLIK DEUTSCHLAND

Novak, Branko; Matić, Branko - 2002

The paper discusses the structural changes taking place in the financial system of the Republic of Croatia after the country became independent. Particular attention is given to the banking system, bankruptcies and rehabilitation of banks. Furthermore, the paper analyzes the development of...

Persistent link: https://www.econbiz.de/10015246003

Acceso de la banca de desarrollo al banco central: El caso de COFIDE y las tasas de interés en el Perú

Jiménez Sotelo, Renzo - 2006

This paper discusses the consequences of the restricted access of COFIDE and other financial intermediaries, legally different from banks and financiers, to the monetary instruments with which the central bank provides liquidity through its window operations and its market operations. The paper...

Persistent link: https://www.econbiz.de/10015254528

Money and Competing Means of Payment

Geromichalos, Athanasios; Wang, Yijing - 2024

In monetary theory, money is typically introduced as an object that can help agents bypass frictions, such as anonymity and limited commitment. Consequently, common wisdom suggests that if agents had access to more unsecured credit these frictions would become less severe and welfare would...

Persistent link: https://www.econbiz.de/10015213704

Liquidity Premium, Credit Costs, and Optimal Monetary Policy

Lee, Sukjoon - 2020

I study how monetary policy affects firms' external financing decisions. More precisely, I study the transmission mechanism of monetary policy to credit costs in a general equilibrium macroeconomic model where firms issue corporate bonds or obtain bank loans, and corporate bonds are not just...

Persistent link: https://www.econbiz.de/10015228280

Theory and empirics of an affine term structure model applied to European data

Jakas, Vicente - 2011

The basic asset pricing equation is adapted to include the effects of unemployment, consumers’ expectations, the price level and money supply on money market rates and government bond yields. Expected consumption growth is modelled using European unemployment figures and Eurostat Consumer...

Persistent link: https://www.econbiz.de/10015230142

Impact of the global crisis on the linkages between the interest rates and the stock prices in Romania

Stefanescu, Razvan; Dumitriu, Ramona - 2010

Very often the crisis induces changes in the linkages between the financial variables. This paper explores, through a Vector Autoregression model and Granger Causality tests, the impact of the global crisis on the relation between the Romanian stock prices and the interest rates. We found this...

Persistent link: https://www.econbiz.de/10015230672