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Brookings Papers on Economic Activity: Fall 2009 by David H. Romer, Justin Wolfers

By David H. Romer, Justin Wolfers

Brookings Papers on fiscal job (BPEA) offers educational and enterprise economists, executive officers, and individuals of the monetary and enterprise groups with well timed examine on present fiscal issues.


Editors' Summary

Heeding Daedalus: optimum Inflation and the 0 reduce certain through John C. Williams

The Age of cause: monetary judgements over the lifestyles Cycle and Implications for legislation by means of Sumit Agarwal, John C. Driscoll, and Xavier Gabaix

Interpreting the novel U.S. financial coverage of 2007-09 through Ricardo Reis

By How a lot Does GDP upward push If the govt. Buys extra Output? by way of Robert E. Hall

When the North final Headed South: Revisiting the 2930s through Carmen M. Reinhart and Vincent R. Reinhart

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Additional resources for Brookings Papers on Economic Activity: Fall 2009

Sample text

This upward bias is larger, the more the ZLB constrains policy. I correct for this downward bias by adjusting the inflation target in the policy rule. 20 Brookings Papers on Economic Activity, Fall 2009 expectation. 12 Thus, I stop short of finding optimal inflation targets. I return to the issue of the costs of steady-state inflation briefly in the concluding section. The top panel of table 2 reports the simulated outcomes under the classic Taylor rule, assuming the shocks are drawn using a normal distribution from the covariance matrix computed from the full sample of disturbances (1968–2002).

The experience of the past decade suggests that this assumption is too stringent and may overstate the future effects of the ZLB by ignoring the ways in which fiscal policy can substitute for monetary policy. The past decade has seen the active use of discretionary countercyclical fiscal policy in many countries. For example, Japan aggressively used fiscal policy to stimulate the economy during the 1990s and in the current recession. The International Monetary Fund (2009) expects discretionary fiscal stimulus to average 1 percent of GDP in the G-20 economies over 2008–10, above and beyond automatic stabilizers and measures to support the financial sector.

International Finance Discussion Papers 983. Washington: Board of Governors of the Federal Reserve System (October). Brayton, Flint, Eileen Mauskopf, David Reifschneider, Peter Tinsley, and John Williams. 1997. ” Federal Reserve Bulletin (April): 227–45. , Ben R. Craig, and William R. Melick. 2005. ” Journal of Futures Markets 25, no. 12 (December): 1203–42. Christiano, Lawrence, Martin Eichenbaum, and Sergio Rebelo. 2009. : National Bureau of Economic Research (October). Clouse, James, Dale Henderson, Athanasios Orphanides, David H.

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