
The European Central Bank - History, role and functions, October 2004
... organisation from the legal, institutional and organisational points of view. It describes the processes that led to the establishment of the ECB and the introduction of the euro, the role and the functions that are performed by the ECB as captain of the European monetary team, namely the Eurosystem ...
... organisation from the legal, institutional and organisational points of view. It describes the processes that led to the establishment of the ECB and the introduction of the euro, the role and the functions that are performed by the ECB as captain of the European monetary team, namely the Eurosystem ...
Training Catalog
... better serve our members in South Asia, the South Asia Regional Training and Technical Assistance Center (SARTTAC) begins operations in 2017. This will be the first center that fully integrates training and technical assistance and is a model for the IMF’s future capacity development work. As has be ...
... better serve our members in South Asia, the South Asia Regional Training and Technical Assistance Center (SARTTAC) begins operations in 2017. This will be the first center that fully integrates training and technical assistance and is a model for the IMF’s future capacity development work. As has be ...
The Fiscal Theory of the Price Level in Sub
... Table 3: Autocorrelation of Surpluses in U.S. between 1941 and 1992 ..................................................... 36 Table 4: Autocorrelation of Surpluses in U.S. before 1952 ........................................................................ 37 Table 5: Autocorrelation of Surpluses in ...
... Table 3: Autocorrelation of Surpluses in U.S. between 1941 and 1992 ..................................................... 36 Table 4: Autocorrelation of Surpluses in U.S. before 1952 ........................................................................ 37 Table 5: Autocorrelation of Surpluses in ...
Fiscal Impacts of the Foreign-Born Population
... fiscal impacts of two populations: all U.S. foreign born and unauthorized aliens. Computing such fiscal impacts involves numerous methodological and conceptual challenges, and resulting estimates vary considerably according to the assumptions used, including those about the time frame considered, th ...
... fiscal impacts of two populations: all U.S. foreign born and unauthorized aliens. Computing such fiscal impacts involves numerous methodological and conceptual challenges, and resulting estimates vary considerably according to the assumptions used, including those about the time frame considered, th ...
Monetary Policy, Fiscal Policy, and Secular Stagnation at the Zero
... interest. While it is found that the natural real rate has declined substantially between 1997 and 2015, it has not become negative. Thus, even in the presence of low inflation and nominal interest rates at the zero lower bound, the Eurozone does not face an acute threat of secular stagnation as def ...
... interest. While it is found that the natural real rate has declined substantially between 1997 and 2015, it has not become negative. Thus, even in the presence of low inflation and nominal interest rates at the zero lower bound, the Eurozone does not face an acute threat of secular stagnation as def ...
CEEC – Transition and Enlargement
... • No, it has a definition of price stability: "Price stability is defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%. Price stability is to be maintained over the medium term." “The Governing Council agreed that in the pursuit of price ...
... • No, it has a definition of price stability: "Price stability is defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%. Price stability is to be maintained over the medium term." “The Governing Council agreed that in the pursuit of price ...
CEEC – Transition and Enlargement
... • No, it has a definition of price stability: "Price stability is defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%. Price stability is to be maintained over the medium term." “The Governing Council agreed that in the pursuit of price ...
... • No, it has a definition of price stability: "Price stability is defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%. Price stability is to be maintained over the medium term." “The Governing Council agreed that in the pursuit of price ...
Submissions on EMU from leading academics
... independent monetary institutions as exchange rates became more fixed. The ERM was designed to induce convergence on low and stable inflation rates in Europe as a preliminary to full Monetary Union, and on the whole it succeeded. Fiscal frameworks came into the European debate later, and they have n ...
... independent monetary institutions as exchange rates became more fixed. The ERM was designed to induce convergence on low and stable inflation rates in Europe as a preliminary to full Monetary Union, and on the whole it succeeded. Fiscal frameworks came into the European debate later, and they have n ...
Monetary/Fiscal Policy Mix and Agents` Beliefs
... a quick drop, the economy entering a recession, real interest rates rising sharply, and debt increasing. If instead the switch to the AM/PF regime had not occurred, inflation would have been higher for another fifteen years and the reversal in the debt-to-GDP dynamics would not have come about. Fina ...
... a quick drop, the economy entering a recession, real interest rates rising sharply, and debt increasing. If instead the switch to the AM/PF regime had not occurred, inflation would have been higher for another fifteen years and the reversal in the debt-to-GDP dynamics would not have come about. Fina ...
The relationship between government budget deficit and domestic
... country (Shekar Das, Raj Kumar,Ranee Jayamaha, Dev Useree and Andrew (1999). African countries are facing rising external debt and are being made to ensure the debt is manageable. These attempts include; debt write off by world bank for highly indebted poor countries (HIPC),Public debt management fa ...
... country (Shekar Das, Raj Kumar,Ranee Jayamaha, Dev Useree and Andrew (1999). African countries are facing rising external debt and are being made to ensure the debt is manageable. These attempts include; debt write off by world bank for highly indebted poor countries (HIPC),Public debt management fa ...
Ph.D. Thesis: Essays in Monetary and Fiscal Policy
... Another policy concern that is high on the agenda in many countries is fiscal sustainability in the aftermath of the global economic downturn. Related to these issue is the debate on whether monetary policy and inflation are to play an important role in maintaining fiscal solvency or it is primarily ...
... Another policy concern that is high on the agenda in many countries is fiscal sustainability in the aftermath of the global economic downturn. Related to these issue is the debate on whether monetary policy and inflation are to play an important role in maintaining fiscal solvency or it is primarily ...
