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Displaying results 1 to 6 of 6.

  1. Fiscal policy in an unemployment crisis
    Author: Rendahl, Pontus
    Published: [2014]
    Publisher:  CFM, Centre for Macroeconomics, London

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 637
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CFM discussion paper series ; CFM-DP 2014, 5 (May 2014)
    Subjects: Fiscal multiplier; liquidity trap; zero lower bound; unemployment inertia
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  2. Optimal monetary policy under commitment with a zero bound on nominal interest rates
    Author: Adam, Klaus; Billi, Roberto M.
    Published: 2014
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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  3. The simple analytics of Helicopter money
    why it works - always
    Author: Buiter, Willem H.
    Published: 2014
    Publisher:  Kiel Inst. for the World Economy, Kiel

    The authors provides a rigorous analysis of Milton Friedman's parable of the 'helicopter' drop of money - a permanent/irreversible increase in the nominal stock of fiat base money which respects the intertemporal budget constraint of the consolidated... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 112 (2014,24)
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    No inter-library loan

     

    The authors provides a rigorous analysis of Milton Friedman's parable of the 'helicopter' drop of money - a permanent/irreversible increase in the nominal stock of fiat base money which respects the intertemporal budget constraint of the consolidated Central Bank and Treasury - the State. Examples are a temporary fiscal stimulus funded permanently through an increase in the stock of base money and permanent QE - an irreversible, monetised open market purchase by the Central Bank of non-monetary sovereign debt. Three conditions must be satisfied for helicopter money always to boost aggregate demand. First, there must be benefits from holding fiat base money other than its pecuniary rate of return. Second, fiat base money is irredeemable - viewed as an asset by the holder but not as a liability by the issuer. Third, the price of money is positive. Given these three conditions, there always exists a combined monetary and fiscal policy action that boosts private demand - in principle without limit. Deflation, 'lowflation' and secular stagnation are therefore unnecessary. They are policy choices.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/97622
    Series: Economics / Discussion papers ; 2014-24
    Subjects: Papierwährung; Gesamtwirtschaftliche Nachfrage; Liquiditätspräferenz; Münzgewinn; Offenmarktpolitik; Theorie; Quantitative Lockerung; Helicopter money; liquidity trap; seigniorage; secular stagnation; central bank; quantitative easing
    Scope: Online-Ressource (23 S.)
  4. Liquidity trap and excessive leverage
    Author: Korinek, Anton; Şimşek, Alp
    Published: 2014
    Publisher:  TÜSİAD- Koç University Economic Research Forum, Istanbul

    We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to fall to induce unconstrained agents... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 133 (2014,10)
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    We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to fall to induce unconstrained agents to pick up the decline in aggregate demand. However, if the fall in the interest rate is limited by the zero lower bound, aggregate demand is insufficient and the economy enters a liquidity trap. In such an environment, agents ex-ante leverage and insurance decisions are associated with aggregate demand externalities. The competitive equilibrium allocation is constrained inefficient. Welfare can be improved by ex-ante macroprudential policies such as debt limits and mandatory insurance requirements. The size of the required intervention depends on the differences in marginal propensity to consume between borrowers and lenders during the deleveraging episode. In our model, contractionary monetary policy is inferior to macroprudential policy in addressing excessive leverage, and it can even have the unintended consequence of increasing leverage.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/108658
    Series: TÜSİAD- Koç University Economic Research Forum working paper series ; 1410
    Subjects: Liquiditätspräferenz; Kapitalstruktur; Finanzmarktaufsicht; Makroökonomik; Keynesianismus; Theorie; Leverage; liquidity trap; zero lower bound; aggregate demand externality; efficiency; macroprudential policy; insurance
    Scope: Online-Ressource (45 S.), graph. Darst.
  5. Exchange-rate adjustment and macroeconomic interdependence between stagnant and fully employed countries
    Author: Ono, Yoshiyasu
    Published: 2014
    Publisher:  Inst. of Social and Economic Research, Osaka

    This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy,... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 198 (893)
    Inter-library loan:
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    This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy, technological and preference parameters that emerge through exchange-rate adjustment are examined. Parameter changes that worsen the stagnant country's current account depreciate the home currency, expand home employment and improve the foreign terms of trade, making both countries better off. The stagnant country's foreign aid to the fully employed country also yields the same beneficial effects.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/92847
    Series: Discussion paper / Institute of Social and Economic Research ; 893
    Subjects: long-run unemployment; fiscal expansion; current account; liquidity trap; exchange rate
    Scope: Online-Ressource (22 S.)
  6. Exchange-rate adjustment and macroeconomic interdependence between stagnant and fully employed countries
    Author: Ono, Yoshiyasu
    Published: 2014
    Publisher:  CESifo, München

    This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy,... more

    Location:
    Staats- und Universitätsbibliothek Bremen
    Inter-library loan:
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    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63 (4659)
    Inter-library loan:
    No inter-library loan

     

    This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy, technological and preference parameters that emerge through exchange-rate adjustment are examined. Parameter changes that worsen the stagnant country's current account depreciate the home currency, expand home employment and improve the foreign terms of trade, making both countries better off. The stagnant country's foreign aid to the fully employed country also yields the same beneficial effects.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/93462
    Series: Array ; 4659
    Subjects: long-run unemployment; fiscal expansion; current account; liquidity trap; exchange rate
    Scope: Online-Ressource (22 S.), graph. Darst.