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81.
This paper provides an overview of recent papers which use estimatedNew Keynesian models to study the extent to which fiscal policycan be used to stabilize the economy. We use a variety of differentNew Keynesian models, estimated on data for both the US andfor the Euro area, and highlight the diverse transmission channelsthrough which fiscal policy acts in these models. Although wefind that fiscal policy can provide a useful complement to monetarypolicy, especially in models where consumers have finite horizons,there are important limitations to the value added of fiscalpolicy. (JEL E58, E62, E63) 相似文献
82.
We examine the impact of price cap regulation on the capacity investments of oligopolistic suppliers facing time-varying demand. We find that binding price caps set above long-run marginal cost increase (rather than decrease) aggregate capacity investment. 相似文献
83.
Anton Flossmann 《Empirical Economics》2010,38(1):85-117
This paper addresses M-estimation of conditional mean functions when observations are missing at random. The usual approach
of correcting for missing data, when the missing data mechanism is ignorable, is inverse probability weighting (IPW). An alternative
semiparametric M-estimator which involves local polynomial matching techniques is proposed and its asymptotic distribution
is derived. Like IPW, the proposed estimation approach has a double robustness property for the estimation of unconditional
means. Monte Carlo evidence suggests slightly better finite sample properties of the semiparametric M-estimator relatively
to IPW. A version of the proposed estimator is applied to estimate the impact of noncognitive skills on wages in Germany for
two different educational treatment regimes. 相似文献
84.
V. Anton Muscatelli Franco Spinelli Carmine Trecroci 《Journal of International Money and Finance》2007,26(8):1403-1423
We present empirical evidence on the forces driving real exchange rates in the long-run. Using data from the US, UK and Italy across different exchange rate regimes, we find support for the hypothesis that productivity and fiscal shocks matter. However, in some cases fiscal shocks cause depreciations, likely triggered by the monetary accommodation of fiscal shocks. We also find that the traditional Harrod–Balassa–Samuelson effect of productivity on real exchange rates is reversed in some cases, which confirms the importance of the distributive sector in driving productivity gains. 相似文献
85.
Anton Brender 《Intereconomics》1989,24(1):3-5
There have been increasing warnings lately that the world economy is in danger of disintegrating. How realistic are such fears? Could the world's trading partners have a serious interest in such a development and be prepared to accept the risks involved? The following three articles seek to answer these questions. 相似文献
86.
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Ohne Zusammenfassung 相似文献
89.
Models where monetary policy is delegated to an independentcentral bank using contracts or targets usually assume thatthe preferences of the principal and the agent are known withcertainty. However, if there is no consensus in society aboutthe relative costs of inflation and output stabilisation, thedelegation solution may not produce a better outcome for themedian voter than discretion This paper examines the robustnessof the institutional solutions to the credibility problem withuncertain preferences We also examine the related issue of whetherpolitical parties have an interest in moving towards centralbank independence 相似文献
90.