Journal of Macroeconomics

Journal: Journal of Macroeconomics

Abbreviation

J. macroecon.

Publisher

Elsevier

ISSN

0164-0704

Show all metadata

Search Results

Publications 1 - 6 of 6

When is a Bank Governor Replaced?
Dreher, Axel; Sturm, Jan-Egbert; de Haan, Jakob (2010)
Journal of Macroeconomics
Taxes, mobile capital, and economic dynamics in a globalizing world
Bretschger, Lucas (2010)
Journal of Macroeconomics
Non-parametric determination of real-time lag structure between two time series
Zhou, Wei-Xing; Sornette, Didier (2006)
Journal of Macroeconomics
Exchange rate uncertainty and firm investment plans: Evidence from Swiss survey data
Binding, Garret; Dibiasi, Andreas (2017)
Journal of Macroeconomics
Is health capital formation good for long-term economic growth?
Hartwig, Jochen (2010)
Journal of Macroeconomics
Monetary policy under fiscal stress: A forward-looking analysis of fiscal dominance
Bajaro, Donna Faye E.; Kingeski Galimberti, Jaqueson; Qureshi, Irfan A. (2025)
Journal of Macroeconomics
Subdued economic activity and low tax revenues, especially during crises, drive borrowing and increase public debt. Central banks may face pressure to deviate from policy targets during these periods to ease the debt burden. Under fiscal dominance, debt sustainability relies on low interest rates and high inflation rather than consolidation. This paper empirically tests the presence of fiscal dominance using forward-looking Taylor rules and data from 52 countries over three decades. The results detect fiscal dominance, with stronger effects in de jure inflation-targeting emerging economies with low central bank independence, especially those without debt rules and with high debt-to-GDP ratios. Emerging economies with high foreign currency-denominated debt are further affected by exchange rate debt valuation effects, and fiscal dominance leads their central banks to follow exchange rate stabilization policies. Since 202223, interest rate responses to fiscal imbalances have strengthened, posing challenges for future policy.

Publications 1 - 6 of 6

Journal: Journal of Macroeconomics

Abbreviation

Publisher

Journal Volumes

ISSN

Description

Filters

Search Results