Fiscal forward guidance: A case for selective transparency
In: Journal of monetary economics, Band 116, S. 236-248
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In: Journal of monetary economics, Band 116, S. 236-248
In: CEPR Discussion Paper No. DP15530
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In: BIS Paper No. 111c
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In: CAMA Working Paper No. 91/2019
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In: Journal of international economics, Band 108, S. 300-314
ISSN: 0022-1996
In: Globalization and Monetary Policy Institute Working Paper No. 318
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In: Journal of international economics, Band 104, S. 19-43
ISSN: 0022-1996
In: FRB of Philadelphia Working Paper No. 16-29
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We consider the fiscal multiplier and spillover-the extent to which one country's government expenditure increases production at home and also in another foreign country, when the two countries are caught simultaneously in a liquidity trap. Using a standa
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We consider the fiscal multiplier and spillover-the extent to which one country's government expenditure increases production at home and also in another foreign country, when the two countries are caught simultaneously in a liquidity trap. Using a standa
BASE
In: Journal of economic dynamics & control, Band 37, Heft 7, S. 1264-1283
ISSN: 0165-1889
In: Crawford School Research Paper No. 06/2013
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In: Pacific economic review, Band 17, Heft 1, S. 136-159
ISSN: 1468-0106
AbstractHow are Asian financial markets interlinked and how are they linked to markets in developed countries? What is the main driver of fluctuations in Asian financial markets as well as real economic activity? To answer these questions, we estimate the spillover index proposed by Diebold and Yilmaz and gauge the degree of interaction in both financial markets and real economic activity among Asian economies. We first show that the degree of the international spillover in stock markets is uniform, irrespective of the groups of countries concerned, such as the G3 and ASEAN4. This suggests the importance of global common shocks in stock markets. We then discuss the macro‐finance dissonance. In stock and bond markets, the United States has been the main driver of fluctuations. However, China has emerged as an important source of fluctuations in real economic activity.