Found 382 article(s) in category 'Monetary Policy'

Lawrence Summers on Carbon Dividends, Border Tax, Trade

Lawrence Summers on Carbon Dividends, Border Tax, Trade. Lawrence Summers, June 20, 2017, Video, “Lawrence Summers, Harvard University Charles W. Eliot Professor and Former U.S. Treasury Secretary, discusses carbon dividends, a border adjustment tax, and U.S. trade agreements. He speaks with Bloomberg’s David Westin on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)Link

 

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The Eurozone Must Reform or Die

The Eurozone Must Reform or Die. Kenneth Rogoff, June 14, 2017, Opinion, “With the election of a reform-minded centrist president in France and the re-election of German Chancellor Angela Merkel seeming ever more likely, is there hope for the stalled single-currency project in Europe? Perhaps, but another decade of slow growth, punctuated by periodic debt-related convulsions, still looks more likely. With a determined move toward fiscal and banking union, things could be much better. But, in the absence of policies to strengthen stability and sustainability, the chances of an eventual collapse are much greater.Link

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A Tax Cut Might Be Nice. But Remember the Deficit

A Tax Cut Might Be Nice. But Remember the Deficit. N. Gregory Mankiw, June 2, 2017, Opinion, “In the debate about federal tax policy, one question looms large: Should we have a tax cut that increases the budget deficit? President Trump says he wants “a massive tax cut … maybe the biggest tax cut we’ve ever had.” But the Senate majority leader, Mitch McConnell, who is clearly worried about the growing national debt, says tax reform “will have to be revenue-neutral.” The stage is set for another Republican showdown.” Link

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Trump Hopes To Lure Companies Back To The U.S. With Lower Tax Rates

Trump Hopes To Lure Companies Back To The U.S. With Lower Tax Rates. C. Fritz Foley, May 29, 2017, Audio, “A key part of President Trump’s tax plan is to repatriate corporate profits held overseas back to the U.S. With the lure of lower corporate rates, the idea is that companies will free up overseas earnings and instead invest in jobs and equipment in the U.S. A similar scheme was tried during the administration of George W. Bush, but companies used most of the money on stock buybacks or to pay dividends to shareholders.Link

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Monetary Policy in a Low Interest Rate World

Monetary Policy in a Low Interest Rate World. Kenneth Rogoff, May 19, 2017, Paper, “How should monetary policy be conducted if trend global real interest rates continue to remain below historical norms for another decade or two? And how, especially, might monetary authorities prepare for another deep recession? Whether or not the world has…Link

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The Effects of Fiscal Consolidations: Theory and Evidence

The Effects of Fiscal Consolidations: Theory and Evidence. Alberto Alesina, May 2017, Paper, “We investigate the macroeconomic effects of fiscal consolidations based upon government spending cuts, transfers cuts and tax hikes. We extend a narrative dataset of fiscal consolidations, finding details on over 3500 measures. Government spending and transfer cuts reduce output by less than tax hikes. Standard New Keynesian models match our results when fiscal shocks are persistent. Wealth effects on aggregate demand mitigates the impact of a persistent spending cut. Static distortions caused by persistent tax hikes cause larger shifts in aggregate supply under sticky prices. This channel explains different sizes of multipliers found in fiscal stimuli compared to consolidation plans.Link

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Understanding the Political Economy of the Eurozone Crisis

Understanding the Political Economy of the Eurozone Crisis. Jeffry Frieden, 2017, Paper, “The Eurozone crisis constitutes a grave challenge to European integration. This article presents an overview of the causes of the crisis and analyzes why it has been so difficult to resolve. We focus on how responses to the crisis were shaped by distributive conflicts both among and within countries. On the international level, debtor and creditor countries have fought over the distribution of responsibility for the accumulated debt; countries with current account surpluses and deficits have fought over who should implement the policies necessary to reduce the current account imbalances. Within countries, interest groups have fought to shift the costs of crisis resolution away from themselves.Link

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Revisiting Speculative Hyperinflations in Monetary Models

Revisiting Speculative Hyperinflations in Monetary Models. Kenneth Rogoff, May 4, 2017, Paper, “In an interesting and provocative paper in the Journal of Political Economy, John Cochrane (2011) examines a host of New Keynesian and micro-founded models of money demand, and finds them all guilty of arbitrarily assuming uniqueness when, in fact, the whole class of models is generically riddled with multiple-equilibrium problems. He concludes that only the “fiscal theory of the price level”–which posits that the price level simply follows from the government budget constraint–offers a coherent and rigorous theory of the value of money.Link

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No Idea What Trump Means by Reciprocal Tax

No Idea What Trump Means by Reciprocal Tax. Martin Feldstein, May 3, 2017, Video, “Martin Feldstein, professor of economics at Harvard University, discusses his thoughts on tax policy and the Trump administration. He speaks with Bloomberg’s David Westin and Jonathan Ferro on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)” Two Parts –  Link  1 “Reciprocal Tax” Link 2 – “Big Issue is Tax Reform

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