Wicksell's Monetary Framework and Dynamic Stability

On Monetary Stability and Monetary Reform

Stability and Monetary policy

i am very pleased to have the opportunity to discuss this timely and thought-provoking paper. its implications are particularly relevant, more than a year after the onset of the current financial turmoil. in particular, views remain divided on how economic activity is being affected, and how we can best ensure that lessons learned from this period help to strengthen our crisis prevention and ma...

Dynamic Monetary-Fiscal Interactions and the Role of Monetary Conservatism

The present paper reassesses the role of monetary conservatism in a setting with nominal government debt and endogenous fiscal policy. We assume that macroeconomic policies are chosen by monetary and fiscal policy makers who interact repeatedly but cannot commit to future actions. The real level of public liabilities is an endogenous state variable, and policies are chosen in a non-cooperative ...

Stefan Gerlach: Fiscal imbalances and monetary stability

I am delighted to be here today. Let me start by acknowledging the important work the Chamber has undertaken since its establishment in 1980 in promoting closer links between Irish and German companies. As you may know, in terms of trade with the EU, Germany ranks jointly as the 2nd largest market for Irish exports, and is the 3rd largest source of Irish imports. Our close economic links with G...

Worldwide Macroeconomic Stability and Monetary Policy Rules

We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We show how the determinacy of worldwide equilibrium depends on the joint behavior of policymakers worldwide. We also show how indeterminacy exposes all econom...