bgscience@idbg.ru
+7 495 648 62 41 Russia, 127015, Moscow, Novodmitrovskaya st. 5A (b. 7)
Menu
  • BIBLIO-GLOBUS
    • About
  • Journals
    • Russian Journal of Entrepreneurship
    • Creative Economy
    • Scholarly Communication Review
    • Russian Journal of Retail Management
    • Leadership and Management
    • Public-Private Partnership
    • Global Markets and Financial Engineering
    • Russian Journal of Housing Research
    • Food Policy and Security
    • Russian Journal of Labor Economics
    • Russian Journal of Innovation Economics
    • Journal of Economics, Entrepreneurship and Law
    • Russian Journal of Humanistic Psychology
  • BIBLIO-GLOBUS fiction

Switch to Russian:to Russian

Macroeconomic analysis of interaction between monetary and budgetary policies of the state


Ivan I. Volkov
(about the author)

Volkov Ivan I. –

Monograph:
ISBN: 978-5-91292-165-0
Format: 60х84/16
Amount: 500
Published: 16.04.2017
Publisher: Creative Economy Publishers


Keywords: budgetary policy, budgetary policy multipliers, dynamic stochastic general equilibrium, macroeconomic regulation, monetary policy




Citation:



Share:

Abstract:

This work will be of interest for economists, as well as for other scholars that, by virtue of professional or personal need, take interest in the issues of modern macroeconomic and financial science. The monograph is dedicated to both general issues related to the role, goals and tasks of monetary and budgetary policies, cooperation and competition between their regulators and to the specific problems predetermined by the essence and influence of the dynamic models of general equilibrium and preconditions thereof, conditions of the modern economic environment. Besides, interesting ways for evaluation of the state of interaction between monetary and budgetary state policies applied in such different countries as Russia, USA, Germany, China have been proposed. The conclusions of this work have theoretical, scientific and educational meaning and can be introduced into practice.








