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Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook x Monetary Policy, Central Banking, and the Supply of Money and Credit x clear all

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At the crossroads: the euro and its central bank guardian (and saviour?)

Jörg Bibow.

in Cambridge Journal of Economics

May 2013; p ublished online April 2013 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; History of Economic Thought (1925 onwards). 9542 words.

This paper investigates the role of the European Central Bank (ECB) in the (mal)functioning of Europe’s Economic and Monetary Union (EMU), focusing on the German intellectual and historical...

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A bright future can be ours! Macroeconomic policy for non-eurozone Western countries

J. W. Nevile and Peter Kriesler.

in Cambridge Journal of Economics

November 2014; p ublished online March 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomics and Monetary Economics. 10422 words.

Radical changes in macroeconomic policy could produce a brighter future. The neoclassical myth that a free-market economy inevitably moves to an equilibrium position determined solely by...

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Central banks and house prices in the run-up to the crisis

David Cobham.

in Oxford Economic Papers

April 2013; p ublished online December 2012 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit. 10420 words.

The financial crisis and the role played within it by fluctuations in house prices has reopened the debate about whether monetary policy should respond to asset prices. This paper...

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The Cyclical Nature of Fiscal Policy in Sub-Saharan Africa

César Calderón and Ha Nguyen.

in Journal of African Economies

August 2016; p ublished online August 2016 .

Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 14440 words.

Historically, fiscal policy in Sub-Saharan Africa (SSA) has been procyclical. Governments have raised taxes and cut spending in bad times and have expanded the size of the government in...

Deposit insurance and risk taking

Franklin Allen, Elena Carletti and Agnese Leonello.

in Oxford Review of Economic Policy

October 2011; p ublished online October 2011 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Financial Regulation; Corporate Regulation; Monetary Policy, Central Banking, and the Supply of Money and Credit. 6892 words.

We review the theory of deposit insurance, highlighting the underlying assumptions that were not satisfied during the recent financial crisis and that may have led to serious policy...

Discretionary Policy and Multiple Equilibria in LQ RE Models

Andrew P. Blake and Tatiana Kirsanova.

in The Review of Economic Studies

October 2012; p ublished online June 2012 .

Journal Article. Subjects: Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit. 13114 words.

We study stationary discretionary equilibria in dynamic linear-quadratic rational expectations models. Past papers have assumed that this is uniquely determined; we show that such models...

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European economic governance: the Berlin–Washington Consensus

Jean-Paul Fitoussi and Francesco Saraceno.

in Cambridge Journal of Economics

May 2013; p ublished online May 2013 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomics and Monetary Economics. 9399 words.

This paper argues that the European Union (EU) has gone further than any other country or institution in internalising the prescriptions of the Washington Consensus. Embedding neoliberal...

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Eurozone sovereign debt restructuring: keeping the vultures at bay

Marcus Miller and Dania Thomas.

in Oxford Review of Economic Policy

January 2013; p ublished online December 2013 .

Journal Article. Subjects: Law and Economics; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit. 8820 words.

The eurozone debt crisis has stimulated lively debate on mechanisms for sovereign debt restructuring. The immediate threat of exit and the break-up of the currency union may have abated;...

Financial Firm Bankruptcy and Contagion

Jean Helwege and Gaiyan Zhang.

in Review of Finance

July 2016; p ublished online October 2015 .

Journal Article. Subjects: Banking; Investment Banking; Financial Regulation; Corporate Governance; Bankruptcy; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 18538 words.

The Lehman bankruptcy highlights the potential for interconnectedness to cause negative externalities through counterparty contagion, but the externalities may also arise from information...

Financialisation and monetary union in Europe: the monetary–structural causes of the euro-area crisis

Sergio Rossi.

in Cambridge Journal of Regions, Economy and Society

November 2013; p ublished online June 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance. 9196 words.

The merging of national currencies into a single-currency area is an important factor of financialisation in Europe, as it has disposed of monetary barriers within Euroland, thereby...

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Fiscal and Monetary Determinants of Inflation in Low-Income Countries: Theory and Evidence from Sub-Saharan Africa

Alfredo Baldini and Marcos Poplawski-Ribeiro.

in Journal of African Economies

June 2011; p ublished online March 2011 .

Journal Article. Subjects: Multiple or Simultaneous Equation Models; Multiple Variables; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit. 12757 words.

This paper presents a model of fiscal dominance with borrowing constraints and provides new evidence for a large number of Sub-Saharan African countries on the relative importance of fiscal...

From global imbalances to global reorganisations

Robert Wade.

in Cambridge Journal of Economics

July 2009; p ublished online July 2009 .

Journal Article. Subjects: International Economics; Microeconomics; Money and Interest Rates; International Relations and International Political Economy; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance; International Financial Markets; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 13352 words.

The world feels itself to be in transition, but to what is unclear. Will the liberal market model retain its normative primacy once some semblance of normality is restored, or will other...

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Full Reserve Banking: More ‘Cranks’ Than ‘Brave Heretics’

Giuseppe Fontana and Malcolm Sawyer.

in Cambridge Journal of Economics

September 2016; p ublished online June 2016 .

Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 10082 words.

This paper analyses the main features and policy implications of full reserve banking (FRB) proposals. It argues that whilst FRB advocates recognize the essential endogeneity of the money...

Government monetary and fiscal operations: generalising the endogenous money approach

Eric Tymoigne.

in Cambridge Journal of Economics

September 2016; p ublished online May 2016 .

Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 8325 words.

The traditional endogenous money approach can be generalised substantially by including the insights of Modern Money Theory regarding the necessary coordination of fiscal and monetary...

The hidden transformation: the changing role of the state after the collapse of communism in Central and Eastern Europe

Oskar Kowalewski and Krzysztof Rybinski.

in Oxford Review of Economic Policy

December 2011; p ublished online December 2011 .

Journal Article. Subjects: National Government Expenditures and Related Policies; Financial Institutions and Services; Monetary Policy, Central Banking, and the Supply of Money and Credit; Financial Regulation; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Socialist Institutions and their Transitions. 10353 words.

This article reviews the state’s role in the transition economies of Central and Eastern Europe. Among the countries, Poland is perceived as the leader because it was the first economy to...

Internationalization of the renminbi: what it means for the stability and flexibility of the international monetary system

Paul Jenkins and John Zelenbaba.

in Oxford Review of Economic Policy

January 2012; p ublished online September 2012 .

Journal Article. Subjects: Macroeconomic Aspects of International Trade and Finance; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance. 9905 words.

The central question this paper addresses is whether internationalization of the RMB would be sufficient for the international monetary system (IMS) to provide greater stability and...

Learning the monetary/fiscal interaction under trend inflation

Anna Florio and Alessandro Gobbi.

in Oxford Economic Papers

October 2015; p ublished online June 2015 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit. 6834 words.

How does a higher inflation target affect determinacy and learnability of rational expectations equilibria under alternative monetary/fiscal policy mixes in new Keynesian models? What is...

Liquidity preference in a portfolio framework and the monetary theory of Kahn

Theodore T. Koutsobinas.

in Cambridge Journal of Economics

July 2011; p ublished online November 2010 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; History of Economic Thought (1925 onwards); Money and Interest Rates. 10623 words.

This paper examines the relation between variations in the propensity towards liquidity preference, price-adjustment and shifts in portfolio allocation by expanding Kahn's idea of marginal...

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Macroeconomics without the LM curve: an alternative view

Mark Setterfield.

in Cambridge Journal of Economics

March 2009; p ublished online September 2008 .

Journal Article. Subjects: General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit. 8484 words.

This paper develops a ‘fully articulated’ post-Keynesian alternative to the ‘New Consensus’ macroeconomic model, based on explicitly post-Keynesian hypotheses about the inflation process,...

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Monetary and fiscal policy in the Great Moderation and the Great Recession

Christopher Allsopp and David Vines.

in Oxford Review of Economic Policy

January 2015; p ublished online October 2015 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 19538 words.

In this paper we argue for a new approach to monetary and fiscal policy. During the Great Moderation, the inflation targeting regime worked well. Central banks used the interest rate to...