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Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook x Prices, Business Fluctuations, and Cycles x clear all

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Austerity versus stimulus: the polarizing effect of fiscal policy

Richard McManus.

in Oxford Economic Papers

July 2015; p ublished online March 2015 .

Journal Article. Subjects: Fiscal Policies and Behaviour of Economic Agents; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 7512 words.

Through constructing a new Keynesian DSGE model with heterogeneous agents, this article investigates both the aggregate and distributional consequences of fiscal policy. Polarized...

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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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Estimating nonlinear effects of fiscal policy using quantile regression methods

Ludger Linnemann and Roland Winkler.

in Oxford Economic Papers

October 2016; p ublished online May 2016 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Multiple or Simultaneous Equation Models; Multiple Variables. 10744 words.

We estimate nonlinear effects of government spending shocks on US macroeconomic activity using quantile regression methods. This amounts to allowing regression parameters to depend on how...

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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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Fiscal deficits, economic growth and government debt in the USA

Lance Taylor, Christian R. Proaño, Laura de Carvalho and Nelson Barbosa.

in Cambridge Journal of Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 5651 words.

A simple model illustrates interactions between the ‘primary’ fiscal deficit (total deficit minus interest payments), economic growth and debt. The deficit/income ratio responds...

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Fiscal Devaluations

Emmanuel Farhi, Gita Gopinath and Oleg Itskhoki.

in The Review of Economic Studies

April 2014; p ublished online November 2013 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance. 18477 words.

We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange...

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Fiscal Policy in an Unemployment Crisis

Pontus Rendahl.

in The Review of Economic Studies

July 2016; p ublished online February 2016 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Prices, Business Fluctuations, and Cycles; Mobility, Unemployment, and Vacancies; Fiscal Policies and Behaviour of Economic Agents. 15535 words.

This article shows that equilibrium unemployment dynamics can significantly increase the efficacy of fiscal policy. In response to a shock that brings the economy into a liquidity trap, an...

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House Prices and Consumer Spending

David Berger, Veronica Guerrieri, Guido Lorenzoni and Joseph Vavra.

in The Review of Economic Studies

July 2018; p ublished online October 2017 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Household Behaviour and Family Economics; Intertemporal Choice and Growth; Household Analysis. 19460 words.

Abstract

Recent empirical work shows large consumption responses to house price movements. This is at odds with a prominent theoretical view which, using the...

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How can we explain the persistence of the Great Recession? A balanced stability approach

Teodoro Dario Togati.

in Cambridge Journal of Economics

July 2016; p ublished online September 2015 .

Journal Article. Subjects: Economic Methodology; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 14939 words.

The Great Recession (GR) creates a stalemate in macroeconomics. On the one hand, standard approaches fail to account for its persistence in a credible way due to their implicit assumption...

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Inflation Dynamics in the CEMAC Region

Carlos Caceres, Marcos Poplawski-Ribeiro and Darlena Tartari.

in Journal of African Economies

March 2013; p ublished online November 2012 .

Journal Article. Subjects: Multiple or Simultaneous Equation Models; Multiple Variables; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 10649 words.

This paper analyses inflation dynamics in the Central African Economic and Monetary Community (CEMAC) using a constructed dataset for country-specific commodity price indices and panel...

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Is Ireland really the role model for austerity?

Stephen Kinsella.

in Cambridge Journal of Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomics and Monetary Economics. 4851 words.

This paper describes the causes and consequences of Ireland’s economic crisis in the context of the policy solution implemented to contain that crisis: protracted fiscal austerity. I...

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The liquidation of government debt

Carmen M. Reinhart and M. Belen Sbrancia.

in Economic Policy

April 2015; p ublished online March 2015 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Macroeconomics and Monetary Economics; Growth and Fluctuations; International Finance; National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 17204 words.

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression (FR), a tax on bondholders and savers via negative or...

