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Displaying results 1 to 4 of 4.

  1. Passive monetary policy and active fiscal policy in a monetary union
    Author: Maćkowiak, Bartosz; Schmidt, Sebastian
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    How is the price level determined in a monetary union when the common monetary policy pegs the nominal interest rate? How are the price levels in the member countries determined? We extend the fiscal theory of the price level to the case of a... more

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

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

     

    How is the price level determined in a monetary union when the common monetary policy pegs the nominal interest rate? How are the price levels in the member countries determined? We extend the fiscal theory of the price level to the case of a heterogenous monetary union. Price level determinacy follows if fiscal policy at the level of the union as a whole is active. Different combinations of national fiscal policies and a common fiscal policy with "Eurobonds" amount to active fiscal policy for the union, but can have very different implications for the effects of fiscal and monetary policy. We propose how to coordinate the national policies and the common policy for union-wide policy to be active.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289955232
    Other identifier:
    hdl: 10419/278357
    Series: Working paper series / European Central Bank ; no 2781 (February 2023)
    Subjects: fiscal theory of the price level; monetary union; fiscal rules; Eurobonds
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  2. 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

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    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
  3. Consumers' updating, policy shocks and public debt
    an empirical assessment of state dependencies
    Author: Geiger, Martin; Zachariadis, Marios
    Published: March 25, 2021
    Publisher:  Liechtenstein-Institut, Bendern

    In dieser Studie werden die Effekte von Geld- und Fiskalpolitik auf Konsumentenerwartungen in Szenarien von hohem und niedrigem öffentlichen Schuldenstand empirisch untersucht. In Reaktion auf einen Anstieg der Staatsausgaben steigen Konsumpläne bei... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

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

     

    In dieser Studie werden die Effekte von Geld- und Fiskalpolitik auf Konsumentenerwartungen in Szenarien von hohem und niedrigem öffentlichen Schuldenstand empirisch untersucht. In Reaktion auf einen Anstieg der Staatsausgaben steigen Konsumpläne bei niedrigem, fallen jedoch bei hohem Schuldenstand. Insgesamt haben höhere Staatsausgaben einen adversen Effekt auf Erwartungen, wenn Staatsschulden bereits hoch sind. Auch in Hinblick auf Geldpolitik können zustandsabhängige Effekte beobachtet werden. Ein Zinsanstieg wirkt sich negativ auf Erwartungen aus, wenn Staatsschulden hoch sind, nicht aber wenn diese niedrig sind. Die Reaktion von Konsumenten auf Geld- und Fiskalpolitik legt nahe, dass höhere Staatsschulden Erwägungen über ihre Rückzahlung befördern, die sich auf die Erwartungsbildung auswirken.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working papers Liechtenstein Institute ; no. 69 (2021)
    Subjects: expectations; rational inattention; Ricardian; fiscal theory of the price level
    Scope: 1 Online-Ressource (circa 86 Seiten), Illustrationen
    Notes:

    This paper was originally titled "Assessing Expectations as a Joint Monetary-Fiscal and State-Dependent Phenomenon"
  4. Gambling to preserve price (and fiscal) stability
    Author: Maćkowiak, Bartosz; Corsetti, Giancarlo
    Published: 19 October 2022
    Publisher:  Centre for Economic Policy Research, London

    Access:
    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Mannheim
    Inter-library loan:
    No inter-library loan
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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