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1.
In this paper we extend Nordhaus’ (Brookings Pap Econ Act (2):139–199, 1994) results to an environment which may represent the current European situation, characterised by a single monetary authority
and several fiscal bodies. We show that, even assuming that the monetary and the fiscal authorities share the same ideal targets,
in the presence of asymmetric shocks the “symbiosis” result found by Dixit and Lambertini (J Int Econ 60:235–247, 2003) no longer obtains. Thus, fiscal rules as those envisaged in the Maastricht Treaty and in the Stability and Growth Pact may
work as monetary/fiscal coordination devices that improve welfare. The imposition of common targets, however, may work as
a substitute for policy coordination only if these are made state contingent, an aspect that the recent version of the Stability
and Growth Pact takes into account in a more appropriate way than its original version.
相似文献
Valeria De BonisEmail: |
2.
William Barnett II 《Quarterly Journal of Austrian Economics》2008,11(2):132-143
What is certain is that mathematics cannot possibly be a valid means (to advances in economic understanding) unless and until
it is used properly. That means that dimensions must be used consistently and correctly. Barnett (Barnett, Quart J Austrian
Econ, pp. 27–46, 2003) is about problems with the use of mathematics in economics involving the failure to use dimensions/units consistently and
correctly. Professor Emeritus Folsom and Professor Gonzalez (Folsom and Gonzalez, Quart J Austrian Econ, pp. 45–65, 2005), hereinafter F&G, say, essentially, that what is correct therein is not new and that what is new is not correct. Additionally,
they imply, by raising them, that I did not address issues that I should have, e.g., how to introduce dimensions into introductory
economics and problems with the Cobb-Douglas (CD) function unrelated to dimensions. Herein, because of space limitations,
I respond only to some of their criticisms. Responses to others are posted on the Ludwig von Mises Institute Working Papers
site.
相似文献
William Barnett IIEmail: URL: http://www.business.loyno.edu/faculty/wbarnett |
3.
In their seminal paper, Morris and Shin (Amer Econ Rev 92(5): 1521–1534, 2002a) argued that increasing the precision of public information is not always beneficial to social welfare. Svensson (Amer Econ
Rev 96: 448–451, 2006) however has disputed this by saying that although feasible, the conditions for which this was true, were not all that likely.
In that respect, therefore, increasing ‘transparency’ remains most of the times beneficial to social welfare. In this paper,
we extend the Morris and Shin attempt by setting it up as an explicit interactive game between the Central Bank, the objectives
of which we model explicitly, and the private sector. We show that in the absence of costs, both players benefit from transparency
in the manner described previously in the literature, and point the differences in their gains. Following that, we then introduce
the fact that increasing transparency comes at some costs and show how both players face incentives to free ride on each other
as a result. The presence of costs thus alters the way in which greater transparency is attained.
相似文献
Marco HoeberichtsEmail: |
4.
Monetary aggregates have a special role under the “two pillar strategy” of the ECB. Hence, a theoretically consistent measure of monetary aggregates for the European Monetary Union (EMU) is needed. This paper analyzes aggregation over monetary assets for the EMU. We aggregate over the monetary services for the eleven EMU (EMU-11) countries, which include Estonia, Finland, France, Germany, Ireland, Italy, Luxembourg, Malta, Netherlands, Slovakia, and Slovenia. We adopt the Divisia monetary aggregation approach, which is consistent with index number theory and microeconomic aggregation theory. The result is a multilateral Divisia monetary aggregate, in accordance with Barnett (J Econ 136(2):457–482, 2007). The multilateral Divisia monetary aggregate for the EMU-11 is found to be more informative and a better signal of economic trends than the corresponding simple sum aggregate. We then analyze substitutability among monetary assets for the EMU-11 within the framework of a representative consumer’s utility function, using Barnett’s (J Bus Econ Stat 1:7–23, 1983) locally flexible functional form, the minflex Laurent indirect utility function. The analysis of elasticities with respect to the asset’s user-cost prices shows that: (i) transaction balances and deposits with agreed maturity are income elastic and (ii) the monetary assets are not good substitutes for each other within the EMU-11. Simple sum monetary aggregation assumes that component assets are perfect substitutes. Hence simple sum aggregation distorts measurement of the monetary aggregate. The ECB provides Divisia monetary aggregates to the Governing Council at its meetings, but not to the public. Our European Divisia monetary aggregates will be expanded and refined, in collaboration with Wenjuan Chen at the Humboldt University of Berlin, to a complete EMU Divisia monetary aggregates database to be supplied to the public by the Center for Financial Stability in New York City. 相似文献
5.
