Eric M Leeper
Biographic Data
| ID | 5732250 |
|---|---|
| NAME | Eric M Leeper |
| GIVEN NAMES | Eric M |
| FAMILY NAME | Leeper |
| SIGNATURE | LEEPER E M |
| AFFILIATIONS | Indiana University, Monash University and NBER |
| VERIFIED | No |
| TOTAL WORKS | 5 |
| TOTAL CITATIONS | 13 |
| AUTHOR COUNT | 5 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1991 |
| LATEST PUBLICATION YEAR | 2013 |
| H-INDEX | 2 |
Uncertain Fiscal Consolidations
The paper explores the macroeconomic consequences of fiscal consolidations whose \ntiming and composition—either tax- or spending-based—are uncertain. We find that \nthe composition of the fiscal consolidation, its duration, the monetary policy stance, the \nlevel of government debt, and expectations over the likelihood and composition of fiscal \nconsolidations all matter in determining the extent to which a given consolidation is \nexpansionary…
The Price Level, the Quantity Theory of Money, and the Fiscal Theory of the Price Level
This paper examines price‐level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds, and investment goods determine their relative demands. Returns to real balance holdings and after‐tax returns to investment goods determine the relative values of nominal and real assets. Because expectations of government policies ultimately determine the expected returns to both nominal and real assets, the price level…
When Do Long-Run Identifying Restrictions Give Reliable Results
Many recent articles have identified behavioral disturbances in vector autoregressions by imposing restrictions on the long-run effects of shocks. This article demonstrates that this approach will be unreliable unless the underlying economy satisfies three types of strong restrictions. Although many aspects of these issues have been raised before, this article draws out and illustrates the implications for inferences under the long-run scheme. Fu…
The Dynamic Impacts of Monetary Policy: An Exercise in Tentative Identification
It is currently popular to identify monetary policy shocks with innovations in some measure of reserves or in the federal funds rate. These assumptions about the interest elasticity of the supply of or demand for reserves imply monetary policy shocks that produce dynamic responses of macroeconomic variables that are anomalous relative to traditional monetary analyses. This paper tentatively identifies supply and demand shocks in the markets for r…
Equilibria under ‘active’ and ‘passive’ monetary and fiscal policies
The Dynamic Impacts of Monetary Policy: An Exercise in Tentative Identification
It is currently popular to identify monetary policy shocks with innovations in some measure of reserves or in the federal funds rate. These assumptions about the interest elasticity of the supply of or demand for reserves imply monetary policy shocks that produce dynamic responses of macroeconomic variables that are anomalous relative to traditional monetary analyses. This paper tentatively identifies supply and demand shocks in the markets for r…
Uncertain Fiscal Consolidations
The paper explores the macroeconomic consequences of fiscal consolidations whose \ntiming and composition—either tax- or spending-based—are uncertain. We find that \nthe composition of the fiscal consolidation, its duration, the monetary policy stance, the \nlevel of government debt, and expectations over the likelihood and composition of fiscal \nconsolidations all matter in determining the extent to which a given consolidation is \nexpansionary…
The Price Level, the Quantity Theory of Money, and the Fiscal Theory of the Price Level
This paper examines price‐level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds, and investment goods determine their relative demands. Returns to real balance holdings and after‐tax returns to investment goods determine the relative values of nominal and real assets. Because expectations of government policies ultimately determine the expected returns to both nominal and real assets, the price level…
Equilibria under ‘active’ and ‘passive’ monetary and fiscal policies
The Dynamic Impacts of Monetary Policy: An Exercise in Tentative Identification
It is currently popular to identify monetary policy shocks with innovations in some measure of reserves or in the federal funds rate. These assumptions about the interest elasticity of the supply of or demand for reserves imply monetary policy shocks that produce dynamic responses of macroeconomic variables that are anomalous relative to traditional monetary analyses. This paper tentatively identifies supply and demand shocks in the markets for r…
When Do Long-Run Identifying Restrictions Give Reliable Results
Many recent articles have identified behavioral disturbances in vector autoregressions by imposing restrictions on the long-run effects of shocks. This article demonstrates that this approach will be unreliable unless the underlying economy satisfies three types of strong restrictions. Although many aspects of these issues have been raised before, this article draws out and illustrates the implications for inferences under the long-run scheme. Fu…
The Price Level, the Quantity Theory of Money, and the Fiscal Theory of the Price Level
This paper examines price‐level determination from the perspective of portfolio choice. Arbitrages among money balances, bonds, and investment goods determine their relative demands. Returns to real balance holdings and after‐tax returns to investment goods determine the relative values of nominal and real assets. Because expectations of government policies ultimately determine the expected returns to both nominal and real assets, the price level…
Uncertain Fiscal Consolidations
The paper explores the macroeconomic consequences of fiscal consolidations whose \ntiming and composition—either tax- or spending-based—are uncertain. We find that \nthe composition of the fiscal consolidation, its duration, the monetary policy stance, the \nlevel of government debt, and expectations over the likelihood and composition of fiscal \nconsolidations all matter in determining the extent to which a given consolidation is \nexpansionary…
Economics (5 works) · Monetary Policy and Economic Impact (5 works) · Monetary economics (3 works) · Computer Science (2 works) · Economic theories and models (2 works) · Economic Theory and Policy (2 works) · Fiscal Policies and Political Economy (2 works) · Interest rate (2 works) · Macroeconomics (2 works) · Monetary policy (2 works)