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100 records from EconBiz based on author Name
1. Monetary policy and the great COVID-19 price level shock
Andolfatto, David; Martin, Fernando M.;2025
Type: Arbeitspapier; Working Paper;
Availability:
Link Link 2. Welfare-enhancing inflation and liquidity premia
Andolfatto, David; Martin, Fernando M.;2023
Type: Arbeitspapier; Working Paper;
Availability:
Link Link 3. Policy rules and large crises in emerging markets
Espino, Emilio; Kozlowski, Julian; Martin, Fernando M.; Sanchez, Juan M.;2022
Type: Arbeitspapier; Working Paper;
Availability:
Link 4. The economic impact of COVID-19 around the world
Martin, Fernando M.; Sanchez, Juan M.; Wilkinson, Olivia;2022
Type: Arbeitspapier; Working Paper;
Availability:
Link 5. Welfare-Enhancing Inflation and Liquidity Premia
abstractThe Friedman rule recommends eliminating liquidity premia on nominally risk-free government debt and following a deflationary monetary policy. The desirability of this prescription in a broad class of monetary models contrasts sharply with observation. In reality, the average rate of inflation is almost always positive and long-dated government securities are–as a matter of policy–allowed to trade at a discount relative to cash, even when these securities represent risk-free claims to cash. Our paper identifies a set of empirically-plausible conditions under which a strictly positive inflation and liquidity premium on long-dated government securities are both necessary to improve economic welfare. These conditions include: heterogeneous time-preferences, idiosyncratic risk over the timing of expenditure opportunities, and incomplete insurance markets. Our paper provides yet another rationale for a strictly positive inflation target and the use of penalty rates at central bank lending facilities
Andolfatto, David; Martin, Fernando M.;2023
Availability: Link
6. Welfare-enhancing inflation and liquidity premia
Andolfatto, David; Martin, Fernando M.;2023
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link
7. Seigniorage and sovereign default : the response of emerging markets to COVID-19
Espino, Emilio; Kozlowski, Julian; Martin, Fernando M.; Sanchez, Juan M.;2020
Type: Arbeitspapier; Working Paper;
Availability:
Link Citations: 2 (based on OpenCitations)
8. Fiscal dominance
abstractWho prevails when fiscal and monetary authorities disagree about the value of public expenditure and how much to discount the future? When the fiscal authority sets debt as its main policy instrument it achieves fiscal dominance, rendering the preferences of the central bank, and thus its independence, irrelevant. When the central bank sets the nominal interest rate it renders fiscal impatience (its debt bias) irrelevant, but still faces its expenditure bias. I find that the expenditure bias is about an order of magnitude more severe than the debt bias and has a major impact on welfare through higher public spending, while the effect on other policies is relatively minor. I also find that the central bank can do little to overcome the negative impact of the fiscal authority's expenditure bias, though there are still gains from properly designing the central bank.
Martin, Fernando M.;2020
Type: Arbeitspapier; Working Paper;
Availability:
Link 9. How to starve the beast: fiscal and monetary policy rules
abstractSocieties often rely on simple rules to restrict the size and behavior of governments. When fiscal and monetary policies are conducted by a discretionary and profligate government, I find that revenue ceilings vastly outperform debt, deficit and monetary rules, both in effectiveness at curbing public spending and welfare for private agents. However, effective revenue ceilings induce an increase in deficit, debt and inflation. Under many scenarios, including recurrent adverse shocks, the optimal ceiling on U.S. federal revenue is about 15% of GDP, which leads to welfare gains for private agents worth about 2% of consumption. Austerity programs should be sudden instead of gradual, and focus on lowering revenue to reduce spending rather than raising revenue to lower debt
Martin, Fernando M.;2019
Type: Arbeitspapier; Working Paper;
Availability:
Link 10. The Economic Impact of COVID-19 Around the World
abstractFor over two years, the world has been battling the health and economic consequences of the COVID-19 pandemic. This paper provides an account of the worldwide economic impact of the COVID-19 shock, measured by GDP growth, employment, government spending, monetary policy, and trade. We find that the COVID-19 shock severely impacted output growth and employment in 2020, particularly in middle-income countries. The government response, mainly consisting of increased expenditure, implied a rise in debt levels. Advanced countries, having easier access to credit markets, experienced the highest increase in indebtedness. All regions also relied on monetary policy to support the fiscal expansion. The specific circumstances surrounding the COVID-19 shock implied that the expansionary fiscal and monetary policies did not put upward pressure on prices until 2021. We also find that the adverse effects of the COVID-19 shock on output and prices have been significant and persistent, especially in emerging and developing countries
Martin, Fernando M.; Sanchez, Juan M.; Wilkinson, Olivia;2022
Availability: Link