🍂 Autumn reading time! Let our AI Librarian find your perfect cozy read 🫖
Explore the literary world of this author
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Pla...
The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region DSGE model developed by the Economic Modeling Division of the IMF for policy ...
A Prototype Model
This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions...
This working paper presents a comprehensive overview of the theoretical structure of the Global Integrated Monetary and Fiscal Model (GIMF), a multi-r...
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 198...
The Case of Endogenous Default
The paper studies how high household leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-19...
This paper uses two of the IMF’s DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argum...
The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under th...
We study the welfare properties of a New Keynesian monetary economy with an essential role for risky bank lending. Banks lend funds deposited by house...
Policy Considerations and Applications to the Euro Area
The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wa...
The Simulation Properties of the Global Integrated Monetary and Fiscal Model
The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed by the Economic Modeling Division of t...
This paper studies the empirical and theoretical link between increases in income inequality and increases in current account deficits. Cross-sectiona...
Selected Applications of MAPMOD
This paper, together with a technical companion paper, presents MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive cr...
The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models ca...
This paper provides a monetary model with nominal rigidities that differs from the conventional New Keynesian model with firms setting pricing policie...
This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowdin...
We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing con...
The Open Economy Case
This paper develops a model of inflation inertia based on optimizing forward looking staggered price setting in a small open economy. Unlike in curren...
For thirty years prominent voices have advocated a policy of starving the beast cutting taxes to force government spending cuts. This paper analyzes t...
Short-Term Pain and Long-Term Gain
The paper evaluates the costs and benefits of fiscal consolidation using simulations based on the IMFs global DSGE model GIMF. Over the longer run, we...
This paper asks whether an aggressive monetary policy response to inflation is feasible in countries that suffer from fiscal dominance, as long as mon...
This paper develops a dynamic stochastic general equilibrium monetary portfolio choice model that accomplishes two objectives. First, it provides a th...
Some Possible Futures
This paper, using a six-region DSGE model of the world economy, assesses the GDP and current account implications of permanent oil supply shocks hitti...
Geology Versus Technology
We discuss and reconcile two diametrically opposed views concerning the future of world oil production and prices. The geological view expects that ph...
Standard theory shows that sterilized foreign exchange interventions do not affect equilibrium prices and quantities, and that domestic and foreign cu...
Traditionally, the impacts of the rights of financial institutions and workers on corporate performance have been analyzed independently. Yet, theory ...
This paper develops a theory of inflation inertia based on forward looking staggered price setting in the nontradable goods sector of a small open eco...
This paper analyzes the scope for systematic rules-based fiscal activism in open economies. Relative to a balanced budget rule, automatic stabilizers ...
This paper develops a 2-country New Keynesian overlapping generations model suitable for the joint evaluation of monetary and fiscal policies. We show...
...
A Key Role in Financial Intermediation
The literature on optimal fiscal policy finds that highly volatile real returns on government debt, for example through surprise inflation, have very ...