- New York, New York, United States
- Economics, Political Science, Finance, International Macroeconomics, Open Economy Macroeconomics, Public Finance, and 22 morePolitical Economy, Monetary Economics, International Economics, Fiscal policy, Central Banking, Economic and Monetary Union, Monetary Unions, Immigration, Public Budgeting and Finance, Inflation Theory, Deflationism, Non-Cooperative Game Theory, Fiscal Sustainability, Intertemporal budget constraint, Government solvency, Energy, Education, Macroeconomics, International Finance, Fiscal federalism and decentralization, Fiscal Policy and debt Management, and Public Policyedit
- Economist. Mostly academic (LSE, Cambridge, Yale, Bristol and Princeton) but with diversions into the public, multil... moreEconomist. Mostly academic (LSE, Cambridge, Yale, Bristol and Princeton) but with diversions into the public, multilateral and private sectors. Former Global Chief Economist at Citigroup, Chief Economists at the EBRD and member of the Monetary Policy Committee of the Bank of England.edit
Research Interests:
Research Interests:
temporary equilibrium and long run equilibrium is available in our digital library an online access to it is set as public so you can download it instantly. Our books collection spans in multiple countries, allowing you to get the most... more
temporary equilibrium and long run equilibrium is available in our digital library an online access to it is set as public so you can download it instantly. Our books collection spans in multiple countries, allowing you to get the most less latency time to download any of our books like this one. Merely said, the temporary equilibrium and long run equilibrium is universally compatible with any devices to read.
Research Interests:
Publisher Summary This chapter discusses macroeconomic modeling for economic policy. The essential advantage of the use of any interpretable formalized and quantified system is that the assumptions underlying the conclusions are... more
Publisher Summary This chapter discusses macroeconomic modeling for economic policy. The essential advantage of the use of any interpretable formalized and quantified system is that the assumptions underlying the conclusions are specified. This enables their control, and also variation and communication. Both for the attribution of responsibilities and for the promotion of learning-by-doing in economic policy making, this renders the application of models far superior to non-formalized and non-quantified alternatives. The Dutch experience suggests that macroeconomic modeling can be important for economic policy in different ways: by providing a quantitative framework for projections, by providing an explicit, controllable and in several respects consistent framework for the discussion of macroeconomic policy issues for the past as well as for the future, and by providing a constant confrontation between macroeconomic thinking and the facts. All of these functions of macroeconomic modeling contribute to a collective learning process. They have a number of intrinsic limitations for which a cure is hardly conceivable. Therefore, macro econometric models should be supplemented with other formal devices in the preparation of economic policy.
Research Interests:
Research Interests: Economics, International Economics, Monetary Economics, Political Economy, Political Science, and 15 morePolitics, Saudi Arabia, Convergence, Economic integration, Kingdom of Saudi Arabia, Currency Union, Gulf Cooperation Council, Social Science Research Network, Economic and Monetary Union, Political Institution, Monetary Unions, Monetary Union, Single Market, Central Bank, and Exchange rate regime
Research Interests:
Research Interests:
Research Interests:
Research Interests: Economics, Monetary Economics, Financial Economics, Deflationism, Monetary Policy, and 12 moreSocial Science Research Network, Developing Country, Exchange rate, Currency, Price Stability, Unbundling, Small open economies, Collective Choice, Zero Lower Bound, Interest Rate, New keynesian Model, and Unit of Account
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Necessary conditions for valid dynamic general equilibrium analysis include: (1) the number of equations equals the number of unknowns; (2) the number of state variables equals the number of boundary conditions; (3), if (1) and (2) hold,... more
Necessary conditions for valid dynamic general equilibrium analysis include: (1) the number of equations equals the number of unknowns; (2) the number of state variables equals the number of boundary conditions; (3), if (1) and (2) hold, the model has one or more solutions and these solutions make economic sense. The fiscal theory of the price level - in any of its variants - fails these conditions, both away from and at the effective lower bound. The fundamental fallacy at the root of the FTPL is not requiring the intertemporal budget constraint (IBC) of the State to hold identically but only in equilibrium, and treating the IBC of the State (holding with equality and with sovereign debt priced at its contractual value) as a (misspecified) government bond pricing equilibrium condition. Arbitrary (non-Ricardian) policies governing public spending, taxation, interest rates and monetary issuance are asserted to satisfy the intertemporal budget constraint of the State in equilibrium because either the price level (in the original FTPL) or the level of real economic activity (in the Keynesian version of the FTPL developed by Sims) will adjust to make the real contractual value of the outstanding stock of nominal public debt equal to the present discounted value of current and future primary surpluses plus seigniorage. In reality this means overdetermined or inconsistent systems unless (a) the price level is flexible, (b) the interest rate is the monetary policy instrument and (c) there is a non-zero stock of nominal government bonds. Thus, a sticky price level implies overdeterminacy or another inconsistency, and a nominal money stock rule implies overdeterminacy. When all three conditions are satisfied, unacceptable anomalies occur: the possibility of negative price levels; the FTPL can price money when money does not exist; the logic of the FTPL applies equally to the intertemporal budget constraint of an individual household; when the bond pricing equation is specified correctly, there is no FTPL. The FTPL has nothing to do with monetary vs. fiscal dominance or active v. passive fiscal policy. The FTPL implies government debt is never a problem; the price level or the level of real economic activity take care of it, and not through unanticipated inflation or financial repression. If acted upon by fiscal authorities, the consequences could be severe. There is a correct fiscal theory of seigniorage. The issuance of return-dominated and/or irredeemable central bank money creates fiscal space and ensures that a combined monetary-fiscal stimulus always boosts nominal aggregate demand.