The macroeconomic stabilisation effects of Social Security and 401(k) plans

Teresa Ghilarducci, Joelle Saad-Lessler and Eloy Fisher.

in Cambridge Journal of Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 5860 words.

This paper investigates how various retirement institutions impact the macroeconomy. We find that for every 1 percentage point increase in the output gap, net flows of various government...

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Neo-liberalism and New Labour policy: economic performance, historical comparisons and future prospects

Frank Wilkinson.

in Cambridge Journal of Economics

November 2007; p ublished online October 2007 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Mobility, Unemployment, and Vacancies. 11664 words.

The paper analyses19760/70s inflation, the replacement of Keynesian with neo-liberal economic policy, and the post-1979 decline in inflation. It is shown that the fall in inflation is...

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The oil trading markets, 2003–10: analysis of market behaviour and possible policy responses

Adair Turner, Jon Farrimond and Jonathan Hill.

in Oxford Review of Economic Policy

January 2011; p ublished online January 2011 .

Journal Article. Subjects: Economics; Prices, Business Fluctuations, and Cycles; Economic History; Energy Economics; General Equilibrium and Disequilibrium; Market Structure and Pricing; Information, Knowledge, and Uncertainy; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 14356 words.

This paper considers price movements in the oil markets between 2003 and 2010 and seeks to explain the significant trends in this period. It notes that the oil market is by its very nature...

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On the size of the government spending multiplier in the euro area

Patrick Fève and Jean-Guillaume Sahuc.

in Oxford Economic Papers

July 2015; p ublished online April 2015 .

Journal Article. Subjects: Multiple or Simultaneous Equation Models; Multiple Variables; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 8638 words.

This article addresses the existence of a wide range of estimated government spending multipliers in a dynamic stochastic general equilibrium model of the euro area. Our estimation results...

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Political Influence on Fiscal and Monetary Policy in Sub-Saharan Africa

Rebecca Neumann and John Ssozi.

in Journal of African Economies

January 2016; p ublished online August 2015 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Development Planning and Policy; Macroeconomics and Monetary Economics; Growth and Fluctuations; Capitalist Systems. 18120 words.

This article examines the extent to which political variables affect budget deficits, money growth and inflation in Sub-Saharan Africa (SSA). Using the Arellano–Bond dynamic panel data...

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The rise and fall of money manager capitalism: a Minskian approach

L. Randall Wray.

in Cambridge Journal of Economics

July 2009; p ublished online July 2009 .

Journal Article. Subjects: Economics; Prices, Business Fluctuations, and Cycles; Money and Interest Rates; Financial Institutions and Services; Monetary Policy, Central Banking, and the Supply of Money and Credit; General Aggregative Models; Capitalist Systems; Macroeconomics and Monetary Economics; Growth and Fluctuations; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 12961 words.

We are in the midst of a global financial crisis accompanied by a deep and probably long-lasting economic downturn; indeed, some analysts are already calling this the first depression of...

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The Swedish third way: an assessment of the performance and validity of the Rehn–Meidner model

Lennart Erixon.

in Cambridge Journal of Economics

May 2008; p ublished online December 2007 .

Journal Article. Subjects: Wages, Compensation, and Labour Costs; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economic Development. 13229 words.

This paper analyses the functioning of the Rehn–Meidner model in Sweden and the validity of the model's underlying theory. Both sceptics and friends of ‘the Swedish model’ have exaggerated...

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A Tale of Cyclicality, Aid Flows and Debt: Government Spending in Sub-Saharan Africa

Victor D. Lledó, Irene Yackovlev and Lucie Gadenne.

in Journal of African Economies

November 2011; p ublished online June 2011 .

Journal Article. Subjects: Economywide Country Studies; Fiscal Policies and Behaviour of Economic Agents; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 7872 words.

This paper documents cyclical patterns of government expenditures in Sub-Saharan Africa since 1970 and explains variation between countries and over time. Controlling for endogeneity and...

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