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Sovereign Risk, Fiscal Policy, and Macroeconomic Stability

Sovereign Risk, Fiscal Policy, and Macroeconomic Stability »

Source: Sovereign Risk, Fiscal Policy, and Macroeconomic Stability

Volume/Issue: 2012/33

Series: IMF Working Papers

Author(s): Keith Kuester , Gernot Mueller , Giancarlo Corsetti , and Andre Meier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463933180

Keywords: zero lower bound, government spending, spending cuts, central bank, inflation,

This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a "sovereign ris...

Frontiers of Monetary Policymaking

Frontiers of Monetary Policymaking »

Source: Frontiers of Monetary Policymaking : Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic

Volume/Issue: 2015/74

Series: IMF Working Papers

Author(s): Ali Alichi , Jaromir Benes , Joshua Felman , Irene Feng , Charles Freedman , Douglas Laxton , Evan Tanner , David Vavra , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2015

ISBN: 9781475532371

Keywords: Inflation-Forecast Targeting, exchange rate tool, zero lower bound, forward guidance, central bank communications, inflation, exchange, exchange rate, interest, Monetary Policy (Targets

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in addi...

Liquidity Trap and Excessive Leverage

Liquidity Trap and Excessive Leverage »

Source: Liquidity Trap and Excessive Leverage

Volume/Issue: 2014/129

Series: IMF Working Papers

Author(s): Anton Korinek , and Alp Simsek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 July 2014

ISBN: 9781498370943

Keywords: Leverage, liquidity trap, zero lower bound, aggregate demand externality, efficiency, aggregate demand, inflation, real interest rate, contractionary monetary policy, Financial Markets and the Macroeconomy

We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to f...

The Euro-Area Government Spending Multiplier at the Effective Lower Bound*

The Euro-Area Government Spending Multiplier at the Effective Lower Bound* »

Source: The Euro-Area Government Spending Multiplier at the Effective Lower Bound

Volume/Issue: 2019/133

Series: IMF Working Papers

Author(s): Adalgiso Amendola , Mario di Serio , Matteo Fragetta , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2019

ISBN: 9781498314947

Keywords: Government expenditures, Negative interest rates, Real interest rates, Interest rate policy, Business cycles, Fiscal multiplier, Zero lower bound, Panel VAR, Factor models, Euro Area.

We build a factor-augmented interacted panel vector-autoregressive model of the Euro Area (EA) and estimate it with Bayesian methods to compute government spending multipliers. The multipliers are contingent on the...

The Costs of Macroprudential Deleveraging in a Liquidity Trap*

The Costs of Macroprudential Deleveraging in a Liquidity Trap* »

Source: The Costs of Macroprudential Deleveraging in a Liquidity Trap

Volume/Issue: 2020/89

Series: IMF Working Papers

Author(s): Jiaqian Chen , Daria Finocchiaro , Jesper Lindé , and Karl Walentin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2020

ISBN: 9781513546803

Keywords: Economic conditions, Financial crises, Economic policy, Price indexes, Real interest rates, Household debt, Zero lower bound, New Keynesian model, Collateral and borrowing constraints, Mortgage interest deductibility

We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs...

Sovereign Risk and Belief-Driven Fluctuations in the Euro Area

Sovereign Risk and Belief-Driven Fluctuations in the Euro Area »

Source: Sovereign Risk and Belief-Driven Fluctuations in the Euro Area

Volume/Issue: 2013/227

Series: IMF Working Papers

Author(s): Giancarlo Corsetti , Keith Kuester , Andre Meier , and Gernot Mueller

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2013

ISBN: 9781475513448

Keywords: Euro Area, Economic models, Risk premium, Sovereign debt, Monetary policy, Fiscal policy, Fiscal risk, Sovereign risk channel, monetary union, zero lower bound

Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that acc...

Sovereign Risk, Fiscal Policy, and Macroeconomic Stability

Sovereign Risk, Fiscal Policy, and Macroeconomic Stability »

Volume/Issue: 2012/33

Series: IMF Working Papers

Author(s): Keith Kuester , Gernot Mueller , Giancarlo Corsetti , and Andre Meier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463933180.001

ISBN: 9781463933180

Keywords: zero lower bound, government spending, spending cuts, central bank, inflation,

This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a "sovereign ris...

Frontiers of Monetary Policymaking
			: Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic

Frontiers of Monetary Policymaking : Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic »

Volume/Issue: 2015/74

Series: IMF Working Papers

Author(s): Ali Alichi , Jaromir Benes , Joshua Felman , Irene Feng , Charles Freedman , Douglas Laxton , Evan Tanner , David Vavra , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2015

DOI: http://dx.doi.org/10.5089/9781475532371.001

ISBN: 9781475532371

Keywords: Inflation-Forecast Targeting, exchange rate tool, zero lower bound, forward guidance, central bank communications, inflation, exchange, exchange rate, interest, Monetary Policy (Targets

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in addi...

Liquidity Trap and Excessive Leverage

Liquidity Trap and Excessive Leverage »

Volume/Issue: 2014/129

Series: IMF Working Papers

Author(s): Anton Korinek , and Alp Simsek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 July 2014

DOI: http://dx.doi.org/10.5089/9781498370943.001

ISBN: 9781498370943

Keywords: Leverage, liquidity trap, zero lower bound, aggregate demand externality, efficiency, aggregate demand, inflation, real interest rate, contractionary monetary policy, Financial Markets and the Macroeconomy

We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to f...

The Costs of Macroprudential Deleveraging in a Liquidity Trap

The Costs of Macroprudential Deleveraging in a Liquidity Trap »

Volume/Issue: 2020/89

Series: IMF Working Papers

Author(s): Jiaqian Chen , Daria Finocchiaro , Jesper Lindé , and Karl Walentin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2020

DOI: http://dx.doi.org/10.5089/9781513546803.001

ISBN: 9781513546803

Keywords: Economic conditions, Financial crises, Economic policy, Price indexes, Real interest rates, Household debt, Zero lower bound, New Keynesian model, Collateral and borrowing constraints, Mortgage interest deductibility

We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs...