The Time Consistency of Optimal Monetary and Fiscal Policies PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Time Consistency of Optimal Monetary and Fiscal Policies PDF full book. Access full book title The Time Consistency of Optimal Monetary and Fiscal Policies by Fernando Alvarez. Download full books in PDF and EPUB format.
Author: Fernando Alvarez
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 31
Get Book Here
Book Description
Author: Fernando Alvarez
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 42
Get Book Here
Book Description
Author: Fernando Alvarez
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 31
Get Book Here
Book Description
Author: Torsten Persson
Publisher: MIT Press
ISBN: 9780262660884
Category : Business & Economics
Languages : en
Pages : 476
Get Book Here
Book Description
This is the first of two volumes on a theory of macroeconomic policy that analyzes which policies are credible or politically feasible. Instead of looking at policy as an end product, the contributors approach policy as an ongoing process of revised goals, changes in tactics, and political pressures. They consider what kinds of incentives within different institutional settings, drive policy-making and the behaviour of policy-makers. The approach explains why certain monetary and fiscal policies are implemented, and provides insights into situations that occur repeatedly in macroeconomic policy, such as the bias toward government deficits, partisan competition and central bank independence.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451844239
Category : Business & Economics
Languages : en
Pages : 33
Get Book Here
Book Description
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Author: Mats Persson
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 21
Get Book Here
Book Description
Author: Mats Persson
Publisher:
ISBN:
Category :
Languages : en
Pages : 13
Get Book Here
Book Description
Author: Mr.Cristiano Cantore
Publisher: International Monetary Fund
ISBN: 1475590199
Category : Business & Economics
Languages : en
Pages : 44
Get Book Here
Book Description
The initial government debt-to-GDP ratio and the government’s commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation is very slow. A faster pace is optimal when the economy starts from a high level of public debt implying high sovereign risk premia, unless these are suppressed via a bailout by official creditors. Under discretion, the cost of not being able to commit is reflected into a quick consolidation of government debt. Simple monetary-fiscal rules with passive fiscal policy, designed for an environment with “normal shocks”, perform reasonably well in mimicking the Ramsey-optimal response to one-off government debt shocks. When the government can issue also long-term bonds–under commitment–the optimal debt consolidation pace is slower than in the case of short-term bonds only, and entails an increase in the ratio between long and short-term bonds.
Author: Guillermo A. Calvo
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 13
Get Book Here
Book Description
Author: Stefania Albanesi
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 45
Get Book Here
Book Description
Author: Saroj Bhattarai
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 68
Get Book Here
Book Description
We present a signalling theory of Quantitative Easing (QE) at the zero lower bound on the short term nominal interest rate. QE is effective because it generates a credible signal of low future real interest rates in a time consistent equilibrium. We show these results in two models. One has coordinated monetary and fiscal policy. The other an independent central bank with balance sheet concerns. Numerical experiments show that the signalling effect can be substantial in both models.