References:
1. Aganbegyan A.G. Vozrastayuschiy korporativnyy dolg pered inostrannymi investorami – «petlya na shee» natsionalnoy ekonomiki // Denygi i kredit. 2013.№ 3. S. 3 – 8.
2. Bandurin V. V., Ratsich B. G., Chatich M. Globalizatsiya mirovoy ekonomiki i Rossiya. – M.: Bukvitsa, 1999. – 279 s.
3. Baronovskiy S.A. Metodologicheskiy podkhod k otsenke effektivnosti mekhanizma formirovaniya antikrizisnogo federalnogo byudzheta Rossii // Finansovaya analitika: problemy i resheniya. 2016. № 17 (299). S. 42 – 53.
4. Brigkhem Yu., Erkhardt M. Finansovyy menedzhment. – SPb.: Piter, 2005. – 960 s.
5. Burlachkov V.K. Makroekonomika, monetarnaya politika, globalnyy krizis: Analiz sovremennoy teorii i problemy postroeniya novoy modeli ekonomicheskogo razvitiya. – M.: Knizhnyy dom «LIBROKOM», 2013. – 240 s.
6. Volkov I.I., Skarednov E.V., Shkarbanenko K.V. Makroekonomicheskoe regulirovanie i finansovye potoki korporatsiy. Monografiya. – M.: Izd-vo «Vash poligraficheskiy partner», 2014. – 172 s.
7. Volkov I.I. Byudzhetnoe manevrirovanie kak instrument byudzhetnoy politiki Rossii // Finansy i kredit. 2016. № 21 (693). S. 51 – 60.
8. Gurvich E.T., Sokolov I.A. Byudzhetnye pravila: izbytochnoe ogranichenie ili neotyemlemyy instrument byudzhetnoy ustoychivosti? // Voprosy ekonomiki. 2016. № 4. S. 5 – 29.
9. Davar E. Gosudarstvennye raskhody i ekonomicheskiy rost // Finansy i biznes. 2013. № 2. S. 4 – 19.
10. Drobyshevskiy S., Kazakova M. Dekompozitsiya tempov rosta VVP Rossii v 1999 – 2015 gg. i vzglyad na ego tekuschuyu dinamiku // Ekonomicheskoe razvitie Rossii. 2015. № 4. S. 21 – 23.
11. Grigoryev L., Ivaschenko A. Mirovye disbalansy sberezheniy i investitsiy // Voprosy ekonomiki. 2011. № 6. S. 4 – 19.
12. Zubarev A.V., Trunin P.V. Opredelenie razryva vypuska dlya rossiyskoy ekonomiki // Rossiyskoe predprinimatelstvo. 2016. № 3 (17). S. 381 – 388.
13. Key Dzh. Karta – ne territoriya: o sostoyanii ekonomicheskoy nauki // Voprosy ekonomiki. 2012. № 5. S. 4 – 13.
14. Keyns Dzh.M. Obschaya teoriya zanyatosti, protsenta i deneg. – M.: Gelios ARV, 1999. – 352 s.
15. Kondratyev N.D. Mirovoe khozyaystvo i ego konyyunktura vo vremya i posle voyny. – Vologda: Obl. otdelenie Gos. izdatelstva. 1922. – 258 s.
16. Lavrov E.I., Kapoguzov E.A. Ekonomicheskiy rost: teorii i problemy: uchebnoe posobie. – Omsk: Izd-vo OmGU, 2006. – 214 s.
17. Mishkin F. Ekonomicheskaya teoriya deneg, bankovskogo dela i finansovyh rynkov. – M.: Vilyams, 2006. – 880 s.
18. Ordov K.V. Denezhno-kreditnaya politika i konkurentosposobnosty kompaniy: monografiya. – M.: Magistr, 2011. – 224 s.
19. Pekarskiy S.E., Atamanchuk M.A., Merzlyakov S.A. Vzaimodeystvie fiskalnoy i monetarnoy politiki v eksportoorientirovannoy ekonomike: Preprint WP12/2007/02. – M.: GU VShE, 2007. – 40 s.
20. Stiglits Dzh. Krutoe pike: Amerika i novyy ekonomicheskiy poryadok posle globalnogo krizisa / Stiglits Dzhozef; [per. s angl. V. Lopatka]. – M.: Eksmo, 2011. – 512 s.
21. Slepov V.A., Burlachkov V.K., Ordov K.V. O teorii ekonomicheskikh mekhanizmov // Finansy i kredit. 2011. № 24. S. 2 – 8.
22. Kheyfets B.A. Globalnyy dolgovoy krizis i riski dolgovoy politiki Rossii. – M.: Institut ekonomiki RAN, 2012. – 56 s.
23. Albert M., Jude C., Rebillard C. (2015). The Long Landing Scenario: Rebalancing from Overinvestment and Excessive Credit Growth. Implications for Potential Growth in China. Banque de France, Working paper no. 572.
24. Arkolakis C., Costinot A., Rodríguez-Clare A. (2009). New Trade Models, Same Old Gains? NBER Working Paper No. 15628.
25. Auerbach A., Gorodnichenko Y. (2010). Measuring the Output Responses to Fiscal Policy. NBER Working Paper No. 16311.
26. Auerbach A., Gorodnichenko Y. (2011). Fiscal Multipliers in Recession and Expansion. NBER Working Paper No. 17447.
27. Ball L. (2009). Hysteresis in Unemployment: Old and New Evi-dence. NBER Working Paper No. 14818.
28. Barrell R., Holland D., Hurst I. (2012). Fiscal multipliers and prospects for consolidation, OECD Journal: Economic Studies, Vol. 2012/1.
29. Barro, R. (1974). Are Government Bonds Net Wealth? Journal of Political Economy, vol. 82, issue 6, pp. 1095 – 1117.
