Suchergebnisse
Filter
101 Ergebnisse
Sortierung:
Interpreting the unconventional US monetary policy of 2007-09
In: NBER working paper series 15662
"This paper reviews the unconventional U.S. monetary policy responses to the financial and real crises of 2007-09, divided into three groups: interest rate policy, quantitative policy, and credit policy. To interpret interest rate policy, it compares the Federal Reserve's actions with the literature on optimal policy in a liquidity trap. The theory suggests that, to minimize the length and severity of the recession, would require a stronger commitment to low interest rates for an extended period of time. To interpret quantitative policy, the paper reviews the determination of inflation under different policy regimes. The main danger for inflation from current actions is that the Federal Reserve may lose its policy independence; a beneficial side effect of the crisis is that the Friedman rule can be implemented by paying interest on reserves. To interpret credit policy, the paper presents a new model of capital market imperfections with different financial institutions and a role for securitization, leveraging, and mark-to-market accounting. The model suggests that providing credit to traders in securities markets can restore liquidity with fewer government funds than extending credit to the originators of loans"--National Bureau of Economic Research web site
A cost-of-living dynamic price index, with an application to indexing retirement accounts
In: NBER working paper series 11746
What can keep euro area inflation high?
In: Economic policy, Band 38, Heft 115, S. 495-517
ISSN: 1468-0327
SUMMARY
A central bank that faces inflation above target may fail to bring it down. This article discusses six ways in which this happens because the central bank is dominated by: misjudgement, expectations, fiscal policy, financial markets, recession fears, or external forces. It applies this approach to the challenge facing the ECB in 2023–24. The hope is that the factors identified can serve as warning signs for what to avoid.
Comment
In: NBER macroeconomics annual, Band 35, S. 99-111
ISSN: 1537-2642
The Fiscal Footprint of Macroprudential Policy
In: Deutsche Bundesbank Discussion Paper No. 31/2020
SSRN
Working paper
The fiscal footprint of macroprudential policy
Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint, as well as the states of the world in which the temptation for fiscal goals to dominate may be higher. Macroprudential policies that increase the demand for government bonds by banks directly lower the cost of rolling over public debt, but decrease lending, real activity, and tax collections. They lower the incidence and fiscal cost of a financial crisis, but they may make a fiscal crisis more likely.
BASE
Comment
In: NBER macroeconomics annual, Band 32, S. 246-260
ISSN: 1537-2642
Is something really wrong with macroeconomics?
In: Oxford review of economic policy, Band 34, Heft 1-2, S. 132-155
ISSN: 1460-2121
SSRN
Can the Central Bank Alleviate Fiscal Burdens?
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal burden by inuencing different terms in the government resource constraint. It discusses five channels: (i) how inflation can (and cannot) lower the real burden of the public debt, (ii) how seignorage is generated and subject to what constraints, (iii) whether central bank liabilities should count as public debt, (iv) how central bank assets create income risk, and whether or not this threatens its solvency, and (v) how the central bank balance sheet can be used for fiscal redistributions. Overall, it concludes that the scope for the central bank to lower the fiscal burden is limited.
BASE
Is Something Really Wrong with Macroeconomics?
In: CESifo Working Paper Series No. 6446
SSRN
Can the Central Bank Alleviate Fiscal Burdens?
In: CESifo Working Paper Series No. 6604
SSRN
Working paper