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Displaying results 1 to 4 of 4.

  1. Gambling to preserve price (and fiscal) stability
    Author: Corsetti, Giancarlo; Maćkowiak, Bartosz
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We study a model in which policy aims at aggregate price stability. A fiscal imbalance materializes that, if uncorrected, must cause inflation, but the imbalance may get corrected in the future with some probability. By maintaining price stability in... more

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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    We study a model in which policy aims at aggregate price stability. A fiscal imbalance materializes that, if uncorrected, must cause inflation, but the imbalance may get corrected in the future with some probability. By maintaining price stability in the near term, monetary policy can buy time for a correction to take place. The policy gamble may succeed, preserving price and fiscal stability, or fail, leading to a delayed, possibly large jump in the price level. The resulting dynamics resemble the models of a currency crisis following Krugman (1979) and Obstfeld (1986). Like in Obstfeld's work, multiple equilibria arise naturally: whether or not price stability is preserved may depend on private agents' expectations. The model can be reinterpreted as a model of partial default on public debt, in which case it is reminiscent of Calvo (1988).

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961899
    Other identifier:
    hdl: 10419/283401
    Series: Working paper series / European Central Bank ; no 2844
    Subjects: multiple equilibria; self-fulfilling beliefs; fiscal theory of the price level; inflation expectations; currency crisis; sovereign default
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  2. Foreign reserve management in an oil economy
    macroeconomic risk as a real option = Manejo de reservas internacionales en una economía petrolera
    Author: Scandizzo, Pasquale Lucio; Pagliacci, Carolina
    Published: [2017]
    Publisher:  Banco Central de Venezuela, Gerencia de Investigaciones Económicas, Caracas

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Speicherung
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: Versión preliminar
    Series: Serie Documentos de trabajo / BCV, Banco Central de Venezuela ; (no. 164) (mayo 2017)
    Colección economía y finanzas
    Subjects: uncertainty and risk; optimal reserves; currency crisis; real options
    Scope: 1 Online-Ressource (circa 28 Seiten)
  3. Gambling to preserve price (and fiscal) stability
    Author: Maćkowiak, Bartosz; Corsetti, Giancarlo
    Published: 19 October 2022
    Publisher:  Centre for Economic Policy Research, London

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    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17588
    Subjects: multiple equilibria; self-fulfilling beliefs; fiscal theory of the price level; inflation expectations; currency crisis; sovereign defaul
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  4. Does the currency crisis veil the impact of economic sanctions under an authoritarian regime?
    an inquiry into Russia
    Author: Shida, Yoshisada
    Published: June 2021
    Publisher:  Russian Research Center, Institute of Economic Research, Hitotsubashi University, Kunitachi, Tokyo, Japan

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    Verlag (kostenfrei)
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 154
    Inter-library loan:
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10086/71930
    Series: RRC working paper series ; no. 91
    Subjects: economic sanctions; financial sanctions; Russia; currency crisis; authoritarian regime; extended ordered probit models
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen