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Working Paper
COVID-19 Fiscal Support and Its Effectiveness
Chudik, Alexander; Mohaddes, Kamiar; Raissi, Mehdi (2021-04-06)
This paper uses a threshold-augmented Global VAR model to quantify the macroeconomic effects of countries’ discretionary fiscal actions in response to the Covid-19 pandemic and its fallout. Our results are threefold: (1) fiscal policy is playing a key role in mitigating the effects of the pandemic; (2) all else equal, countries that implemented larger fiscal support are expected to experience less output contractions; (3) emerging markets are also benefiting from the synchronized fiscal actions globally through the spillover channel and reduced financial market volatility.
Globalization Institute Working Papers , Paper 408

Speech
The Great Inflation 2.0 Debate
Evans, Charles L. (2009-07-08)
Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Council on Foreign Relations New York, NY
Speech , Paper 32

Speech
Risk management in monetary policymaking: remarks to the National Association of Corporate Directors, New England Chapter, Boston, Massachusetts, March 5, 2019
Rosengren, Eric S. (2019-03-05)
Eric Rosengren, the Boston Fed president, offered up a ?relatively strong forecast? for the economy in 2019: growth somewhat above 2 percent, inflation close to the Fed?s 2 percent target, and a labor market that continues to tighten. However, ?risks to that outlook have increased recently,? he said, in a talk focused on assessing and managing those risks.
Speech , Paper 141

Working Paper
What about Japan?
Chien, YiLi; Cole, Harold L.; Lustig, Hanno (2023-11-02)
As a result of the BoJ's large-scale asset purchases, the consolidated Japanese government borrows mostly at the floating rate from households and invests in longer-duration risky assets to earn an extra 3% of GDP. We quantify the impact of Japan's low-rate policies on its government and households. Because of the duration mismatch on the government balance sheet, the government's fiscal space expands when real rates decline, allowing the government to keep its promises to older Japanese households. A typical younger Japanese household does not have enough duration in its portfolio to ...
Working Papers , Paper 2023-028

Speech
Long-Term Economic Challenges
Evans, Charles L. (2009-01-03)
Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Allied Social Science Associations San Franciso, CA
Speech , Paper 24

Working Paper
The Fiscal Theory of the Price Level in a World of Low Interest Rates
Cui, Wei; Bassetto, Marco (2017-11-16)
A central equation for the fiscal theory of the price level (FTPL) is the government budget constraint (or "government valuation equation"), which equates the real value of government debt to the present value of fiscal surpluses. In the past decade, the governments of most developed economies have paid very low interest rates, and there are many other periods in the past in which this has been the case. In this paper, we revisit the implications of the FTPL in a world where the rate of return on government debt may be below the growth rate of the economy, considering different sources for ...
Working Paper Series , Paper WP-2017-25

Journal Article
Interview: Alan Auerbach
Price, David (2025-02-19)
Alan Auerbach enrolled in college at Yale planning to focus on math and science. But in his second year, he figured he should sign up for a course in something else for the sake of the school's distribution requirements. So he tried introductory economics without having a clear idea of what economics was — and discovered he enjoyed it.
Econ Focus , Volume 25 , Issue 1Q/2Q , Pages 24-28

Speech
Panel Remarks: The Fed and Main Street during the Coronavirus Pandemic
Kovner, Anna (2020-04-23)
Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Speech

Conference Paper
Jackson Hole 2022 - Reassessing Constraints on Policy: Fiscal Constraints
Bianchi, Francesco; Ilzetzki, Ethan (2022-08-27)
Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Employment and Firm Heterogeneity, Capital Allocation, and Countercyclical Labor Market Policies
Shapiro, Alan Finkelstein; Epstein, Brendan (2014-08-21)
Many countries have large employment shares in micro and small firms that have limited access to formal financing and therefore rely on input credit. Such countries are mainly emerging and developing economies, whose business cycle dynamics are increasingly important for the global economy in light of the dramatic rise in international linkages and spillovers that have occurred over the last several decades. Emerging and developing economies implemented a host of countercyclical labor market policies amid the global financial crisis, but data limitations on high-frequency labor and job flows ...
International Finance Discussion Papers , Paper 1115

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