Author: Mats Persson
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 21
Book Description
Time consistency of fiscal and monetary policy : a solution
Author: Mats Persson
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 21
Book Description
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 21
Book Description
The Time Consistency of Monetary and Fiscal Policies
Author: Fernando Alvarez
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 42
Book Description
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 42
Book Description
Monetary and Fiscal Policy: Politics
Author: Torsten Persson
Publisher: MIT Press
ISBN: 9780262660884
Category : Business & Economics
Languages : en
Pages : 476
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.
Publisher: MIT Press
ISBN: 9780262660884
Category : Business & Economics
Languages : en
Pages : 476
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.
Time consistency of fiscal and monetary policy
Time Consistency of Fiscal and Monetary Policy
Author: Guillermo A. Calvo
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 13
Book Description
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 13
Book Description
Time Consistency of Fiscal and Monetary Policy: a Comment : a Reply by Mats Persson, Torsten Persson and Lars E. O. Svensson
Time Consistency of Fiscal and Monetary Policy
The Time Consistency of Optimal Monetary and Fiscal Policies
Author: Fernando Alvarez
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 31
Book Description
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 31
Book Description
Time Consistency of Fiscal and Monetary Policy
Optimal Fiscal and Monetary Policy, Debt Crisis and Management
Author: Mr.Cristiano Cantore
Publisher: International Monetary Fund
ISBN: 1475590180
Category : Business & Economics
Languages : en
Pages : 44
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.
Publisher: International Monetary Fund
ISBN: 1475590180
Category : Business & Economics
Languages : en
Pages : 44
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.