This paper lays out a tractable model for fiscal and monetary policy analysis in a currency union, and analyzes its implications for the optimal design of such policies. The model incorporates country-specific shocks and nominal rigidities. Under the assumptions, the optimal monetary policy requires that inflation be stabilized at the...
This paper uses a micro-founded macro econometric modeling framework to investigate the design of monetary policy when the central bank faces uncertainty about the true structure of the economy. It applies Bayesian methods to estimate the parameters of the baseline specification using postwar U.S. data, and then determine the policy...
Competition between opposing lobbies is an important factor in the endogenous determination of trade policy. This paper investigates empirically the consequences of lobbying competition between upstream and downstream producers for US trade policy. The empirical results, using US trade data, validate the predictions of the theoretical model with lobbying competition....
"This paper propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky and the only available sources of government revenue are distorting taxes. The linear-quadratic approach allows us to nest both conventional analyses of optimal monetary stabilization...
This article proposes an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky and the only available sources of government revenue are distorting taxes. The linear-quadratic approach allows nesting both conventional analyses of optimal monetary stabilization policy and analyses of...
This paper considers whether the development of electronic money' poses any threat to the ability of central banks to control the value of their national currencies through conventional monetary policy. It argues that even if the demand for base money for use in facilitating transactions is largely or even completely...
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