scholarly journals Sticky Wages, Monetary Policy and Fiscal Policy Multipliers

2017 ◽  
Author(s):  
Bill Dupor ◽  
Rong Li ◽  
Jingchao Li
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Sticky Wages ◽  
Policy Multipliers

Global Financial Crisis and Its Impact on Russia

2009 ◽  
pp. 9-27 ◽  
Author(s):  
A. Kudrin
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Real Economy ◽  
Energy Prices ◽  
Russian Government ◽  
The Real

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

Theorizing About Post-Keynesian Economics in Australasa

2013 ◽  
pp. 411-435
Author(s):  
Paul Dalziel ◽  
J. W. Nevile
Keyword(s):  
Higher Education ◽  
Economic Growth ◽  
Monetary Policy ◽  
World War Ii ◽  
Fiscal Policy ◽  
Aggregate Demand ◽  
World War ◽  
Keynesian Economics ◽  
Low Levels ◽  
Monetary And Fiscal Policy

There was much in common in the development of post-Keynesian economics in Australia and New Zealand, but there were also many differences. Both countries shared a common heritage in higher education. In the first twenty-five years after World War II, both countries adopted broadly Keynesian policies and experienced very low levels of unemployment. Increasingly over these years more theorizing about macroeconomic policy had what now would be called a post-Keynesian content, but this label was not used till after the event. In both countries, apart from one important factor, the experience of actual monetary policy and theorizing about it were similar. Keynesian ideas were more rapidly adopted in Australia than in many other countries. Not surprisingly for a couple of decades after 1936, analysis of policy and its application was Keynesian rather than post-Keynesian, with fiscal policy playing the major role. The conduct of both monetary and fiscal policy depends on the theory of inflation. This chapter examines post-Keynesian economics in Australasia, focusing on aggregate demand, economic growth, and income distribution policy.

Interactive effects between monetary policy and fiscal policy based on dynamic stochastic general equilibrium model

2020 ◽  
pp. 1-12
Author(s):  
Ying Xie
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
General Equilibrium ◽  
Equilibrium Model ◽  
Control Policy ◽  
Dynamic Stochastic General Equilibrium ◽  
Economic Effects ◽  
Interactive Effects ◽  
Supply Side ◽  
Dynamic Stochastic

From the beginning to the end, monetary policy has focused too much on the control of the supply side. At present, the single supply-based monetary policy is ineffective. Therefore, it is urgent to change the current single direct supply-side regulation and control policy and replace it with a non-single and indirect control policy that combines supply and demand. Based on machine learning algorithms, this paper constructs a monetary policy analysis model based on dynamic stochastic general equilibrium methods to analyze the interactive effects of monetary policy and other policies. Moreover, this paper uses the dynamic stochastic general equilibrium model to simulate and analyze the economic effects of fiscal policy. In addition, this paper compares the economic effects of monetary policy and other policies and conducts verification and analysis through actual data. The obtained results show that the model constructed in this paper achieves the expected effect.

scholarly journals MONETARY POLICY, FISCAL POLICY, AND THE INFLATION TAX: EQUIVALENCE RESULTS

2003 ◽  
Vol 7 (05) ◽  
Author(s):  
JOYDEEP BHATTACHARYA ◽  
JOSEPH H. HASLAG ◽  
STEVEN RUSSELL
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Inflation Tax

scholarly journals Monetary Policy, Fiscal Policy, and Investment Spending: An Empirical Analysis

1986 ◽  
Vol 52 (3) ◽  
pp. 794 ◽  
Author(s):  
Abdur R. Chowdhury ◽  
James S. Fackler ◽  
W. Douglas McMillin
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Empirical Analysis ◽  
Investment Spending

scholarly journals Fiscal policy when monetary policy is tied to the mast

1996 ◽  
Vol 40 (7) ◽  
pp. 1413-1440 ◽  
Author(s):  
Jonas Agell ◽  
Lars Calmfors ◽  
Gunnar Jonsson
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy

scholarly journals Relative Effectiveness of Monetary and Fiscal Policies on Output Stabilization in Developing Countries: Evidence from Rwanda

2017 ◽  
Vol 10 (1) ◽  
pp. 220
Author(s):  
Kabanda Richard ◽  
Peter W. Muriu ◽  
Benjamin Maturu
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Relative Effectiveness ◽  
Variance Decomposition ◽  
Var Model ◽  
Fiscal Policies ◽  
Impulse Responses ◽  
Exogenous Variables ◽  
Output Stabilization ◽  
The Government

The aim of this study was to explain the relative effectiveness of monetary and fiscal policies in explaining output in Rwanda. The study used a sample of quarterly data for the period 1996-2014. Applying a recursive VAR, the study used 12 variables, including 5 endogenous and 7exogenous variables to the benchmark model and other two specifications were attempted to capture the true contribution of monetary and fiscal policies to variations in nominal output. Obtained results using impulse responses and variance decomposition provide evidence that monetary policy is more effective than fiscal policy in explaining changes in nominal output in Rwanda. In addition, monetary policy explains better output when the VAR model contains domestic exogenous variables than when they are not included, suggesting the relevance of including domestic exogenous variables in VAR specification of monetary and fiscal policies effectiveness on economic variables. Another suggestion is that in order to achieve higher growth, the government of Rwanda should rely more on monetary policy as compared to fiscal policy.

scholarly journals Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates

2014 ◽  
Vol 104 (10) ◽  
pp. 3154-3185 ◽  
Author(s):  
Eric T. Swanson ◽  
John C. Williams
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Lower Bound ◽  
Private Sector ◽  
Interest Rates ◽  
Zero Lower Bound ◽  
Short Term ◽  
Macroeconomic Models ◽  
Monetary And Fiscal Policy ◽  
Effectiveness Of Monetary Policy

According to standard macroeconomic models, the zero lower bound greatly reduces the effectiveness of monetary policy and increases the efficacy of fiscal policy. However, private-sector decisions depend on the entire path of expected future short-term interest rates, not just the current short-term rate. Put differently, longer-term yields matter. We show how to measure the zero bound's effects on yields of any maturity. Indeed, 1- and 2-year Treasury yields were surprisingly unconstrained throughout 2008 to 2010, suggesting that monetary and fiscal policy were about as effective as usual during this period. Only beginning in late 2011 did these yields become more constrained. (JEL E43, E52, E62)

A Modern Kaleckian-Keynesian Framework for Economic Theory and Policy

2013 ◽  
pp. 309-325 ◽  
Author(s):  
Philip Arestis ◽  
Malcolm Sawyer
Keyword(s):  
Economic Theory ◽  
Monetary Policy ◽  
Fiscal Policy ◽  
Labor Markets ◽  
Macroeconomic Policy ◽  
Financial Policy ◽  
Policy Agenda ◽  
Macroeconomic Policies ◽  
John Maynard Keynes ◽  
Main Instrument

Macroeconomic policies come from the “vision” of the ways in which an economy works. A “vision” of the economy where unemployment is a frequent occurrence gives rise to quite different policies from a “vision” of the economy in which there is little room for unemployment of labor, as, for example, in the New Classical macroeconomics. The macroeconomic vision that underlies the policy agenda of this chapter is described as Kaleckian-Keynesian, as it draws on the works and ideas of Michal Kalecki and John Maynard Keynes and others that approach the matter in a similar fashion. This chapter explores a modern Kaleckian-Keynesian framework for economic theory and policy. It first discusses fiscal policy, the main instrument of macroeconomic policy, before turning to monetary policy as well as financial policy, inflation, and policies that relate to product markets and labor markets.

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