 | Optimal Monetary and Fiscal Policy with Limited Asset Market Participation Author/Editor: Sven Jari Stehn. Release Date:July, 2009 This paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable more...
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| Fiscal Incentive Effects of the German Equalization System Author/Editor: Sven Jari Stehn, Annalisa Fedelino. Release Date:June, 2009 Does reliance on transfers weaken fiscal discipline and encourage pro-cyclical fiscal policies in recipient subnational governments? Using fiscal reaction functions for a panel of the German more...
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| Fiscal and Monetary Policy During Downturns : Evidence From the G7 Author/Editor: Sven Jari Stehn, Daniel Leigh. Release Date:March, 2009 This paper analyzes how fiscal and monetary policy typically respond during downturns in G7 countries. It evaluates whether discretionary fiscal responses to downturns are timely and temporary, and more...
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| Strategic Interactions between an Independent Central Bank and a Myopic Government with Government Debt Author/Editor: Sven Jari Stehn, David Vines. Release Date:July, 2008 We analyse optimal discretionary games between a benevolent central bank and a myopic government in a New Keynesian model. First, when lump-sum taxes are available and public debt is absent, we show more...
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| Debt Stabilization Bias and the Taylor Principle : Optimal Policy in a New Keynesian Model with Government Debt and Inflation Persistence Author/Editor: David Vines, Sven Jari Stehn. Release Date:August, 2007 We analyse optimal monetary and fiscal policy in a New-Keynesian model with public debt and inflation persistence. Leith and Wren-Lewis (2007) have shown that optimal discretionary policy is subject more...
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