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A Welfare Comparison of Pre- and Post-Wwii Business Cycles : Some Implications for the Role of Post-War Macroeconomic Policies
Chatterjee, Satyajit; Corbae, Philip Dean - 2019
affected the inflation rate but not the mean or variance of the aggregate unemployment rate) to 4.19 percent of consumption (if … policies affected the inflation rate and lowered the mean and variance of the aggregate unemployment rate) …
Persistent link: https://www.econbiz.de/10014195725
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The Modern Hyperinflation Cycle : Some New Empirical Regularities
Saboin, Jose - 2019
Using a database of up to 62 variables for 196 countries over 57 years, a hyperinflation cycle has been characterized to propose a broader setting of stylized facts. Beyond the usual facts, the findings in this paper contribute to the literature of modern hyperinflations in that these cycles...
Persistent link: https://www.econbiz.de/10012895119
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The Welfare Costs of Business Cycles Unveiled : Measuring the Extent of Stabilization Policies
Barros, Fernando <Jr.>; Gomes, Fábio A.; Luduvice, … - 2022
How can we measure the welfare benefit of ongoing stabilization policies? We develop a methodology to calculate the welfare cost of business cycles taking into account that observed consumption is partially smoothed. We propose a decomposition that disentangles consumption in a mix of...
Persistent link: https://www.econbiz.de/10013291884
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The New View on fiscal policy and its implications for the European Monetary Union
Pekanov, Atanas - 2018
The New View on fiscal policy (as coined by Furman 2016) represents a rethinking of the main-stream consensus on the optimal macroeconomic policy mix. It focuses on a reassessment of the relative effectiveness of fiscal policy and its ability to stabilise the economy when monetary policy reaches...
Persistent link: https://www.econbiz.de/10011844662
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Tradeoffs over rate cycles : activity, inflation and the price level
Forbes, Kristin; Ha, Jongrim; Kose, M. Ayhan - 2025
employment), inflation and the price level. This paper assesses how these tradeoffs have evolved over time and varied across … outcomes and tradeoffs. We also calculate Sacrifice Ratios (output losses per inflation reduction) and document a historically …
Persistent link: https://www.econbiz.de/10015405430
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Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing,and Macroeconomic Instability
Benhabib, Jess; Schmitt-Grohé, Stephanie; Uribe, Martín - 2003
linking interest rates to forecasts of future inflation. Such rules have been found to give rise to aggregate fluctuations due … properties of interest-rate rules whereby the central bank responds to a measure of past inflation. The consensus view that has … inflation are likely to ensure global stability provided that the coefficient on lagged interest rates is greater than unity. …
Persistent link: https://www.econbiz.de/10010263206
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The dire effects of the lack of monetary and fiscal coordination
Bianchi, Francesco; Melosi, Leonardo - 2017
adamant about preventing a rise in inflation? The large fiscal imbalance brings about inflationary pressures, triggering a … spiral of higher inflation, output contraction, and further debt accumulation. A coordinated commitment to inflate away the …
Persistent link: https://www.econbiz.de/10012030336
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The monetary and fiscal history of Brazil, 1960-2016
Ayres, Joao; Garcia, Márcio Gomes Pinto; Guillen, Diogo; … - 2019
Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the … crisis in the early 1980s. We show that the high-inflation period (1960-1994) was characterized by a combination of fiscal … deficits, passive monetary policy, and constraints on debt financing. The transition to the low-in inflation period (1995 …
Persistent link: https://www.econbiz.de/10012141981
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The dire effects of the lack of monetary and fiscal coordination
Bianchi, Francesco; Melosi, Leonardo - 2017
adamant about preventing a rise in inflation? The large fiscal imbalance brings about inflationary pressures, triggering a … spiral of higher inflation, output contraction, and further debt accumulation. A coordinated commitment to inflate away the …
Persistent link: https://www.econbiz.de/10011774982
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The monetary and fiscal history of Brazil, 1960-2016
Ayres, João; Garcia, Márcio Gomes Pinto; Guillen, Diogo; … - 2019
Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the … crisis in the early 1980s. We show that the high-inflation period (1960-1994) was characterized by a combination of fiscal … deficits, passive monetary policy, and constraints on debt financing. The transition to the low-in inflation period (1995 …
Persistent link: https://www.econbiz.de/10012008408