Journal of Macroeconomics最新文献_第10页

Government expenditure and economic growth: A heterogeneous-agents approach 政府支出与经济增长:异质性主体方法

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-03-01 DOI: 10.1016/j.jmacro.2022.103486

Ryo Arawatari , Takeo Hori , Kazuo Mino

引用次数: 3

Monetary policy, fiscal policy and cross signal jamming 货币政策、财政政策与交叉信号干扰

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-03-01 DOI: 10.1016/j.jmacro.2022.103500

Jeong-Yoo Kim , Hyung Sun Choi

引用次数: 0

Are monetary policy shocks causal to bank health? Evidence from the euro area 货币政策冲击对银行健康有影响吗？来自欧元区的证据

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-03-01 DOI: 10.1016/j.jmacro.2022.103494

Alexander Jung

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引用次数: 0

Monetary and fiscal coordination in preventing bank failures and financial contagion 防止银行倒闭和金融传染的货币和财政协调

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-03-01 DOI: 10.1016/j.jmacro.2022.103498

Khai Zhi Sim

引用次数: 1

Do the Hamilton and Beveridge–Nelson filters provide the same information about output gaps? An empirical comparison for practitioners Hamilton和Beveridge–Nelson滤波器是否提供了相同的输出间隙信息？从业者的经验比较

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-03-01 DOI: 10.1016/j.jmacro.2022.103496

Christopher Biolsi

引用次数: 0

The pace of fiscal consolidations, fiscal sustainability, and welfare: An overlapping generations approach 财政整顿的步伐、财政可持续性和福利:代际重叠方法

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-03-01 DOI: 10.1016/j.jmacro.2022.103485

Noritaka Maebayashi

{"title":"The pace of fiscal consolidations, fiscal sustainability, and welfare: An overlapping generations approach","authors":"Noritaka Maebayashi","doi":"10.1016/j.jmacro.2022.103485","DOIUrl":"10.1016/j.jmacro.2022.103485","url":null,"abstract":"<div><p><span>This study investigates expenditure- and tax-based consolidations under the rule of reductions in debt-to-GDP ratios to the target level and the effects of these consolidations on fiscal sustainability and welfare, using an overlapping generations model with exogenous growth settings. We derive (i) a threshold (ceiling) of public debt to ensure fiscal sustainability, (ii) sustainable paces of these consolidations, and (iii) the optimal pace of consolidations under both expenditure- and tax-based consolidations, examining whether these consolidations are effective in the sense that they are sustainable, increase welfare, and induce fairness of welfare distribution across generations (lower intergenerational conflicts over welfare). We find that the pace of tax-based consolidation required to ensure fiscal sustainability is higher than that required for expenditure-based consolidation. As for welfare, countries may differ in their choice of the type of consolidation, which depends on the size of outstanding debts relative to capital, the economy’s productivity, tax rate levels, and the extent of utility derived by individuals from public goods and services. More importantly, it may also depend on whether policymakers emphasize social welfare or fairness of welfare distribution between generations. By contrast, a common result from the viewpoints of both social welfare and fair distribution of welfare across generations is that </span>fiscal consolidation cannot persist much longer than 30 years (one period in the model). This result will support the pace of consolidation in the EU: the Stability and Growth Pact.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"75 ","pages":"Article 103485"},"PeriodicalIF":1.4,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41843165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Inflation targeting and inflation communication of the Federal Reserve: Words and deeds 美联储的通胀目标和通胀沟通：言行

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-03-01 DOI: 10.1016/j.jmacro.2022.103497

Florian Hüpper, Bernd Kempa

{"title":"Inflation targeting and inflation communication of the Federal Reserve: Words and deeds","authors":"Florian Hüpper, Bernd Kempa","doi":"10.1016/j.jmacro.2022.103497","DOIUrl":"10.1016/j.jmacro.2022.103497","url":null,"abstract":"<div><p>This paper utilizes recent advances in automated text analysis to investigate whether and how the shifting inflation<span> focus in the monetary policy strategy of the Federal Reserve (Fed) is reflected in the transcripts of the Federal Open Market Committee (FOMC) meetings over the course of the last quarter century. We ascertain that inflation references have surged in the FOMC’s communication long before the implementation of the Fed’s explicit inflation targeting framework in 2012. We go on to assess whether the FOMC’s inflation communication had a direct impact on the monetary policy decisions of the Fed by estimating Taylor-type rules augmented by the FOMC’s tone-measured inflation references. We find these to induce quantitatively small but positive effects on the policy rate and the inflation reaction coefficient. In this sense, the FOMC communication on inflation reflects the Fed’s monetary policy stance quite closely. However, all these effects already occur prior to 2012, whereas the actual implementation of the inflation targeting framework itself elicits no further monetary tightening. Our evidence is in line with the FOMC’s communication at the time framing the implementation of inflation targeting as a continuation of the pursuit of the price stability objective rather than as a genuine change in the Fed’s monetary policy regime.</span></p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"75 ","pages":"Article 103497"},"PeriodicalIF":1.4,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42627891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Data deepening and nonbalanced economic growth 数据深化与非平衡经济增长

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-03-01 DOI: 10.1016/j.jmacro.2023.103503

Richard B. Freeman , Buyuan Yang , Baitao Zhang

引用次数: 0

Yield curve and the macroeconomy: Evidence from a DSGE model with housing 收益率曲线与宏观经济：来自住房DSGE模型的证据

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-03-01 DOI: 10.1016/j.jmacro.2022.103484

Xiaojin Sun , Kwok Ping Tsang

引用次数: 0

Macroeconomic effects of government spending shocks: New narrative evidence from Canada 政府支出冲击的宏观经济影响：来自加拿大的新叙事证据