منابع مشابه
1 Optimal Policy Business Cycles
The effectiveness of economic policies depends on the nature of expectations. Under adaptive expectations, the Philipps curve allows a governement to "surprise" agents. Under rational expectations, there is less room for economic policies. We assume that only an (endogenously determined) proportion of agents form rational expectations and show that this leads the government to optimal policies ...
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Implementation and collapse of exchange rate pegging schemes are recurrent events. A currency crisis is often followed by an economic downturn while pegging often begets a boom. In this paper I study why a benevolent central bank should pursue a monetary policy that leads to those recurrent currency crises and subsequent periods of pegging. I show that the optimal policy induces a competitive e...
متن کاملPolicy Regimes, Policy Shifts, and U.S. Business Cycles
Using an estimated DSGE model that features monetary and fiscal policy interactions and allows for equilibrium indeterminacy, we find that a passive monetary and passive fiscal policy regime prevailed in the pre-Volcker period while an active monetary and passive fiscal policy regime prevailed post-Volcker. Since both monetary and fiscal policies were passive pre-Volcker, there was equilibrium ...
متن کاملPolicy Regimes, Policy Shifts, and U.S. Business Cycles - Dallas Fed
Abstract Using an estimated DSGE model that features monetary and fiscal policy interactions and allows for equilibrium indeterminacy, we find that a passive monetary and passive fiscal policy regime prevailed in the pre-Volcker period while an active monetary and passive fiscal policy regime prevailed post-Volcker. Since both monetary and fiscal policies were passive pre-Volcker, there was equ...
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This paper investigates the asymmetric effects of monetary policy on economic growth over business cycles in Iran. Estimating the models using the Hamilton (1989) Markov-switching model and by employing the data for 1960-2012, the results well identify two regimes characterized as expansion and recession. Moreover, the results show that an expansionary monetary policy has a positive and statist...
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ژورنال
عنوان ژورنال: Economica
سال: 1958
ISSN: 0013-0427
DOI: 10.2307/2551028