ORCID Profile
0000-0002-3637-9142
Current Organisation
Queensland University of Technology
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Macroeconomics (incl. Monetary and Fiscal Theory) | Public Economics- Taxation and Revenue | Applied Economics |
Publisher: Walter de Gruyter GmbH
Date: 13-09-2017
Abstract: We consider a frictional market where an element of the terms of trade (price or quantity) is posted ex-ante (before the matching process) while the other is determined ex-post. By doing so, sellers can exploit their local monopoly power by adjusting prices or quantities once the local demand is realized. We find that when sellers can adjust quantities ex-post, there exists a unique symmetric equilibrium where an increase in the buyer-seller ratio leads to higher quantities and prices. When buyers instead can choose quantities ex-post, a higher buyer-seller ratio leads to higher prices but lower traded quantities. These equilibrium allocations are generically constrained inefficient in both intensive and extensive margins. When sellers post ex-ante quantities and adjust prices ex-post, a symmetric equilibrium exists where buyers obtain no surplus from trade. This equilibrium allocation is not constrained efficient either. If buyers choose prices ex-post, there is no trade in equilibrium when entry is costly.
Publisher: Springer Science and Business Media LLC
Date: 04-2000
Publisher: Research Square Platform LLC
Date: 08-04-2020
Abstract: Background : Neurotrauma is an important global health problem. The largest cause of neurotrauma worldwide is road traffic collisions (RTCs), particularly in low-and middle-income countries (LMICs). Neurotrauma and RTCs are preventable, and many preventative interventions have been implemented over the last decades, especially in high income countries (HICs). However, it is uncertain if these strategies are applicable globally due to variations in environment, resources, population, culture and infrastructure. Given this issue, this scoping review aims to identify, quantify and describe the evidence on approaches in neurotrauma and RTCs prevention, and ascertain contextual factors that influence their implementation in LMICs and HICs. Methods : A systematic search was conducted using five electronic databases (MEDLINE, EMBASE, CINAHL, Global Health on EBSCO host, Cochrane Database of Systematic Reviews), grey literature databases, government and non-government websites, as well as bibliographic and citation searching of selected articles. The extracted data were presented using figures, tables, and accompanying narrative summaries. The results of this review were reported using the PRISMA Extension for Scoping Reviews (PRISMA-ScR). Results : A total of 411 publications met the inclusion criteria, including 349 primary studies and 62 reviews. More than 80 percent of the primary studies were from HICs, and described all levels of neurotrauma prevention. Only 65 papers came from LMICs, which mostly described primary prevention, focussing on road safety. For the reviews, 41 papers (66.1%) reviewed primary, 18 tertiary (29.1%), and three secondary preventative approaches. Most of the primary papers in the reviews came from HICs (67.7%) with 5 reviews on only LMIC papers. Fifteen reviews (24.1%) included papers from both HICs and LMICs. Intervention settings ranged from nation-wide to community-based, but were not reported in 44 papers (10.8%), most of which were reviews. Contextual factors were described in 62 papers, and varied depending on the interventions. Conclusions : There is a large quantity of global evidence on strategies and interventions for neurotrauma and RTCs prevention. However, fewer papers were from LMICs, especially on secondary and tertiary prevention. More primary research needs to be done in these countries to determine what strategies and interventions exist, and the applicability of HIC interventions in LMICs.
Publisher: Elsevier BV
Date: 02-2021
Publisher: Walter de Gruyter GmbH
Date: 2014
Publisher: Elsevier BV
Date: 11-2012
Publisher: Wiley
Date: 08-2017
DOI: 10.1111/IERE.12235
Publisher: Elsevier BV
Date: 07-2001
Publisher: Wiley
Date: 24-01-2006
Publisher: Elsevier BV
Date: 06-2009
Publisher: American Economic Association
Date: 04-2017
DOI: 10.1257/MAC.20150172
Abstract: We study the endogenous choice to accept fiat objects as media of exchange and their implications for nominal exchange rate determination. We consider a two-country environment with two currencies that can be used to settle any transactions. However, currencies can be counterfeited at a fixed cost and the decision to counterfeit is private information. This induces equilibrium liquidity constraints on the currencies in circulation. We show that the threat of counterfeiting can pin down the nominal exchange rate even when the currencies are perfect substitutes, thus breaking the famous Kareken-Wallace indeterminacy result. (JEL D82, E42, F31)
Publisher: Elsevier BV
Date: 02-2007
Publisher: Elsevier BV
Date: 04-2010
Publisher: Elsevier BV
Date: 04-2016
Publisher: Informa UK Limited
Date: 23-12-2022
Publisher: Elsevier BV
Date: 08-2022
Publisher: Wiley
Date: 17-05-2013
DOI: 10.1111/JMCB.12021
Publisher: Walter de Gruyter GmbH
Date: 26-02-2020
Abstract: This paper studies different welfare-enhancing roles that fiat money can have. To do so, we consider an in isible monetary framework where agents are randomly and bilaterally matched, while the government has weak enforcement powers. Within this environment, we analyze state contingent monetary policies and characterize the resulting equilibria under different government record-keeping technologies. We show that a threat of injecting fiat money, conditional on private actions, can improve allocations and achieve efficiency. This type of state contingent policy is effective even when the government cannot observe any private trades and agents can only communicate with the government through cheap talk . In all these equilibria fiat money and self-enforcing credit are complements in the off equilibrium. Finally, this type of equilibria can also emerge even when the injection of fiat money is not a public signal.
