[PDF] Top 20 Fiscal and Monetary Policy Interactions in Pakistan Using a Dynamic Stochastic General Equilibrium Framework

... of Pakistan is adopting tight monetary policy in order to discourage government borrowing from the domestic banking system and non-bank financial institutions, particularly from the state bank of ... See full document

... this policy. This policy affects the assumption that since expansionary fiscal policy is the result of foreign aid, it may not occur in the next year, and so the effect of shock will be zero ... See full document

... ary policy analysis in ...solved using recent m et hods in com put at ional econom ics which m akes it feasible t o com put e higher order approxim at ions t o t he equilibrium condit ions in dy nam ... See full document

... wage equilibrium components of nonpredetermined endogenous variables while imposing relatively weak identifying restrictions on their trend ...components framework proposed by Vitek (2006c, 2006d), this ... See full document

... macroeconomic policy is traditionally to contribute towards promoting macro- economic stability, namely price stability and economic growth (Bank of England, 1997) without in- cluding financial market ...and ... See full document

... This paper aims to specify a DSGE model for Iran's economy and to simulate macroeconomic variables and stock price bubbles. For this purpose, Bayesian econometric methods and quarterly data are used during the period ... See full document

... the monetary transmission mechanism, as summarized by impulse response functions derived from an estimated SVAR model, while dominating that SVAR model in terms of predictive ...linearizing equilibrium ... See full document

... wage equilibrium components of various observed and unobserved nonpredetermined endogenous variables while imposing relatively weak identifying restrictions on their trend components, with an emphasis on the level ... See full document

... the monetary transmission mechanism, as summarized by impulse response functions derived from an estimated SVAR model, while dominating that SVAR model in terms of predictive ...linearizing equilibrium ... See full document

... a dynamic game with a nonlinear dynamic system, one cannot hope for general analytical solutions but must resort to numerical ...drawing general conclusions, especially when a great number of ... See full document

... of Dynamic Stochastic General Equilibrium (hereafter DSGE) models has been heightened in recent years due to advances in ...particular equilibrium relationships as in Christiano and ... See full document

... addition, fiscal stimulus were also introduced in the form VAT exemptions for cooking oil and biofuel (BBN) as well as oil and gas exploration activities, which amounted to Rp ...the fiscal stimulus from ... See full document

... In the benchmark case without productivity-enhancing public investment, central bank’s opacity reduces the inflation rate, tax rate, public consumption and output distortions when the di[r] ... See full document

... Post-Keynesian finches and their New Keynesian cousins have avoided each other for far too long. Just as the arrival of El Niño in the Galapagos Islands allowed diverging species to once more merge, it is my hope that ... See full document

... the monetary union Italy went through major pension reform, raising the retirement age and increasing individual contributions in an attempt to cut down the budget ...the fiscal constraints imposed on ... See full document

... the fiscal-augmented model produce price ...when fiscal policy is active. As defined in Paper 2, an active fiscal policy means that the fiscal authority determines taxes and ... See full document

... macroeconomic policy is to ensure that the economy achieves non- inflationary, stable ...over monetary conditions and ministry of finance has power over the macroeconomic aspects of fiscal ... See full document

... We examine the transition of our model economy from the current steady state to a new one by using the simulation methodology discussed in section 5. We set all exogenous shocks to zero to focus on the endogenous ... See full document

... is as likely to follow a period of Repressed Inflation as any other regime. One may note that the reasonableness of this feature depends on the length of the periods. The second somewhat disturbing feature is that prices ... See full document

... The monetary production subsidy we consider can be mapped in real-life economies to policies that prescribe paying interest to some money holders, in our case ...of policy prescription has a long tradition ... See full document