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1. |
Record Nr. |
UNINA9910971215903321 |
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Autore |
Kumhof Michael |
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Titolo |
Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints / / Michael Kumhof, Huixin Bi |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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9786612844737 |
9781462350711 |
1462350712 |
9781451874310 |
1451874316 |
9781452728865 |
1452728860 |
9781282844735 |
1282844733 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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Collana |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Fiscal policy |
Economic policy |
Consumption |
Demand and Supply of Labor: General |
Economics |
Fiscal Policy |
Fiscal rules |
Income economics |
Labor market |
Labor supply |
Labor |
Labour |
Macroeconomics |
Macroeconomics: Consumption |
Public finance & taxation |
Public Finance |
Revenue administration |
Revenue |
Saving |
Taxation, Subsidies, and Revenue: General |
Wealth |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Bibliographic Level Mode of Issuance: Monograph |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Intro -- Contents -- I. Introduction -- II. The Model -- A. Infinitely-Lived Households -- B. Borrowing-Constrained Households -- C. Firms -- D. Government -- 1. Monetary Policy -- 2. Budget Constraint -- 3. Fiscal Policy -- E. Competitive Equilibrium -- F. Aggregate Welfare -- III. Calibration -- IV. Results -- A. Impulse Responses -- 1. Fiscal Policy Rule Parameters -- 2. Monetary Policy Rule Parameters -- B. Welfare under Different Shocks -- C. Welfare and Volatility -- 1. Welfare and Volatility of Policy Instruments -- 2. Efficiency Frontiers -- 3. Alternative Fiscal Instruments -- 4. Alternative Fiscal Rules -- 5. Comparison with the Canonical Infinite-Horizon Case -- V. Conclusion -- References -- Tables -- 1. Moments of the Data and the Model -- Figures -- 1. Positive Technology Shock, Different dtax -- 2. Negative Investment Shock, Different dtax -- 3. Positive Consumption Shock, Different dtax -- 4. Positive Technology Shock, Different dpie -- 5. Positive Technology Shock, Different dpie, No Liquidity-Constrained Agents . -- 6. Positive Technology Shock, Different di -- 7. Welfare - Technology Shock -- 8. Welfare - Investment Shock -- 9. Welfare - Consumption Shock -- 10. Welfare - All Shocks -- 11. Welfare and Policy Instrument Volatility -- 12. Welfare-Fiscal Volatility Efficiency Frontier -- 13. Welfare Comparison across Fiscal Instruments -- 14. 100 Percent Infinitely-Lived Agents - Welfare - 2 Dimensional -- 15. 100 Percent Infinitely-Lived Agents - Welfare - 1 Dimensional. |
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Sommario/riassunto |
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We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowingconstrained agents, rather than output. The optimized monetary rule features super-inertia and a very low coefficient on inflation, which minimizes real wage volatility. The welfare gains of optimizing the fiscal rule are far larger than the welfare gains of optimizing the monetary rule. The preferred fiscal instruments are government spending and transfers targeted to borrowing-constrained agents. |
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2. |
Record Nr. |
UNINA9910970782303321 |
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Autore |
Lama Ruy |
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Titolo |
Accounting for Output Drops in Latin America / / Ruy Lama |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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9786612842887 |
9781462330553 |
146233055X |
9781451872149 |
1451872143 |
9781451991307 |
1451991304 |
9781282842885 |
1282842889 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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Collana |
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Soggetti |
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Business cycles - Latin America |
Business forecasting - Latin America |
Bonds |
Business cycles |
Capacity |
Capital and Total Factor Productivity |
Cost |
Economic forecasting |
Economic growth |
Economic theory & philosophy |
Economic Theory |
Financial Economics |
Financial frictions |
General Financial Markets: General (includes Measurement and Data) |
Income economics |
Industrial productivity |
Investment & securities |
Investments: Bonds |
Labor economics |
Labor Economics: General |
Labor |
Labour |
Macroeconomics |
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Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) |
Production and Operations Management |
Production |
Total factor productivity |
Argentina |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Bibliographic Level Mode of Issuance: Monograph |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Intro -- Contents -- I. Introduction -- II. Benchmark Small Open Economy Model -- III. Quantitative Analysis -- A. Calibration and Estimation -- B. Simulation: Accounting for Output Drops in Latin America -- IV. Sensitivity Analysis -- A. High Risk Aversion Coefficient -- B. No Adjustments Costs -- C. Variable Capital Utilization -- V. Concluding Remarks -- Appendices -- A. Benchmark Small Open Economy Model -- B. Equivalence between Wedges and Theoretical Models -- C. Data Sources -- References -- Figures -- 1. Detrended GDP per capita in Latin American Economies -- 2. TFP, Labor Wedge, Capital Wedge, and Bond Wedge -- 3. Effect of TFP on GDP -- 4. Effect of Labor Wedge on GDP -- 5. Labor Wedge, Model Prediction, and Real Interest Rate -- 6. Effect of Capital Wedge on GDP -- 7. Effect of Bond Wedge on GDP -- 8. Sensitivity Analysis -- Tables -- 1. Calibrated Parameters -- 2. Parameters of Stochastic Processes -- 3. Contributions to Output Drops -- 4. Properties of Wedges -- 5. Model Predictions. |
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Sommario/riassunto |
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This paper evaluates what type of models can account for the recent episodes of output drops in Latin America. I develop an open economy version of the business cycle accounting methodology (Chari, Kehoe, and McGrattan, 2007) in which output fluctuations are decomposed into four sources: total factor productivity (TFP), a labor wedge, a capital wedge, and a bond wedge. The paper shows that the most promising models are the ones that induce fluctuations of TFP and the labor wedge. On the other hand, models of fnancial frictions that translate into a bond or capital wedge are not successful in explaining output drops in Latin America. The paper also discusses the implications of these results for policy analysis using alternative DSGE models. |
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