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How do monetary and fiscal policy interact in the European Monetary Union?
In: NBER working paper series 11055
The cost of nominal inertia in NNS models
In: NBER working paper series 10889
"We calculate the welfare cost of nominal inertia in a New Neoclassical Synthesis model with wage and price stickiness, capital formation, and empirically estimated rules for government spending and the cental bank's interest rate policy. We calibrate our model to U.S. data, and we show that it captures many aspects of the U.S. business cycle. Moreover, our model is capable of generating the kind of volatility that has been observed in the efficiency gaps emphasized by Erceg, Henderson and Levin (2000) and Gali, Gertler and Lopez-Salido (2002). We also highlight some of the empirical shortcomings of the model; in particular, demand side shocks appear to be either missing or improperly modeled. We calculate the cost of nominal inertia under two specifications of monetary policy. The bottom line is that, under our preferred specification of monetary policy, the model implies a conservative estimate of the cost that is twenty to sixty times larger than Lucas's (2003) estimate: the "average" household in our model would be willing to give up one to three percent of consumption each period to be free of the effects of wage and price stickiness. Wage inertia appears to be the major source of these welfare costs"--National Bureau of Economic Research web site
Monetary integration in Europe: implications for real interest rates, national stock markets and the volatility of prices and exchange rates
In: Discussion paper series 1100
In: International macroeconomics
COORDINATION OF MONETARY AND FISCAL POLICY IN A MONETARY UNION: POLICY ISSUES AND ANALYTICAL MODELS
In: The Manchester School, Band 75, Heft s1, S. 21-43
ISSN: 1467-9957
The European Monetary Union raises new and interesting questions about the coordination of monetary and fiscal policy. In this lecture, I discuss some of these questions and the answers that a new class of models—new neoclassical synthesis (NNS) models—is currently giving to them. I will argue that the new questions expose some weaknesses in current NNS modeling; in particular, the models do not seem to explain the positive correlation between national inflation and growth differentials that has been observed in the European data. I also review some recent work that has been done on policy coordination within a currency union.
Central bank independence, growth, investment, and real rates
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 39, S. 141-145
ISSN: 0167-2231
Adverse incentives in the taxation of foreigners
In: Journal of international economics, Band 27, Heft 3-4, S. 283-297
ISSN: 0022-1996
International economic policy coordination
In: Journal of international economics, Band 21, Heft 1-2, S. 196-198
ISSN: 0022-1996
Exchange intervention policy in a multiple country world
In: Journal of international economics, Band 13, Heft 3-4, S. 267-289
ISSN: 0022-1996
Labor contracts and monetary policy
In: Journal of Monetary Economics, Band 6, Heft 2, S. 241-255
Real interest rates and central bank operating procedures
In: Journal of monetary economics, Band 42, Heft 3, S. 471-494
Is the European Community an optimal currency area?: optimal tax smoothing versus the cost of mulitiple currencies
In: Discussion paper 8923
Interest rate rules and price determinacy: The role of transactions services of bonds
In: Journal of Monetary Economics, Band 52, Heft 2, S. 329-343
The SGP: Delicate Balance or Albatross?
In: The Stability and Growth Pact, S. 53-74