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The Effects of Money-financed Fiscal Stimulus in a Small Open Economy. (). OKANO, Eiji ; Eguchi, Masataka.
In: Dynare Working Papers.
RePEc:cpm:dynare:070.

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Cites: 23

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Cocites: 50

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  1. Does nominal wage stickiness affect fiscal multiplier in a two-agent new Keynesian model?. (2023). Okano, Mitsuhiro ; Ida, Daisuke.
    In: MPRA Paper.
    RePEc:pra:mprapa:117241.

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References

References cited by this document

  1. [1] Auerbach, Alan J. and Maurice Obstfeld (2005), “The Case for Open-market Purchases in a Liquidity Trap,” The American Economic Review, 95, 110—137.

  2. [10] Board of Governors of the Federal Reserve System (2021), “Summary of Economic Projections, ” June 16, 2021. https://www.federalreserve.gov/newsevents/pressreleases/monetary20210616b.htm [11] Ferrero, Andrea (2009), “Fiscal and Monetary Rules for a Currency Union,” Journal of International Economics, 77, 1—10.

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  4. [13] Gali, Jordi (2020), “The Effects of a Money-financed Fiscal Stimulus,” Journal of Monetary Economics, 115, 1—19.
    Paper not yet in RePEc: Add citation now
  5. [14] Gali, Jordi and Tommaso Monacelli (2002), “Monetary Policy and Exchange Rate Volatility in a Small Open Economy,” NBER Working Paper, No. 8905.
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  6. [15] Gali, Jordi and Tommaso Monacelli (2005), “Monetary Policy and Exchange Rate Volatility in a Small Open Economy,” Review of Economic Studies, 72, 707—734.
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  7. [16] Gali, Jordi and Tommaso Monacelli (2016), “Understanding the Gains from Wage Flexibility: The Exchange Rate Connection,” American Economic Review, 106, 3829—3868.
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  8. [18] Jung, Taehun, Yuki Teranishi and Tsutomu Watanabe (2005), “Optimal Monetary Policy at the Zero-Interest-Rate Bound,” Journal of Money, Credit and Banking, 37, 813—835.

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  11. [21] Nakajima, Tomoyuki (2008), “Liquidity Trap and Optimal Monetary Policy in Open Economies,” Journal of the Japanese and International Economies, 22, 1—33.

  12. [22] New York Times (2021), “Federal Reserve Officials Project Rate Increases in 2023,” The New York Times, June 16, 2021 by Jeanna Smialek. https://www.nytimes.com/2021/06/16/business/economy/fed-meeting-inflation.html [23] Nihon Keizai Shimbun (2011), “[Kakon Nokosita Zeokinri Kaijo, Kinpaku no Kakehiki Akirakani Nichigin Gijiroku],” January 27, 2011 (in Japanese).
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  13. [24] Svensson, Lars E. O. (2004), “The Magic of the Exchange Rate: Optimal Escape from a Liquidity Trap in Small and Large Open Economies,” Mimeo.

  14. [25] Tsuruga, Takayuki and Shota Wake (2019), “Money-financed Fiscal Stimulus: The Effects of Implementation Lag,” CAMA Working Paper, 12/2019. Center for Applied Macroeconomic Analysis, Crawford School of Public Policy, Australian National University.

  15. [26] Turner, Adair (2015), “The Case for Monetary Finance. An Essentially Political Issue,” presented at the 16th Jacques Polak Annual Research Conference, the International Monetary Fund, November 5—6, 2015.
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  17. [4] Buiter, Willem H. (2001), “The Liquidity Trap in an Open Economy,” CEPR Discussion Papers, No. 2923. 8Monacelli[20] seems to implicitly assume the domestic government subsidizes both domestic producers and local retailers importing foreign goods. We follow Gali[13] where the domestic government does not subsidize. As long as we adopt local retailers similar to Monacelli[20], the local retailers are not subsidized by the domestic government and Eq. (19) boils down to Ψ = M−1 < 1 in the steady state. In this case, C = C∗ is no longer available and the steady-state conditions are complicated. Thus, we assume the foreign government is subsidizing (i.e., the foreign retailers are subsidized by the foreign government).

  18. [5] Buiter, Willem H. (2014), “The Simple Analytics of Helicopter Money: Why It Works—Always,” Economics, The Open-access, Open-assessment E-Journal, 8, 1—51.

  19. [6] Corsetti, Giancarlo, Luca Dedola and Sylvain Leduc (2007), “Optimal Monetary Policy and the Sources of Local-Currency Price Stability,” in International Dimensions of Monetary Policy, University of Chicago Press, Chicago, IL.

  20. [7] De Paoli, Bianca (2009), “Monetary Policy and Welfare in a Small Open Economy,” Journal of International Economics, 77, 11—22.

  21. [8] Eggertsson, Gauti and Michael Woodford (2003), “Zero Bound on Interest Rates and Optimal Monetary Policy,” Brookings Papers on Economic Activity, 1, 139—233.

  22. [9] English, William B., Christopher J. Erceg, and David Lopez-Salido (2017), “Money Financed Fiscal Programs: A Cautionary Tale,” Finance and Economics Discussion Series, 2017-060. Washington: Board of Governors of the Federal Reserve System.
    Paper not yet in RePEc: Add citation now

  23. Reference (Not shown in the text only) 58 Gali, Jordi (2015), Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and Its Application (2nd Eds.),’’ Princeton University Press, New York. 59 Figure TA‐‐1

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