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作者：Corsetti, Giancarlo; Kuester, Keith; Meier, Andre; Mueller, Gernot J.
作者单位：University of Cambridge; University of Bonn; International Monetary Fund
摘要：This article analyses the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a sovereign risk channel' through which sovereign default risk raises funding costs in the private sector. If monetary policy cannot offset increased credit spreads because it is constrained by the zero lower bound or otherwise, the sovereign risk channel exacerbates indeterminacy problems: privat...
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作者：Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; Scott, Andrew
作者单位：University of Cambridge; Universite de Montreal; HEC Montreal; University of London; London Business School
摘要：We examine the implications for optimal inflation of changes in the level and maturity of government debt under the assumption where fiscal and monetary policies co-ordinate, and in the case of an independent central bank following a Taylor rule. Under co-ordination, inflation persistence and volatility depend on the sign, size and maturity of debt. Higher debt leads to higher inflation and longer maturity leads to more persistent inflation although inflation plays a minor role in achieving fi...
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作者：Bi, Huixin; Leeper, Eric M.; Leith, Campbell
作者单位：Indiana University System; Indiana University Bloomington; Monash University; National Bureau of Economic Research; University of Glasgow
摘要：This article explores the macroeconomic consequences of fiscal consolidations whose timing and composition either taxor spending based are uncertain. We find that the composition of the fiscal consolidation, its duration, the monetary policy stance, the level of government debt, and expectations over the likelihood and composition of fiscal consolidations all matter in determining the extent to which a given consolidation is expansionary or successful in stabilising government debt. We argue t...
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作者：Denes, Matthew; Eggertsson, Gauti B.; Gilbukh, Sophia
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Cutting government spending can increase the budget deficit at zero interest rates according to a standard New Keynesian model, calibrated with Bayesian methods. Similarly, increasing sales taxes can increase the budget deficit rather than reducing it. Both results suggest limitations of austerity measures'. At zero interest rates, running budget deficits can be either expansionary or contractionary depending on how they interact with expectations about long-run taxes and spending. The effect ...
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作者：Crafts, Nicholas; Williamson, Jeffrey G.
作者单位：University of Warwick
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作者：Bilbiie, Florin O.; Monacelli, Tommaso; Perotti, Roberto
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics; National Bureau of Economic Research
摘要：We build a model with financial imperfections and heterogeneous agents and analyse the effects of two types of fiscal policy: revenue-neutral, intratemporal redistribution; and debt-financed tax cuts, which we interpret as intertemporal redistribution. Under flexible prices, the two policies are either neutral or display effects that are at odds with the empirical evidence. With sticky prices, Ricardian equivalence always fails. A Robin Hood, revenue-neutral redistribution to borrowers is expa...