We analyze the role of fiscal-monetary policy interactions and fiscal coordination in EMU under the assumption of strategic
wage setting in unionized labour markets. We find that production subsidies and real wage distortions are strategic complements.
The literature on macroeconomic stabilisation policies and policy games usually neglects this point and reaches overoptimistic
conclusions about the desirable effects of accommodating fiscal policies. Central bank preferences also affect the desirability
of fiscal coordination in a monetary union. In fact, contrary to Beetsma and Bovenberg (1998), we find that fiscal coordination improves outcomes in the case of a conservative central banker, whereas it leads to worse
outcomes with a populist one.
相似文献
Patrizio TirelliEmail: |
6.
Divergent business cycles as an effect of a monetary union 总被引:1,自引:1,他引:0
Adam Koronowski 《International Economics and Economic Policy》2009,6(2):103-113
7.
In this paper we apply a static version of a New Keynesian macromodel to a monetary union (see Bofinger et al., J Econ Educ,
37:98–117 (2006), Walsh, J Econ Educ, 33:333–346 (2002)). We show in particular that a harmonious functioning of a monetary
union critically depends on the correlation of shocks that hit the currency area. Additionally a high degree of integration
in product markets is advantageous for the ECB as it prevents national interest rates from driving a wedge between macroeconomic
outcomes across member states. In particular small countries are in need for fiscal policy as an independent stabilization
agent with room to breath.
相似文献
Eric Mayer (Corresponding author)Email: |
8.
The paper investigates the link between monetary policy and structural reforms in open economies. We test three hypotheses:
(a) the Calmfors hypothesis that the degree of reforms is higher in the case of autonomous policy and lower in the case of
commitment, (b) the TINA hypothesis which implies a positive impact of a monetary policy rule on the extent of reforms, and
(c) a third factors hypothesis. In our empirical analysis on panel data of 23 OECD countries from 1980–2000 we find little
evidence for the Calmfors hypothesis, but evidence in favor of the TINA argument for labor market and regulatory reform.
相似文献
Ansgar BelkeEmail: |
9.
Willem H. Buiter 《Open Economies Review》2007,18(2):127-156
The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numéraire.
The issues are introduced by formalising a proposal, attributed to Eisler, to remove the zero lower bound on nominal interest
rates by unbundling the numéraire and medium of exchange/means of payment functions of money. The monetary authorities manage
the exchange rate between the numéraire (‘sterling’) and the means of payment (‘drachma’). The short nominal interest rate
on sterling bonds can then be used to target stability for the sterling price level. The paper puts question marks behind
two key bits of conventional wisdom in contemporary monetary economics. The first is the assumption that the monetary authorities
define and determine the numéraire used in private transactions. The second is the proposition that price stability in terms
of that numéraire is the appropriate objective of monetary policy. The paper also discusses the merits of the next step following
the decoupling of the numéraire from the currency: doing away with currency altogether—the cashless economy. Because the unit
of account plays such a central role in New-Keynesian models with nominal rigidities, monetary economics needs to devote more
attention to numérairology—the study of the individual and collective choice processes that govern the adoption of a unit of account and its role in
economic behaviour.
相似文献
Willem H. BuiterEmail: Email: URL: http://www.nber.org/˜wbuiter/ |
10.