30. Batini N., Callegari G., Melina G. (2012). Successful Austerity in the United States, Europe and Japan. IMF working paper 12/190.
31. Baum A., Poplawski-Ribeiro M., Weber A. (2012). Fiscal Multipliers and the State of the Economy. IMF Working Paper 12 (286).
32. Bekkers E., Francois J. (2014). Representative Firm Exposition of the Firm Heterogeneity Model. FIW-wiiw Seminars in International Economics [URL: http://wiiw.ac.at/representative-firm-exposition-of-the-firm-heterogeneity-model-e-219.html
33. Benigno P., Woodford M., 2003. Optimal monetary and fiscal policy: A linear-quadratic approach. In: Gertler, M., Rogoff, K. (Eds.), NBER Macroeconomics Annual, pp.271 – 333.
34. Bernanke B., Gertler M. (1989). Agency Costs, Net Worth, and Business Fluctuations. American Economic Review, vol. 79, no.1, pp. 14 – 31.
35. Berns G., Laibson D., Loewenstein G. (2007). Intertemporal choice-toward an integrative framework. Trends in Cognitive Sciences, vol. 11, no. 11, pp. 482 – 488.
36. Bittante S. (2013). What is “Ricardian Equivalence” and when can it fail? Norwich Economic Papers, vol. 7, no. 2. pp. 10 – 15.
37. Blinder A. (1982) Issues in the Coordination of Monetary and Fiscal Policy. NBER Working Paper No. 982.
38. Borissov K., Pakhnin M., Puppe C. On Discounting and Voting in a Simple Growth Model: CEEES paper CE3S-02/16; Center for Energy and Environmental Economic Studies. – St. Petersburg: EUSP, 2016. – 32 p.
39. Brigham E., Ehrhardt M. Financial Management: Theory and Practice. 10th edition. – San Diego: Harcourt Publisher. 2002. - 1136 p.
40. Brunnermeier M., Eisenbach T., Sannikov Y. (2012). Macroe-conomics with Financial Frictions: A Survey. NBER Working Paper No. 18102.
41. Cass D. (1965). Optimum Growth in an Aggregative Model of Capital Accumulation. The Review of Economic Studies. Vol.32, No.3. P. 233 – 240.
42. Chari V., Christiano L., Kehoe P. (1991). Optimal Fiscal and Monetary Policy: Some Recent Results. Journal of Money, Credit and Banking, vol. 23, no.3. 519 – 539.
43. Claessens S., Ueda K., Yafeh Y. (2010). Financial Frictions, In-vestment, and Institutions. IMF Working Paper no 231.
44. Cochrane J. (2005). Money as stock. Journal of Monetary Eco-nomics, vol. 52, no. 3, pp. 501 – 528.
45. Cochrane J. (2009). Fiscal theory, and fiscal and monetary policy in the financial crisis. Paper for the conference on “Monetary-Fiscal Policy Interactions, Expectations, and Dynamics in the Current Economic Crisis” at Princeton, May 22 – 23 2009. [URL: https://pdfs.semanticscholar.org/e570/c080efa69b238b4e-e409a5b-6f9131aa7dbb3.pdf]
46. Cochrane J. (2009). Fiscal stimulus, fiscal inflation, or fiscal fal-lacies? University of Chicago Booth School of Business. Manuscript, February. URL: http://faculty.ses.wsu.edu/rayb/420/fiscal_stimulus.pdf
47. Correia I., Nicolini J.P., Teles P. (2008). Optimal Fiscal and Monetary Policy: Equivalence Results. Journal of Political Economy, vol. 119, no. 1, pp. 78 – 121.
48. Davig T., Leeper E. (2009). Monetary policy-fiscal policy and fiscal stimulus. NBER Working Paper 15133.
49. Davig T., Leeper E. (2011). Monetary-fiscal policy interactions and fiscal stimulus. European Economic Review, vol. 55, no.2, pp. 211 – 227.
50. Daly M., Hobijn B., Valetta R. (2011). The Recent Evolution of the Natural Rate of Unemployment. IZA Discussion Paper No. 5832.
51. DeLong, B.J., and L.H. Summers (2012). Fiscal Policy in a De-pressed Economy. Brookings Papers on Economic Activity, vol. 44, issue 1, pp. 233 – 297.
52. Di Bartolomeo G. and Di Gioacchino D. (2004). Fiscal-Monetary Policy Coordination And Debt Management: A Two Stage Dynamic Analysis. Universita Degli Studi Di Roma. Working Paper No 71.
53. Dixit, A., Lambertini L. (2003). Interactions of Commitment and Discretion in Monetary and Fiscal Policies. American Economic Review, vol. 93, no. 5, pp.1522 – 1542.
54. ECB representatives (Kilponen J., Pisani M., Schmidt S., Corbo V., Hledik T., Hollmayr J., Hurtado S., Júlio P., Kulikov D., Lemoine M., Lozej M., Lundvall H., Maria J., Micallef B., Papageorgiou D., Rysanek J., Sideris D., Thomas C., De Walque G.) (2015). Comparing fiscal mul-tipliers across models and countries in Europe. ECD Working paper series, No. 1760.
