 | The Algebraic Galaxy of Simple Macroeconomic Models : A Hitchhiker's Guide Author/Editor: Evan C Tanner. Release Date:May, 2017 Simple macroeconomic frameworks like the IS/LM have survived because they help us conceptualize complex problems while also providing ‘back of the envelope’ estimates of macroeconomic outcomes. more...
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| Disinflation, External Vulnerability, and Fiscal Intransigence : Some Unpleasant Mundellian Arithmetic Author/Editor: Evan C Tanner. Release Date:May, 2017 This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell’s (1962) policy assignment framework suggests more...
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| Frontiers of Monetary Policymaking: Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic Author/Editor: Ali Alichi, Jaromir Benes, Joshua Felman, Irene Feng, Charles Freedman, Douglas Laxton, Evan Tanner, David Vavra, Hou Wang. Release Date:April, 2015 The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB’s recent more...
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| Fiscal Sustainability : A 21st Century Guide for the Perplexed Author/Editor: Evan C Tanner. Release Date:April, 2013 This paper critically reviews recent work regarding the sustainability of public debt. It argues that Debt Sustainability Analyses (DSAs) should be more than mere mechanical simulation exercises. more...
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| Fiscal Rules in a Volatile World : A Welfare-Based Approach Author/Editor: Jorge Restrepo, Carlos Garcia, Evan Tanner. Release Date:March, 2011 It is widely agreed that a fiscal rule should boost discipline and credibility, reduce macroeconomic volatility, and be easily understood. To support such goals, a government may run structural more...
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| Frugality : Are We Fretting Too Much? Household Saving and Assets in the United States Author/Editor: Evan Tanner, Yasser Abdih. Release Date:September, 2009 Household savings rates in the United States have recently crept up from all-time lows. Some have suggested that a shift toward frugality will hamper GDP growth-the Keynesian paradox of thrift. We more...
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| Probabilistic Sustainability of Public Debt : A Vector Autoregression Approach for Brazil, Mexico, and Turkey Author/Editor: Evan Tanner, Issouf Samaké. Release Date:December, 2006 This paper examines the sustainability of fiscal policy under uncertainty in three emerging market countries, Brazil, Mexico, and Turkey. For each country, we estimate a vector autoregression (VAR) more...
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| The Perils of Tax Smoothing : Sustainable Fiscal Policy with Random Shocks to Permanent Output Author/Editor: Evan Tanner, Kevin Joseph Carey. Release Date:November, 2005 If permanent output is uncertain, tax smoothing can be perilous: both debt levels and tax rates are difficult to stabilize and may drift upwards. One practical remedy would be to target the debt. more...
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| Government Debt : A Key Role in Financial Intermediation Author/Editor: Michael Kumhof, Evan Tanner. Release Date:March, 2005 The literature on optimal fiscal policy finds that highly volatile real returns on government debt, for example through surprise inflation, have very low costs. However, policymakers are almost more...
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| Fiscal Rules and Countercyclical Policy : Frank Ramsey Meets Gramm-Rudman-Hollings Author/Editor: Evan Tanner. Release Date:November, 2003 Fiscal rules—legal restrictions on government borrowing, spending, or debt accumulation (like the Gramm-Rudman-Hollings Act in the United States)—have recently been adopted or more...
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