Research Interests:
Research Interests: Economics, Monetary Economics, Financial Economics, Deflationism, Monetary Policy, and 12 moreSocial Science Research Network, Developing Country, Exchange rate, Currency, Price Stability, Unbundling, Small open economies, Collective Choice, Zero Lower Bound, Interest Rate, New keynesian Model, and Unit of Account
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Introduction. Does an Increase in the Trade Balance Surplus or in the Current Account Surplus at Full Employment Require a Depreciation of the Real Exchange Rate? A First Approach. A Very Simple Two-Country Model Based on Krugman and... more
Introduction. Does an Increase in the Trade Balance Surplus or in the Current Account Surplus at Full Employment Require a Depreciation of the Real Exchange Rate? A First Approach. A Very Simple Two-Country Model Based on Krugman and Baldwin. Supply Shocks. Intertemporal Allocation and Financial Markets. Endogenous Absorption Shares. Private Consumption. Private Capital Formation. Public Spending. Imported Intermediate Inputs. The Domestic Bias in Spending. Increasing Returns to Scale in Production. A Simple Pooling Equilibrium. A Pooling Equilibrium with Capital Formation. Long Run Equilibrim. Dynamic Adjustment. Imported Capital Goods. A Model with Domestic Bias in Private Consumption, Capital Formation and Portfolio Choice. Consumption. Investment, Employment and Production. The Complete Model. Debt Neutrality and Henry George's ``Single Tax''. Long-Run Equilibrium. Table V.1. Demand Shocks with Deficit Financing. Dynamic Adjustment to an Early Tax Cut Followed by an Eventual Tax Increase. Balanced Budget Demand Shocks. Balanced Budget Supply Shocks. Dynamic Response to a Productivity Shock. Conclusion. References.
Research Interests:
... The mixed success of the policy measures, including fiscal consolidation, provides a ... Without Ricardian equivalence or debt neutrality, continuing large fiscal ... The pattern of debt service (interest and repayment of principal),... more
... The mixed success of the policy measures, including fiscal consolidation, provides a ... Without Ricardian equivalence or debt neutrality, continuing large fiscal ... The pattern of debt service (interest and repayment of principal), which is heavily influenced by the maturity structure ...
Research Interests: Economics, Monetary Economics, Public Finance, Macroeconomics, Political Economy, and 14 moreInternational Trade, Public sector, Fiscal policy, Fiscal Policy and debt Management, Monetary Policy, Economic System, Revenue, Foreign Exchange, Prudence, former Soviet Union, Indian economy, Debt, Financial Sector, and Structural Adjustment
Research Interests:
Research Interests:
Research Interests:
An Open Access e-book with a collection of essays on the role of the EU in the convergence process in CESEE countries.
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests: Economics, Development Economics, International Economics, Macroeconomics, International Macroeconomics, and 15 moreConsumer Behavior, Fiscal policy, International Finance, Developing Country, First-Order Logic, Population Growth, Steady state, Budget Deficit, Interest Rate, Consumer Behaviour, Tax Revenue, Population Growth Rate, Current Account, Overlapping Generations, and time preference
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests: Economics, Monetary Economics, Fiscal policy, Monetary Policy, Liquidity Constraint, and 13 moreSocial Science Research Network, Developing Country, Currency, Output Gap, Empirical evidence, Analytical Model, Inflation Targeting, Lower Bound, Interest Rate, International Fisher Effect, Negative Nominal Interest Rate, LIQUIDITY TRAP, and Market Liquidity
Part I: Some Alternative Notions of Demand and Supply in Asset Markets 1. Three Alternative Specifications of Temporary Equilibrium in Asset Markets 2. The Effect of Alternative Specifications of Temporary Equilibrium in Asset Markets on... more
Part I: Some Alternative Notions of Demand and Supply in Asset Markets 1. Three Alternative Specifications of Temporary Equilibrium in Asset Markets 2. The Effect of Alternative Specifications of Temporary Equilibrium in Asset Markets on Short-Run Comparative Statics in Some Simple Macro Models Part II: The Long-Run Implications of Short-Run Models 3. Direct Crowding Out 4. Indirect Crowding Out 5. Government Policy in a Growing Economy 6. Controllability, Stabilisation and Optimisation Appendix 1: Stability in the Full Employment Model for the G' Policy Appendix 2: Stability, Controllability, Stabilisation and Optimisation Appendix 3: Two Kinds of Adjustment Processes Bibliography
Research Interests:
SIGLELD:3597.444(179) / BLDSC - British Library Document Supply CentreGBUnited Kingdo
Research Interests:
Counting is difficult, but worth it.