[PDF] Top 20 Optimal Fiscal and Monetary Policy under Sectorial Heterogeneity

... Optimal Fiscal and Monetary Policy under Sectorial Heterogeneity Berriel, Tiago and Sinigaglia, Daniel Princeton University, PUC-Rio... Referen ce for Paramet er Esti mat ion.[r] ... See full document

... Technical Appendix to "Optimal Fiscal and Monetary Policy under Sectorial Heterogeneity" Berriel, Tiago and Sinigaglia, Daniel Princeton University, PUC-Rio.[r] ... See full document

... on monetary-fiscal interactions, Schmitt-Grohe and Uribe (2004a) and Schmitt-Grohe and Uribe (2007) exploit their own contribution to the computation of the solution of non-linear DSGE models in ... See full document

... a policy has been seen by various studies, it is also interesting to recognize that for the same context, the parameter of optimality has been ...that optimal monetary policy should be ... See full document

... This paper makes a small step in exploring the time consistency problem in a small open econ- omy. We show that OMFP is generally time inconsistent, a result independent of FERRs. Furthermore, OMFP is time consistent ... See full document

... Usually, fiscal and monetary policies in industrial countries have been expansionary in response to weak domestic ...of fiscal issues dealing with developing ...sub-optimal policy ... See full document

... proactive fiscal policies to stimulate the ...meet fiscal constraints in a monetary ...for monetary accommodation, raising taxes has a smaller adverse effect on output compared to cutting ... See full document

... IV DETERMINATION OF OPTIMAL FISCAL POLICY UNDER ALTERNATIVE REGIMES Using the solutions to the competitive equilibrium model for the two alternative regimes, I now model the optimal dete[r] ... See full document

... (monetary policy) is closed to zero since December 2008 with a new experimental policy (“quantitative easing”) to stimulate investment, growth, and ...the fiscal policy and the current ... See full document

... of fiscal policy can in principle improve upon the efficiency of a model economy similar to the one used in this ...of fiscal policy, where coordination issues between monetary and ... See full document

... the optimal monetary and …scal policy violates three Maastricht convergence criteria: on the CPI in‡ation rate, the nominal interest rate and de…cit to GDP ...constrained policy are di¤erent ... See full document

... of monetary and fiscal policy in EMU are numerous, and are usually associated with the prevention of the aforementioned cross-border spillovers and negative externalities which the monetary ... See full document

... African Monetary zones, candidate countries of the West African Monetary Zone (WAMZ) have twice postponed the take–off for the single ...African Monetary Zone (EAMZ) fear that, plans for a common ... See full document

... economic policy instruments within the West African Economic and Monetary Union (WAEMU), they obscured the role of structural heterogeneity and the cyclic ...that fiscal policy behaves ... See full document

... conditions under which different currency regimes arise, we take the existence of a currency union as given and focus on the positive and normative implications for migration and ...studies optimal ... See full document

... We begin by considering the period-by-period impulse response results for ten pe- riods (five years) in Tables 2 – 4. As can be seen, there is considerable heterogeneity of the responses across the cities. ... See full document

... the steady state of the gross nominal interest rate equal to R = 1= . From the labor supply equation (26), we derive the steady state of the real wage: w = 'C=(1 N ). From the production technology (27), we …nd the ... See full document

... the optimal Ramsey policy as can be seen by the substantial welfare loss in percentage terms if the monetary authority cannot commit to some form of interest rate ... See full document

... an optimal monetary-fiscal policy mix within a monetary union through the stabilization of inflation by a sole central bank and the stabilization of fiscal policies through ... See full document

... 1994 Fiscal Responsibility Act stipulates that once prudent levels of public debt have been achieved, debt should be maintained at that level by ensuring that on aver- age, over a reasonable period of time, the ... See full document