Readings: Authors, Topics, Subtopics Flashcards
Clarida, Gali, Gertler (2000)
T, ST, summary
Topics in MP
Conduction of MP: Taylor Rules & Sensitivity of CB to inflation
Estimate expanded Taylor rule, look at pre-Volcker and Volcker-Greenspan
Coibion (2012)
T, ST, summary
Topics in MP
Effectiveness of MP
Looks at VAR vs R&R approach, omits non-borrowed reserves targeting
Correia et al (2013)
T, ST, summary
Topics in MP
Limits to MP
Unconventional FP at the zero bound
Taylor (1993)
T, ST, summary
Topics in MP
Conduction of MP
Looks at the role of rules (vs discretion), gives 2 case studies
Taylor (2009)
T, ST, summary
Topics in MP
Conduction of MP
Provides empirical evidence that government actions caused, prolonged and worsened the financial crisis
Chamley (1986)
T, ST, summary
Budget Deficits & FP
Application: Taxation & Incentives
Analysis optimal tax on capital income
Judd (1985)
T, ST, summary
Budget Deficits & FP
Application: Taxation & Incentives
Examines the role of capital taxation in a dynamic equilibrium model
Seater (1993)
T, ST, summary
Budget Deficits & FP
Ricardian Equivalence
Discusses the theory behind and the possible limitations of RE, also covers “approximate equivalence”
Farhi & Werning (2010)
T, ST, summary
Budget Deficits & Taxation
Taxes & Incentives: Taxing Inheritances
Look at what the optimal inheritance tax should be
Guvenen, Kuruscu, Ozkan (2014)
T, ST, summary
Budget Deficits & Taxation
Taxes & Incentives: Labour Taxes
Look at progressivity and wage inequality as well as human capital investment incentives
Mertens & Ravn (2012)
T, ST, summary
Budget Deficits & Taxation
Taxes & Incentives
Examine the effects of taxes using a narrative approach (“exogenous” tax changes) combined with VAR and a mechanism that allows them to distinguish between anticipated and unanticipated tax shocks
Prescott (2004)
T, ST, summary
Budget Deficits & Taxation
Taxes & Incentives: Labour Taxes
Examines why taxes cause difference in labour supply across time (US vs Europe)
Reinhart & Rogoff (2010)
T, ST, summary
Budget Deficits & Taxation
Effect of Taxes and Debt on Output
Find a correlation between high debt levels and low growth
Conesa & Kehoe (2015)
T, ST, summary (2 points)
Budget Deficits & Taxation
The Great Recession & Budget Crises
Provide theory for reason why government might increase debt even if it risks a self-fulfilling debt crisis
Key trade off for governments: reduce debt to avoid crisis risk // increase debt to smooth consumption (gambling for redemption)
