Showing 1 - 10 of 40
El tema de la inflación ha sido uno de los más debatidos en los últimos meses. Los incrementos de precios registrados en el primer trimestre de 2005 han avivado la discusión. Este trabajo muestra que el problema está lejos de estar fuera de control y que determinadas medidas de política...
Persistent link: https://www.econbiz.de/10005076625
Macroeconomic Policies of the Economic and Monetary Union: Theoretical Underpinnings and Challenges Philip Arestis and Malcolm Sawyer, The Levy Economics Institute and Leeds University Abstract This paper presents two issues: first, an effort to decipher the type of economic analysis and...
Persistent link: https://www.econbiz.de/10005076715
This paper argues that the tradtitional way of gauging a country's fiscal policy stance by looking at government budget deficit or cyclically adjusted budget deficits is misleading in the case of China, since a lot of what usually would be considered fiscal policy is conducted via investment by...
Persistent link: https://www.econbiz.de/10005076727
The paper discusses and revisits some of the most popular stories behind the 2001 financial crisis in Argentina, i.e. the prolonged overvaluation of the peso owing to the Currency Board arrangement, the lack of fiscal adjustment, and the negative external environment which triggered a “sudden...
Persistent link: https://www.econbiz.de/10005076729
This paper describes the Federal Reserve's analytical framework under Volcker and Greenspan, as it was constructed in the early 1980s, during a period of high inflation. It traces the modeling and policy implications of this framework. It discusses the Fed's actual track record and the state of...
Persistent link: https://www.econbiz.de/10005076785
In the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the former’s flexibility and capacity to adjust rigidity, and the latter’s extreme caution, and obsession with low inflation. In looking...
Persistent link: https://www.econbiz.de/10005076846
This paper provides some further tests for the proposition that a larger public sector leads to smaller output volatility. Both Gali and Fatas & Mihov have provided some evidence which appears to support this proposition. Their evidence is, however, based on a relatively small sample of...
Persistent link: https://www.econbiz.de/10005125003
The main rationale for fiscal policy rules is the concern for long term sustainability of public finances, that in a monetary union may affect the other members. Among many other criticisms, the Stability and Growth Pact (SGP) has been seen as contradictory or incomplete because it focuses on...
Persistent link: https://www.econbiz.de/10005125005
In this paper we analyze macroeconomic interactions among trade unions, the central bank and the fiscal policymaker. We explicitly model trade unionsconcern for public expenditure, paving the way for an analysis of the potential gains from cooperation between the fiscal policymaker and the trade...
Persistent link: https://www.econbiz.de/10005125759
This paper examines congressional spending preferences over time by party and chamber. The data employed is the annual vote index compiled by the National Taxpayers Union for 1979-2002. NTU scores are presented with and without adjusting for interchamber and intertemporal movements of the policy...
Persistent link: https://www.econbiz.de/10005125958