 | Fiscal Implications of Interest Rate Normalization in the United States Author/Editor: Huixin Bi, Wenyi Shen, Shu-Chun Susan Yang. Release Date:May, 2019 This paper studies the main channels through which interest rate normalization has fiscal implications in the United States. While unexpected inflation reduces the real value of government more...
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| Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries Author/Editor: Huixin Bi, Wenyi Shen, Susan S. Yang. Release Date:March, 2014 This paper studies fiscal policy effects in developing countries with external debt and sovereign default risks. State-dependent distributions of fiscal limits are simulated based on macroeconomic more...
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| Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints Author/Editor: Michael Kumhof, Huixin Bi. Release Date:December, 2009 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 constrained. The optimized fiscal rule is far more more...
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