Publisher: Springer Science and Business Media LLC
Date: 25-11-2017
Publisher: International Global Health Society
Date: 06-2017
Publisher: Wiley
Date: 10-12-2018
DOI: 10.1111/JMCB.12587
Publisher: Elsevier BV
Date: 10-2021
Publisher: Springer Science and Business Media LLC
Date: 06-2002
Publisher: Elsevier BV
Date: 09-2018
Publisher: Wiley
Date: 07-07-2022
DOI: 10.1111/JMCB.12965
Abstract: Once explicit information available to the taxing authority and incentives associated with private information problems are explicitly taken into account, only a limited set of policy instruments are consistent with agents not engaging in side trades. Within this spirit, we study the role of taxes and inflation in minimizing the dead‐weight loss associated with the provision of good incentives and other market imperfections when fiat money is essential. When the government has a rich information set and can observe savings, effort, and consumption in frictionless markets, the constrained efficient allocation can be achieved with affine history‐dependent consumption taxes. Thus, monetary policy is redundant. In contrast, when the government observes sales, rather than actual consumption, a tax arbitrage exists. Uniform affine consumption taxes prevent side trades. We also find that a deviation from the Friedman rule is optimal as it helps induce truth‐telling and alleviate a pecuniary externality. However, optimal monetary and fiscal policies in this setting cannot implement the constrained efficient allocation.
Publisher: Walter de Gruyter GmbH
Date: 12-09-2022
Abstract: This paper investigates how different commodity prices are affected by unconventional monetary policies (UMP) implemented by the Federal Reserve of the United States as a response to the Global Financial Crisis. We analyze impulse responses using local projections and identify UMP shocks through high-frequency identification strategy. We show that forward guidance (FG) and large-scale asset purchase (LSAP) shocks lead to distinct responses when analyzing commodity prices. We find that asset-like commodities, such as gold and silver, respond to these UMP shocks most aggressively. While an easing FG shock leads to increases in their prices, an easing LSAP shock has the opposite effect. This differential response suggests that these asset-like commodities are being used as inflation and exchange rate hedges. In contrast, production-like and agricultural commodities respond to UMP shocks in the same way as conventional monetary policy shocks. Consistent with previous literature, we find that easing LSAP shocks, to some extent, signal a negative economic outlook. Policymakers can exploit the responses from the various commodity classes examined in this paper when evaluating the effectiveness of monetary policy in different sectors of the economy.
Publisher: Informa UK Limited
Date: 06-01-2022
Publisher: Wiley
Date: 23-06-2022
DOI: 10.1111/JMCB.12963
Abstract: We explore the effects of reducing the overall size of the central bank's balance sheet and lowering its maturity structure. To do so, we consider an environment where fiscal policy is traditionally passive and the central bank follows the Taylor principle. In addition, the monetary authority has also explicit size and compositional rules regarding its balance sheet. Agents in this economy face limited commitment in some markets and government bonds can be used as collateral. When short‐ and long‐term public debt exhibit premia, changes in the central bank's balance sheet have implications for long‐run inflation and real allocations. To ensure a unique locally stable steady state, the central bank should target a low enough maturity composition of its balance sheet. In our numerical exercise, calibrated to the United States, we find that long‐term debt holdings by the central bank should be less than 0.5 times of their short‐term positions. Moreover, the process of balance sheet normalization should aggressively respond to the total debt issued in the economy relative to its target. These findings depend on the degree of liquidity of long‐term bonds. The more liquid long‐term bonds are, the lower is the value of the composition threshold and the parameter space consistent with unique and stable equilibria is smaller. In addition, we consider a modified Taylor rule that takes into account the premium. Such a rule increases the prevalence of multiplicity of steady states and delivers lower welfare. Thus, we argue that the traditional Taylor rule is appropriate for managing interest rates in the presence of premia.