55. Evans G., Honkapohja S., Mitra K. (2010). Does Ricardian Equivalence Hold When Expectations are not Rational? CDMA Working Paper no 8.
56. Eser F. (2009) Optimal Fiscal Stabilisation through Government Spending. University of Oxford, Economics Paper No 2009 – W14.
57. Fisher I. The Theory of Interest. – New York: Macmillan, 1930. – 566 p.
58. Fleming M. (1962). Domestic financial policies under fixed and floating exchange rates. IMF Staff Papers, no 9, pp. 369–379
59. Friedman M. A Theory of the Consumption Function. – Prince-ton (NJ): Princeton University Press. 1957. – 240 p.
60. Friedman M. (1968). The Role of Monetary Policy. The Ameri-can Economic Review, vol. 58, no. 1, pp.1 – 17.
61. Fujiwara I., Teranishi Y. Financial Frictions and Policy Cooper-ation: A Case with Monopolistic Banking and Staggered Loan Contracts. Federal Reserve Bank of Dallas / Globalization and Monetary Policy In-stitute, Working Paper No. 237.
62. Gonzalez-Astudillo M. (2013). Monetary-fiscal policy interactions: interdependent policy rule coefficients, Finance and Economics Discussion Series 2013 – 58, Board of Governors of the Federal Reserve System.
63. Gomes P., Seoane H. (2015). Monetary-fiscal policy mix with financial frictions. Working paper of Universidad Carlos III de Madrid [URL: http://www.eco.uc3m.es/~ hseoane/research.html]
64. Hall R. (2011). The High Sensitivity of Economic Activity to Financial Frictions. Economic Journal. No. 121 (552). Pp. 351 – 78.
65. Hall R. (2013). Financial Frictions. International Journal of Central Banking, vol. 9, issue 2, pp. 155 – 163.
66. Hayo B., Neumeier F. (2016). The (In)Validity of the Ricardian Equivalence Theorem – Findings from a Representative German Popula-tion Survey. Joint Discussion Paper Series in Economics by the Universi-ties of Aachen, Gießen, Göttingen, Kassel, Marburg, Siegen No. 11 2016.
67. Hicks J. (1937). Mr. Keynes and the “Classics”: A Suggested In-terpretation, Econometrica, vol. 5, no.2, pp. 147 – 159.
68. Hansen, A. Monetary Theory and Fiscal Policy. – NY: McGraw-Hill Book Co., 1949. – 236 p.
69. Kalemli-Ozcan S., Sorensen B., Villegas-Sanchez C., Volosovych V., Yesiltas S. (2015). How to Construct Nationally Repre-sentative Firm Level Data from the Orbis Global Database. NBER Working Paper No. 21558.
70. Kahn R. (1931). The Relation of. Home Investment to Unem-ployment. The Economic Journal, vol. 41, no 162, pp. 173 – 198.
71. Keynes J. The General Theory of Employment, Interest and Money. – London: Palgrave Macmillan. 1936. 472 P. (2007 edition).
72. Kydland, F.E., Prescott, E.C. (1982). Time to Build and Aggre-gate Fluctuations, Econometrica, vol. 50, no. 6, pp.1345 – 1370.
73. Kirsanova, T., Leith, C., Wren-Lewis, S. (2009) Monetary and Fiscal Policy Interaction: The Current Consensus Assignment in the light of Recent Development, The Economic Journal, vol. 119, no. 541, pp.F482 – F496.
74. Kolasa M., Lombardo G. Financial Frictions and Optimal Mone-tary Policy in an Open Economy. ECB Working Paper Series, No 1338.
75. Koopmans T. (1963). On the concept of optimal economic growth. Cowles Foundation for Research in Economics, Yale University. – December, 1963.
76. Leeper E., Leith C. (2016). Understanding inflation as a joint monetary-fiscal phenomenon. NBER Working Paper No. 21867.
77. Leith, C and Wren-Lewis, S (2007), Fiscal Sustainability in a New Keynesian Model, Economics Series Working Papers No 310, Uni-versity of Oxford.
78. Lonergan E. (2015). Ricardian equivalence: another reason why fiscal policy works. Philosophy of Money [URL: http://www.philosophyofmoney.net/ricardian-equivalence-another-reason-why-fiscal-policy-works/]
79. Lucas R. (1972). Expectations and the Neutrality of Money. Journal of Economic Theory, vol. 4, issue 2, pp. 103 – 124.
80. Mankiw, N. Macroeconomics, 8th Edition. USA: Worth Pub-lishers / Palgrave Macmillan. 2012. – 608 p.
81. McCallum, B. (2009). Inflation determination with Taylor rules: Is New-Keynesian analysis critically flawed? Journal of Monetary Eco-nomics. vol. 56, no. 8, pp. 1101–1108.