We contribute to the debate over the contemporary relevance of the Austrian Business Cycle theory (ABC) by making three theoretical
developments. First, we claim that the heterogeneous nature of entrepreneurship is the best means to respond to a Rational
Expectations (RE) critique. If entrepreneurs are different then the “cluster of errors” are not made by everyone, just those
on the margin. And if the marginal entrepreneurs are systematically different from the population as a whole, we avoid the
implication of widespread irrationality, even though credit expansion will affect real variables. Second, we argue that the
size of the monetary footprint is a more telling signal than the market rate of interest, and will not necessarily be revealed
by measured inflation. Therefore attention to the official interest rate or Consumer Price Index is misleading, and an inappropriate
way to assess applicability. And third, the main harm from loose monetary policy is not that it encourages entrepreneurs to
behave more recklessly with capital, but that it encourages precisely the people who can’t afford capital at the market rate
to borrow, and makes them the marginal trader. This suggests that adverse selection is a more important issue than moral hazard.
We acknowledge that empirical work is required to verify these claims, and suggest how this might be undertaken.
相似文献
Toby BaxendaleEmail: |
11.
Marcelo Sánchez 《Open Economies Review》2008,19(3):371-390
We examine the implications of monetary union for macroeconomic stabilization in catching-up participating countries. We allow
member states’ supply conditions to differ, especially with regard to sectoral characteristics. Sectoral productivity shocks
of the type associated with the Balassa–Samuelson effect tend to hamper the stabilization properties of a currency union.
In the face of aggregate supply disturbances, the stabilization costs of renouncing monetary autonomy diminish with a steeper
supply curve (as induced by higher trade openness) and—barring idiosyncratic shocks—with a larger reference country size,
more homogeneous supply slopes and a higher preference for price stability.
相似文献
Marcelo SánchezEmail: |
12.
Andrew Hughes Hallett Christian Richter 《International Economics and Economic Policy》2009,6(2):85-101
This paper makes three contributions. First we present a technique by which the monetary transmission mechanism of Germany,
France, the UK and the Eurozone can be decomposed into its component cycles, compared across economies and across time. As
a result, we found that the individual data generating processes have varied over time. Second we show that Germany has now
converged on the rest of Europe and not vice versa, although Germany had dominated monetary policy making in Europe for many
years. Third, we show that the UK as an outsider has behaved like a peripheral EMU country, even when EMU was not in place.
In other words, the transmission mechanisms of Germany and the UK were fundamentally different. Hence, when that German monetary
policy dominated Europe in a way that was not in line with the rest of Europe, never mind the UK, it is no surprise that the
UK eventually left the ERM (1992). The current financial crisis may enforce the trend of convergence of the transmission mechanism.
But there have been signs of a divergence between core and periphery, to some extent involving the UK, so this general convergence,
as opposed to tighter convergence in the core, may not last.
相似文献
Christian RichterEmail: |
13.
Zoran Balac 《Quarterly Journal of Austrian Economics》2008,11(1):1-17
Austrian monetary inflation theory claims that changes in the money supply are disproportionately distributed throughout an
economy, and as a result wealth is coercively redistributed. This study proposes and tests a model illustrating this connection
by examining monetary inflation’s effect on wealth inequality. After testing the model’s validity, this study compares monetary
inflation’s effect on several measures of wealth inequality, concluding that not only is monetary inflation a significant
variable, but its effect on wealth inequality is more pronounced at the extremities of the distribution.
相似文献
Zoran BalacEmail: |
14.
Katrin Ullrich 《Open Economies Review》2007,18(3):239-262
With an increasing number of independent central banks, accountability of central banks is also getting more attention. This
paper analyses the possibility of introducing instruments of central bank accountability in a monetary union. In our model,
monetary policy is influenced by the governments of the member states according to the degree of independence granted to the
central bank. Instruments of democratic accountability are introduced which generate different expected losses for a government.
The amount of the expected loss will determine the approval of a government to the implementation of a particular mechanism.
We show that the agreement between the governments will only be unanimous for the definition of the inflation target of the
central bank.
相似文献
Katrin UllrichEmail: |
15.
