作者：Chen, Xiaoshan; Leeper, Eric M.; Leith, Campbell
作者单位：Durham University; University of Virginia; National Bureau of Economic Research; University of Glasgow
摘要：We estimate a model in which fiscal and monetary policy obey the targeting rules of distinct policy authorities, with potentially different objective functions. We find: (1) Time-consistent policy fits U.S. time series at least as well as instrument-rules-based behavior; (2) American policies often do not conform to the conventional mix of conservative monetary policy and debt-stabilizing fiscal policy, although economic agents expect fiscal policy to stabilize debt eventually; (3) Even after ...
作者：Bonfiglioli, Alessandra; Crino, Rosario; Gancia, Gino
作者单位：University of London; Queen Mary University London; Centre for Economic Policy Research - UK; University of Bergamo; Leibniz Association; Ifo Institut
摘要：Does economic uncertainty promote the implementation of structural reforms? We answer this question using one of the most exhaustive cross-country panel data sets on reforms in six major areas and measuring economic uncertainty with stock market volatility. To identify causality, we exploit exogenous differential variation in countries' exposure to foreign volatility shocks due to predetermined and time-invariant bilateral characteristics. Across all specifications, we find that stock market v...
