Three Essays in Macroeconomics of Fiscal and Monetary Policies PDF Download
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Author: Wei Wang
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Languages : en
Pages : 0
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Author: Wei Wang
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Category :
Languages : en
Pages : 0
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Author: Jonathan A. Rawls
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Category : Expenditures, Public
Languages : en
Pages : 0
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Author: F. Alexander Scheer
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Category : Monetary policy
Languages : en
Pages :
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Author: Ruoyun Mao
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ISBN: 9781082943867
Category : Direct costing
Languages : en
Pages : 185
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The dissertation consists of three essays studying the effects of monetary and fiscal policy. The first chapter, ''Policy Uncertainty and Government Spending Effects'' (joint with Shu-Chun Yang), studies government spending multipliers in a low nominal interest rate environment. Using a fully nonlinear New Keynesian model, this chapter shows government spending multipliers can decrease when 1) the initial debt-to-GDP ratio is higher, 2) the tax rate is higher, 3) debt maturity is longer, and 4) monetary policy is more responsive to inflation. When monetary and fiscal policy regimes can switch, policy uncertainty also reduces spending multipliers. If higher inflation induces a rising probability of switching to a regime where monetary policy actively controls inflation and fiscal policy raises future taxes to stabilize government debt, the multipliers can fall much below unity.The second chapter is a joint work with Zhao Han and Xiaohan Ma and studies how dispersed information impacts inflation, inflation expectations, and the Phillips curve by analytically solving a price-setting problem with nominal rigidity and informational frictions. The analytical representations enable us to recover the underlying parameters with data from the Survey of Professional Forecasters (SPF) and quantify the effects of dispersed information. The estimation results show dispersed information plays an important role in generating persistent inflation forecast errors and non-zero nowcast errors, as observed in the SPF data, but the effects of higher-order expectations on the Phillips curve are quantitatively small.The last chapter derives the optimal monetary policy when firms only have limited capacity to process information. The result shows marginal cost of attention is the key to determining the trade-off between the central bank's dual mandates. When the marginal cost is low, monetary policy aiming at stabilizing the output gap attracts attention from the private sector and generates inefficient price dispersion; Increasing the marginal cost of attention can eliminate the trade-off. A comparison between a rule-based policy and a discretionary policy confirms welfare gain from commitment. Firms pay extra attention to the policy signal when it is discretionary, which generates more price dispersion and harms welfare.
Author: Jens Gerrit Herold
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Category : Fiscal policy
Languages : en
Pages :
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Author: David Henry Bowman
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Category :
Languages : en
Pages : 230
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Author: Sergio Sola
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Category :
Languages : en
Pages : 153
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Author: Qian Li
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Category : Economic forecasting
Languages : en
Pages : 0
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Author: Joaquim Eloi Cirne de Toledo
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Category :
Languages : en
Pages : 476
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Author: Florian Urbschat
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Category :
Languages : en
Pages :
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