نتایج جستجو برای: e63

تعداد نتایج: 188  

Journal: :Journal of Economic Literature 2021

The role of real estate during the global financial and economic crisis has prompted efforts to better incorporate housing channels into macro models, improve develop macroprudential tools, reform system. This article provides an overview major, recent contributions literature in relation earlier research on what drives prices how they affect activity. Particularly emphasized are studies, both ...

ژورنال: :مجله تحقیقات اقتصادی 2011
جعفر عبادی هاجر جهانگرد

هدف این مقاله طراحی الگوی نظری تعیین حد بهینه ی مداخله در بازار ارز ایران است که برای نخستین بار در ایران انجام می پذیرد. حجم بهینه ی مداخله ی ارزی، سازگار بودن مداخله با دیگر سیاست‎ها و مد نظر قرار ندادن عمل مداخله به عنوان یک ابزار مستقل سیاستی، سه قاعده ی یک هرم هستند که در صورت فقدان هر کدام، مرکز ثقل هرم (تعادل های اقتصادی) از بین خواهد رفت. الگوی مورد استفاده یک الگوی برنامه ریزی غیرخطی پ...

2016
László Andor

The divergences developed within the euro area represent the main threat to the existence of the single currency and to the stability of the EU as a whole. Without proper automatic stabilisers, a monetary union can only deliver suboptimal results and may not even be sustainable. In the recent years, common unemployment insurance has been examined as one of the possible ways to improve the funct...

2010
Mathias Dolls Clemens Fuest Andreas Peichl

Social Protection as an Automatic Stabilizer This paper analyzes the effectiveness of social protection systems in Europe and the US to provide (income) insurance against macro level shocks in terms of automatic stabilizers. We find that automatic stabilizers absorb 38% of a proportional income shock and 47% of an idiosyncratic unemployment shock in Europe, compared to 32% and 34% in the US. Th...

2002
Stephanie Schmitt-Grohé

When real balances have even a very small productive role, contemporaneous and forwardlooking Taylor-Wicksell rules can induce ubiquitous multiplicities of equilibria and lead to consequences that are unintended by policymakers. This raises the issue of whether it is possible to anchor and stabilize the economy through backward-looking rules. We show that the standard uniqueness results that ar...

2007
Sheikh Shahnawaz

This article examines exchange rate-based stabilization in an economy that has been badly destroyed by war or other calamities. The article does this in the context of post-civil war Lebanon. Both Iraq and Afghanistan are prime candidates for such a policy. This article first demonstrates the validity of the theory and empirical regularities (initial boom followed by an economic contraction) in...

2008
Stefan NIEMANN Paul PICHLER Gerhard SORGER

We describe a simple mechanism that generates inflation persistence in a standard sticky-price model of optimal fiscal and monetary policy. Key to this mechanism is that policies are implemented under discretion. The government’s discretionary incentive to erode the real value of nominal public debt by means of surprise inflation renders inflation expectations and, in further consequence, equil...

2001
Stephanie Schmitt-Grohé Martín Uribe

A growing empirical and theoretical literature argues in favor of specifying monetary policy in the form of Taylor-type interest rate feedback rules. That is, rules whereby the nominal interest rate is set as an increasing function of inflation with a slope greater than one around an intended inflation target. This paper shows that because of the zero bound on nominal interest rates, such rules...

2015
Joydeep Bhattacharya Rajesh Singh

Faced with real and nominal shocks, what should a benevolent central bank do, fix the money growth rate or target the inflation rate? In this paper, we make a first attempt at studying the optimal choice of monetary policy instruments in a micro-founded model of money. Specifically, we produce an overlapping generations economy in which limited communication and stochastic relocation creates an...

2006
Andreas Schabert Sweder van Wijnbergen

Blanchard (2005) suggested that active interest rate policy might induce unstable dynamics in highly-indebted economies. We examine this in a dynamic general equilibrium model where Calvo-type price rigidities provide a rationale for inflation stabilization. Unstable dynamics can occur when the CB is aggressively raising the interest rate in response to higher expected inflation. The constraint...

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