Showing 1 - 10 of 62
Fiscal devaluations—an increase in import tariffs and export subsidies (IX) or an increase in value-added taxes and payroll subsidies (VP)—have been shown to provide as much stimulus under fixed exchange rates as a currency devaluation. We find that if agents expect policies to be reversed...
Persistent link: https://www.econbiz.de/10014080810
Persistent link: https://www.econbiz.de/10014434162
Persistent link: https://www.econbiz.de/10011432269
We study the short-run macroeconomic effects of trade policies that are equivalent in a friction-less economy, namely a uniform increase in import tariffs and export subsidies (IX), an increase in value-added taxes accompanied by a payroll tax reduction (VP), and a border adjustment of corporate...
Persistent link: https://www.econbiz.de/10011967395
This paper incorporates banks and banking panics within a conventional macroeconomic framework to analyze the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete nature of the banking panics as well as the...
Persistent link: https://www.econbiz.de/10011780335
Persistent link: https://www.econbiz.de/10011785300
Persistent link: https://www.econbiz.de/10011459440
Persistent link: https://www.econbiz.de/10014419191
There has been considerable progress in developing macroeconomic models of banking crises. However, most of this literature focuses on the retail sector where banks obtain deposits from households. In fact, the recent financial crisis that triggered the Great Recession featured a disruption of...
Persistent link: https://www.econbiz.de/10013001200
There has been considerable progress in developing macroeconomic models of banking crises. However, most of this literature focuses on the retail sector where banks obtain deposits from households. In fact, the recent financial crisis that triggered the Great Recession featured a disruption of...
Persistent link: https://www.econbiz.de/10012456780