Download or read book Three Essays on Fiscal Policy and Government Debt written by Sigrid Röhrs and published by . This book was released on 2011 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Monetary and Fiscal Policy written by Ruoyun Mao and published by . This book was released on 2020 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of three essays studying the effects of monetary and fiscal policy. The first chapter, ''Policy Uncertainty and Government Spending Effects'' (joint with Shu-Chun Yang), studies government spending multipliers in a low nominal interest rate environment. Using a fully nonlinear New Keynesian model, this chapter shows government spending multipliers can decrease when 1) the initial debt-to-GDP ratio is higher, 2) the tax rate is higher, 3) debt maturity is longer, and 4) monetary policy is more responsive to inflation. When monetary and fiscal policy regimes can switch, policy uncertainty also reduces spending multipliers. If higher inflation induces a rising probability of switching to a regime where monetary policy actively controls inflation and fiscal policy raises future taxes to stabilize government debt, the multipliers can fall much below unity.The second chapter is a joint work with Zhao Han and Xiaohan Ma and studies how dispersed information impacts inflation, inflation expectations, and the Phillips curve by analytically solving a price-setting problem with nominal rigidity and informational frictions. The analytical representations enable us to recover the underlying parameters with data from the Survey of Professional Forecasters (SPF) and quantify the effects of dispersed information. The estimation results show dispersed information plays an important role in generating persistent inflation forecast errors and non-zero nowcast errors, as observed in the SPF data, but the effects of higher-order expectations on the Phillips curve are quantitatively small.The last chapter derives the optimal monetary policy when firms only have limited capacity to process information. The result shows marginal cost of attention is the key to determining the trade-off between the central bank's dual mandates. When the marginal cost is low, monetary policy aiming at stabilizing the output gap attracts attention from the private sector and generates inefficient price dispersion; Increasing the marginal cost of attention can eliminate the trade-off. A comparison between a rule-based policy and a discretionary policy confirms welfare gain from commitment. Firms pay extra attention to the policy signal when it is discretionary, which generates more price dispersion and harms welfare.

Download or read book Debt Deficits and Fiscal Policy written by Neil Harold Buchanan and published by . This book was released on 1996 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Intertemporal Fiscal Closure Rules and Fiscal Policies in Macroeconomic Models written by Long Zhang and published by . This book was released on 1996 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Monetary and Fiscal Policy written by Francesco Furlanetto and published by . This book was released on 2006 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Fiscal Policy written by Axelle Ferriere and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Fiscal and Monetary Policy written by Jonathan A. Rawls and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Fiscal Policy written by Sinem Buber Singh and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Fiscal Policy and Government Debt written by Fernando Maximiliano Martin and published by . This book was released on 2005 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Fiscal Policy and Macroeconomic Fluctuations written by Matthew Avery Schurin and published by . This book was released on 2013 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Public Debts written by Henry Carter Adams and published by New York : D. Appleton. This book was released on 1895 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Fiscal Policy and the Pricing of Sovereign Debt written by Fraser William Knox and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays which relate to the conduct of fiscal policy and the pricing of sovereign debt. The first chapter examines the credibility of official budgetary projections produced by the fiscal authorities of EU member states, as required under the provisions of the Stability and Growth Pact. Drawing upon existing studies, evidence is presented which demonstrates that these official projections are characterised by optimism bias, i.e. announced budgetary adjustments persistently falls short of those observed in practice. This chapter contributes to the existing literature by identifying a systematic link between the magnitude of this optimism bias and the degree of fragmentation which characterises the government: whereby greater fragmentation of this type coincides with a tendency to submit more optimistic projections. Numerical fiscal rules are then considered as a mechanism for improving the credibility of these projections and it shown that budgetary strictures of this form have been effective in reducing the optimism bias which emerges when government fragmentation increases. The second chapter investigates the relative importance of systematic risk and conventional fiscal indicators in characterising the default risks of EMU member states and as potential explanations of pricing disparities which exist between public debt securities issued by these countries. Using both a portfolio approach and Fama and Macbeth cross-sectional regressions it is demonstrated that measures of systematic default risk (approximated by an issuer's default beta) and fiscal indicators overlap in the manner of risks which they represent. It is also shown that the common variation which exists between these alternate measures is relevant in explaining difference in the excess returns on EMU public debt securities in sample periods which both include and exclude the recent sovereign debt crisis. The third and final chapter uses a panel data model to examine yield spreads on ten-year public debt securities issued by EMU sovereign nations from 2005 to 2012. Existing studies have highlighted that there are (at times) substantial discrepancies between the spreads implied this class of model and the value of spreads observed in practice, particularly since the advent of the sovereign debt crisis in late 2009. Evidence of this nature has been used to substantiate arguments that financial markets have incorrectly priced the relative risks associated with these securities given that their prices cannot be related to an assumed fundamental basis. In this chapter I present an alternative account of evolutions in EMU yield spreads during the crisis which focuses upon the scale of macroeconomic imbalances characterising certain member states and their implications for public debt sustainability. It is shown that once these factors are taken into account up to 83% of the observed variation in yield spreads can be explained over this period. These results re-establish the importance of fundamentals in understanding market based perceptions of sovereign default risk during the crisis.

