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Moreover, in an open economy it is successful in lowering debt ratios when output is reactive enough to unconventional monetary policy and when the expectations of future inflation are well anchored to the debt-stabilization inflation target. We show that the dynamics of both inflation and public debt ratio are described by first-difference equations with time varying coefficients.
The book is based on empirical research by a broad group of IMF The CFA Franc Zone: Common Currency, Uncommon Challenges. The CFA Franc Zone: Common Currency, Uncommon Challenges (International Monetary Fund Book) [Anne-Marie Gulde, Charalambos Tsangarides] on.
We provide some conditions for the asymptotic solutions of the long-run steady states. In particular, we define two regimes of respectively strong and weak fiscal dominance, depending upon whether or not the central bank's action ensures both the sustainability and the speed of convergence of debt to its long-term level. Moreover, it focuses on the imbalance between defaulted debt and GDP.
For the first time, we use a panel nonlinear regime-switching model whose explanatory factors have a different impact on sovereign default, depending on the regime the country belongs to. This paper investigates, in the case of the euro area, the standard assumption that the liquidity trap steady state, which arises from the existence of the zero lower bound on the nominal interest rate, is locally unstable.
Principles Ray Dalio Inbunden. Ladda ned. Spara som favorit. With most other countries moving away from fixed exchange rates, the issue of an adequate policy framework to ensure the sustainability of the CFA franc zone is clearly of interest to policymakers and academics.