Matches in SemOpenAlex for { <https://semopenalex.org/work/W147446923> ?p ?o ?g. }
- W147446923 abstract "The thesis is divided into three chapters.1) I study how monetary policy should be optimally designed when households show financial wealth heterogeneity.Main results: thanks to its ability to affect interest payments volatility, monetary policy has real effects even in a flexible-price cashless-limit environment; second, in a setup with nominal rigidities, price stability is no longer optimal. The extent of deviation from price stability depends on the initial level of debt dispersion.2) I assess the role of housing price movements in influencing the optimal design of monetary policy.Under the optimal simple rule, housing price movements should not be a separate target variable in addition to inflation. Furthermore, the welfare loss arising from targeting housing prices becomes quantitatively more significant the higher the degree of access to the credit market.3) I analyze the effects of fiscal policy in a currency area.Results: a public spending shock in one region increases private agents demand for imports and appreciates the terms of trade; second, a countercyclical fiscal rule can restore the Taylor principle, the uniqueness of the equilibrium and reduce macro-volatility." @default.
- W147446923 created "2016-06-24" @default.
- W147446923 creator A5024902942 @default.
- W147446923 date "2006-12-18" @default.
- W147446923 modified "2023-09-23" @default.
- W147446923 title "ESSAYS ON MONETARY AND FISCAL POLICY" @default.
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