Download or read book Three Essays on Government Debt and Asset Markets written by Robert Glenn Hubbard and published by . This book was released on 1983 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Fiscal Policy and Business Cycle Analysis written by Christian Breuer and published by . This book was released on 2013 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Government Debt and Tax Policy written by Ding Ding and published by . This book was released on 2008 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Monetary Policy written by David B. Gordon and published by . This book was released on 1994 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Fiscal and Monetary Policy written by Geeta Garg and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays concerning the macroeconomic effects of uncertainty about future path of fiscal and monetary policy.The first chapter provides a quantitative assessment of the impact of anticipated tax changes in Japan using a Vector Autoregressive (VAR) framework. For this paper, I utilize a new dataset that documents all the legislated federal and local government taxes in Japan which have been classified as exogenous based on the narrative evidence. The time period between the announcement and the implementation dates allows me to capture the anticipation effects of tax changes. The constructed series of (exogenous) tax shocks is incorporated directly in a VAR. I find that the anticipation effects of tax policy are important and have effects that are different from the unanticipated changes in tax policy. An unanticipated tax cut is expansionary and leads to an increase in output, investment and consumption. An anticipated tax cut however generates a slowdown in the quarters before its implementation and leads to a decline in all three variables. Once the anticipated tax cut is implemented, consumption recovers but investment and output continue to stay below their long-run trend. Lastly, I show that tax shocks are an important driver of certain business cycle episodes in Japan.The second paper studies the effects of fiscal uncertainty in Japan that arises due to the repeated failure of fiscal authorities in achieving the announced promises of fiscal consolidation in the future. In a New-Keynesian DSGE model with rational expectations, I examine the extent to which the uncertainty due to these repeated promises explain the slowdown experienced by the Japanese economy. I assume Markov-switching tax rules such that the response of taxes to debt vary with the fiscal stance of the government. I document that these promises generate time-variation in both the expected value and volatility of tax rates. Even in the regime in which taxes do not stabilize debt, the rising level of debt create expectations of higher future taxes causing economic contraction in the current period. These expectations lead to a decline in consumption, investment, labor hours, output and an increase in the level of debt which is also evident in the Japanese data since the 1990s.The third chapter examines the effects of uncertainty about the future path of monetary policy which is embedded in the news about who will be the future chairman of the Federal Reserve. To the extent the appointments of the Federal Reserve chairmen convey new information about future monetary policy, the financial markets respond to them as a result of revision in their expectations of the future path of interest rates or inflation. For this purpose, I construct a new dataset based on the daily counts of news articles that discuss these appointments. The underlying assumption is that the number of such news articles published on any day roughly measures the \ew information" about the direction of monetary policy. I find that the financial markets reacted adversely (Yen appreciated against USD, bond yields increased and stock returns slightly declined) in response to Volcker's departure or Greenspan's (first) appointment. However there was a muted response of financial markets to the appointments/departures that occurred afterwards.