82. Meissner T., Rostam-Afschar D. Do Tax Cuts Increase Con-sumption? An Experimental Test of Ricardian Equivalence. SFB 649 Discussion Paper 2014 – 062.
83. Melitz M. (2003). The Impact of Trade on Intra-Industry Real-locations and Aggregate Industry Productivity. Econometrica, vol. 71, no. 6, pp.1695 – 1725.
84. Millner A., Heal G. (2014). Resolving Intertemporal Conflicts: Economics versus Politics. NBER Working Paper 20705.
85. Mishkin, F.S. (2011) Monetary Policy Strategy: Lessons from the Crisis // NBER Working Paper 16755.
86. Modigliani F., Brumberg R. (1954). Utility analysis and the con-sumption function: an interpretation of cross-section data. in Kenneth K. Kurihara, ed., Post-Keynesian Economics. – New Brunswick (NJ): Rutgers University Press. Pp 388 – 436.
87. Mundell R. (1961). A Theory of Optimum Currency Areas. The American Economic Review, vol. 51, no. 4, pp. 657 – 665.
88. Mundell R. (1963). Capital Mobility, and Stabilization Policy under Fixed and Flexible Exchange Rates, Revue Canadienne d’Economique et de Science Politique, vol. 29, no. 4, pp. 475 – 485.
89. Nickel C., Vansteenkiste I. (2008). Fiscal Policies, the Current Account and Ricardian Equivalence. ECB Working Paper Series, No. 935.
90. Pine A. The Economics, Neurobiology and Pharmacology of Intertemporal Choice in Humans. – London: University College London. 2009. – 332 p.
91. Quadrini V. (2011). Financial Frictions in Macroeconomic Fluc-tuations. Federal Reserve Bank of Richmond Economic Quarterly, vol. 97, no 3, pp.209 – 254.
92. Ramsey F. (1928) A mathematical theory of saving. The Eco-nomic Journal. vol.158, issue 152, p. 543 – 559.
93. Ricardo D. On the Principles of Political Economy and Taxation. – London: John Murray. 1817. – 589 p.
94. Romer D. Advanced Macroeconomics. – New York: The McGraw-Hill Companies. 2006. – 676 p.
95. Sargent T., Wallace N. (1981) Some Unpleasant Monetarist Arithmetic, Federal Reserve Bank of Minneapolis Quarterly Review, vol 5, no.3, pp.1 – 17.
96. Schmitt-Grohe, S., Uribe, M., 2004a. Optimal fiscal and mone-tary policy under sticky prices. Journal of Economic Theory, vol. 114, no. 2, 198 – 230.
97. Schmitt-Grohe, S., Uribe, M., 2004b. Optimal fiscal and mone-tary policy under imperfect competition. Journal of Macroeconomics, vol. 26, issue 2, pp. 183 – 209.
98. Schmitt-Grohe, S., Uribe, M., 2007. Optimal simple and imple-mentable monetary and fiscal rules. Journal of Monetary Economics, vol. 54, no.1, pp. 1702 – 1725.
99. Schohl F. (1999). The Paradoxical Fate of the Representative Firm. Journal of the History of Economic Thought, vol. 21, no. 1, pp. 65 – 80.
100. Schumpeter J. Business Cycles: A Theoretical, Historical and Statistical Analysis of the Capitalist Process. – New York – London: McGraw-Hill, 1939. – 386 p.
101. Seater J. (1993) Ricardian equivalence. Journal of Economic Literature, no. 31, pp.142 – 190.
102. Solow R. (1956). A Contribution to the Theory of Economic Growth. The Quarterly Journal of Economics, vol.70, no.1,pp. 65 – 94.
103. Spilimbergo A., Symansky S., Schindler M. (2009). Fiscal Multipliers. IMF Staff Position Note no 11.
104. Vines D., Kirsanova T., Stehn S. (2006). Five-Equation Mac-roeconomics: A Simple View of the Interactions between Fiscal Policy and Monetary Policy. CEPR Discussion Paper. № 5464.
105. Woodford M. (1995). Price level determinacy without control of a monetary aggregate. Carnegie Rochester Conference Series on Public Policy, no. 43, pp. 1 – 46.
106. Woodford M. (2001). Fiscal requirements for price stability. Journal of Money, Credit and Banking, vol. 33, no. 8, pp. 669–728.
107. Woodford, M. (2010) Simple Analytics of the Government Expenditure Multiplier. NBER Working Paper No. 15714.

Tel : +7 495 649 6241

Fax : +7 800 3331538

E-mail : bgscience@idbg.ru

Address : RUSSIA, 101000, Moscow, Myasnitskaya st. 13-2

BIBLIO-GLOBUS Science

BIBLIO-GLOBUS Science - one of the leading science publishers in Russia.

Read More
Other sites
  • BIBLIO-GLOBUS fiction
  • BIBLIO-GLOBUS bookstore
  • National Science Publishing Association (NATSPA)
© 2016 BIBLIO-GLOBUS Science (BIBLIO-GLOBUS Publishing House). All Rights Reserved