Publisher: Informa UK Limited
Date: 18-07-2023
Publisher: Springer Science and Business Media LLC
Date: 06-2005
DOI: 10.1007/BF02761557
Publisher: Cambridge University Press (CUP)
Date: 04-11-2019
DOI: 10.1017/S1365100519000841
Abstract: We develop an open economy model of a currency union with frictional goods markets and endogenous search decisions to study optimal monetary and fiscal policy. Households finance consumption with a common currency and can search for locally produced goods across regions that differ in their market characteristics. Equilibrium is generically inefficient due to regional spillovers from endogenous search decisions. While monetary policy alone cannot correct this distortion, fiscal policy can help improve allocations by taxing or subsidizing production at the regional level. When households of only one region can search, optimal policy entails a deviation from the Friedman rule and a production subsidy (tax) if there is underinvestment (overinvestment) in search decisions. Optimal policy when households from both region search requires the Friedman rule and zero production taxes in both regions.
Publisher: Wiley
Date: 23-01-2013
Publisher: Ubiquity Press, Ltd.
Date: 03-2016
Publisher: JMIR Publications Inc.
Date: 05-02-2019
DOI: 10.2196/11573
Publisher: Wiley
Date: 18-04-2021
DOI: 10.1111/JMCB.12808
Abstract: We propose a monetary model with endogenous credit market participation to study the impact of financial inclusion on inequality and welfare. We find that consumption inequality results from differences in agents' decision to access financial services. This heterogeneity generates a pecuniary externality, potentially resulting in some agents overconsuming. Moreover, monetary policy has distributional consequences. To quantify these effects, we calibrate our model to India, accounting for a third of observed consumption inequality. Finally, we analyze various policies aimed at increasing financial inclusion and find that a direct transfer to bank account holders yields the highest welfare and lowest consumption inequality.
Publisher: Cambridge University Press (CUP)
Date: 19-03-2013
DOI: 10.1017/S136510051200082X
Abstract: We present a set of research and briefly describe the in idual contributions to the Macroeconomic Dynamics special issue on inequality, public insurance, and monetary policy.
Publisher: Cambridge University Press (CUP)
Date: 08-2003
Publisher: Elsevier BV
Date: 12-2013
Publisher: Elsevier BV
Date: 08-2017
Publisher: Elsevier BV
Date: 09-2003
Publisher: Elsevier BV
Date: 04-2014
Publisher: Cambridge University Press (CUP)
Date: 30-08-2012
DOI: 10.1017/S1365100512000016
Abstract: In this paper we study optimal policies in an environment where search frictions both in labor and goods markets give rise to unemployment and fiat money, as in Berentsen, Menzio, and Wright ( American Economic Review , 2011). The underlying frictions that give rise to endogenous unemployment and fiat money also result in inefficient outcomes. Here we show that efficiency can be restored whenever lump sum monetary transfers are possible and a decentralized production subsidy financed by money printing and a vacancy subsidy financed by a idend tax exist. This is the case even when the Hosios and Friedman rules do not hold.
Publisher: Elsevier BV
Date: 06-2018
Publisher: Cambridge University Press (CUP)
Date: 06-2009
DOI: 10.1017/S1365100508080085
Abstract: In this paper, we study the stationary and non-stationary equilibria of a deterministic, pure exchange, two-period overlapping generations model with habit persistence. We show that preferences with multiplicative habits can lead to quite different equilibrium outcomes compared to subtractive ones. The two most commonly adopted habit specifications can differ in terms of homotheticity, gross substitutability, and uniqueness of equilibria. We illustrate these differences in terms of steady-state equilibria, as well as local dynamics.
Publisher: Elsevier BV
Date: 09-2022
Publisher: Informa UK Limited
Date: 08-09-2011
Publisher: Elsevier BV
Date: 04-2020
Start Date: 03-2021
End Date: 03-2025
Amount: $148,158.00
Funder: Australian Research Council
View Funded Activity