African countries, especially sub-Saharan ones, have conflicting interests in multilateral negotiations on agriculture. On
the one hand, their economies may be boosted by the price effect induced by agricultural liberalization. On the other hand,
multilateral tariff cuts will result in the erosion of preferential margins. Based on an original methodology, using CGE modeling,
detailed tariff calculations and predictive analysis, this paper investigates the potential impact of current multilateral
negotiations on the value of preferences for African agriculture. It estimates the preferential value to USD 0.7 billion of
welfare and USD 1 billion of exports to the Triad markets. Furthermore, it highlights the “cruel dilemma” African countries
face in current negotiations, as they gain from ambitious trade liberalization, despite the large preferential erosion, while
they suffer from noticeable trade and welfare losses under conservative scenarios.
相似文献
Mustapha Sadni Jallab (Corresponding author)Email: |
16.
Leonor Coutinho 《Open Economies Review》2008,19(1):81-120
In this paper we extend the open-economy stochastic framework of Obstfeld and Rogoff (Q J Econ. 117:503–36, 2002) to include distortionary taxation, when prices are flexible but wages are sticky. We use the model to analyze the optimal
design of tax rules that respond to productivity shocks, under non-cooperation and cooperation between the fiscal authorities,
and evaluate the gains from coordination. We show that, although monetary policy would be preferred to fiscal policy as a
stabilization tool both under competition (Nash) and under cooperation, there is a role for procyclical fiscal stabilization
in a monetary union where the monetary authority cannot respond to asymmetric shocks. Moreover, we show that in the Nash game
there will be an incentive for the fiscal authorities to try to manipulate the terms-of-trade in their favor, and we estimate
the potential gains from fiscal policy coordination. The size of the gains depends crucially on the value of the Frisch elasticity
of labor supply. For lower values of the Frisch elasticity (more in line with microeconometric estimates) the gains are relatively
small, but for more elastic labor supplies (more in agreement with the business cycle literature) the gains can be very large.
相似文献
Leonor CoutinhoEmail: |
17.
Caroline Schmidt 《Open Economies Review》2007,18(3):347-367
In this paper, it is argued that the observed high positive correlation between national savings and investment which is found
in the data can in part be explained by shocks to monetary policy. This hypothesis, which is established by reviewing some
empirical findings, is tested in a two-country DSGE-model framework in the tradition of the New Open Economy Macroeconomics.
The simulation results obtained support the idea that shocks to monetary policy might contribute to the explanation of the
Feldstein-Horioka puzzle.
相似文献
Caroline SchmidtEmail: |
18.
This paper describes a simple framework for monetary policy analysis in a small open economy where bank credit is the only
source of external finance. At the heart of the model is the link between banks’ lending rates (which incorporate a premium
over and above the marginal cost of borrowing) and firms’ net worth. In contrast to models in the Stiglitz-Weiss or Kiyotaki-Moore
tradition, the supply of bank loans is perfectly elastic at the prevailing rate. The central bank sets the refinance rate
and provides unlimited access to liquidity at that rate. The model is used to study the effects of changes in official interest
rates, under both fixed and flexible exchange rates. Various extensions are also discussed, including income effects, the
cost channel, the role of land as collateral, and dollarization.
相似文献
Pierre-Richard AgénorEmail: |
19.
Silvio H. T. Tai 《Review of World Economics》2009,145(2):225-249
Many recent studies have looked at the impact of international migration on trade and found a significant effect. They posit
that migration fosters trade by lowering costs or by means of a preference bias. However, to my knowledge, market structure
has not as yet been considered. Using data from Switzerland, this paper empirically assesses the extent to which migration
affects trade, taking goods differentiation into account. A monopolistic model with a multisector economy (Chaney in Am Econ
Rev 98(41):1707–1721, 2008) is then empirically estimated. The findings show that market structure explains the different channels through which migration
affects trade.
相似文献
Silvio H. T. TaiEmail: |
20.
Two impediments to effective monetary policy operation include illiquidity in bond markets and the zero bound of interest
rates. Under these conditions alternative means of enacting monetary policy may be required. This paper empirically explores
policy options implemented through equity and currency markets that will generate similar inflation responses at different
time horizons. In terms of GDP loss the least costly means of achieving a particular long run inflation outcome is via the
current monetary policy arrangements. Currency market alternatives are volatile but less expensive than the equity market
in terms of output loss for short term inflation horizons.
相似文献
Renée FryEmail: |