NBER WORKING PAPER SERIES THE FALLACY OF THE FISCAL Willem H. Buiter
... taxes net of transfers and real monetary issuance, and still expect, except by chance, to meet its contractual obligations in full. Either public spending, or taxes or seigniorage would have to be residually determined during at least one period (as a function of the economy-wide endogenous variable ...
... taxes net of transfers and real monetary issuance, and still expect, except by chance, to meet its contractual obligations in full. Either public spending, or taxes or seigniorage would have to be residually determined during at least one period (as a function of the economy-wide endogenous variable ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... a backed commodity standard and a tax-based theory of value. I clarify the vexing red herring of "Ricardian" and "non-Ricardian" regimes, and budget constraints that do or don't hold at off-equilibrium prices. I review the extension of the fiscal theory to long-term debt, which tells us when a short ...
... a backed commodity standard and a tax-based theory of value. I clarify the vexing red herring of "Ricardian" and "non-Ricardian" regimes, and budget constraints that do or don't hold at off-equilibrium prices. I review the extension of the fiscal theory to long-term debt, which tells us when a short ...
The Tax Smoothing Implications of the Federal Debt Paydown
... and lending occurs between households and the government; no borrowing among households is explicitly allowed. However, since all households are identical, no private borrowing and lending will occur in equilibrium. Thus the equilibrium paths of c(st) and l(st) will be identical to those in an econo ...
... and lending occurs between households and the government; no borrowing among households is explicitly allowed. However, since all households are identical, no private borrowing and lending will occur in equilibrium. Thus the equilibrium paths of c(st) and l(st) will be identical to those in an econo ...
NBER WORKING PAPER SERIES Russell Cooper Hubert Kempf
... exchange market for old agents is thus infinite. As we shall s, the implications of this infinite cost can be parametethed by the uncertainty over tastes. 'Cooper-ICempf [1998] argue that the cash-in-advance constraints can be generated endogenously by allowing individual governments to choose over ...
... exchange market for old agents is thus infinite. As we shall s, the implications of this infinite cost can be parametethed by the uncertainty over tastes. 'Cooper-ICempf [1998] argue that the cash-in-advance constraints can be generated endogenously by allowing individual governments to choose over ...
WHEN IT RAINS, IT POURS: PROCYCLICAL CAPITAL FLOWS AND
... often found in governments that go through bouts of high spending and borrowing when the times are favorable and international capital is plentiful.1 Gavin and Perotti (1997) first called attention to the phenomenon of procyclical fiscal policy by showing that fiscal policy in Latin America tends to ...
... often found in governments that go through bouts of high spending and borrowing when the times are favorable and international capital is plentiful.1 Gavin and Perotti (1997) first called attention to the phenomenon of procyclical fiscal policy by showing that fiscal policy in Latin America tends to ...
Coordinating Public Debt Management with Fiscal and Monetary
... cost of debt servicing low in order to create fiscal space in the short run. However, this may increase the volatility of future debt servicing and may force subsequent governments to cut expenditures or raise taxes. While the fiscal authorities should be concerned with the long-term consequences, t ...
... cost of debt servicing low in order to create fiscal space in the short run. However, this may increase the volatility of future debt servicing and may force subsequent governments to cut expenditures or raise taxes. While the fiscal authorities should be concerned with the long-term consequences, t ...
NBER WORKING PAPER SERIES
... money balances to their original level. Fiscal financing needs determine the money stock. The portfolio choice perspective does admit pure fiscal effects on the price level that are independent of the money stock. A bond-financed tax cut that generates higher expected taxes reduces the expected retu ...
... money balances to their original level. Fiscal financing needs determine the money stock. The portfolio choice perspective does admit pure fiscal effects on the price level that are independent of the money stock. A bond-financed tax cut that generates higher expected taxes reduces the expected retu ...
Debt Limits and the Structure of Public Debt
... In terms of indexing debt to state-variables, Krugman (1988) and Froot and others (1989) proposed explicitly linking debt to commodity prices, exports and real GDP. This initial wave of interest was triggered by the Latin American debt crisis, which illustrated the economic damage caused by prolonge ...
... In terms of indexing debt to state-variables, Krugman (1988) and Froot and others (1989) proposed explicitly linking debt to commodity prices, exports and real GDP. This initial wave of interest was triggered by the Latin American debt crisis, which illustrated the economic damage caused by prolonge ...
European Commission
... TSCG and has already ratified it. However, some titles of the Treaty are only binding for euro area Member States, such as the Fiscal Compact, that non-euro area Member States can choose not to be bound by. This was the case of Lithuania when ratifying the TSCG: when entering in the euro area, it wo ...
... TSCG and has already ratified it. However, some titles of the Treaty are only binding for euro area Member States, such as the Fiscal Compact, that non-euro area Member States can choose not to be bound by. This was the case of Lithuania when ratifying the TSCG: when entering in the euro area, it wo ...
The debt brake: business cycle and welfare
... be seen in the context of European fiscal rules, namely the European Stability and Growth Pact (SGP). As a rule, the SGP demands roughly balanced budgets in structural terms, while letting the automatic stabilizers take effect. The corrective arm of the pact is called on particularly if the 3% deficit ...
... be seen in the context of European fiscal rules, namely the European Stability and Growth Pact (SGP). As a rule, the SGP demands roughly balanced budgets in structural terms, while letting the automatic stabilizers take effect. The corrective arm of the pact is called on particularly if the 3% deficit ...
Heading into Trouble: A Comparison of the Latin
... consumption and investment, comprising public accounts, which will in turn affect the private sector. These adjustments are usually draconian, involving significant expenditure reductions. For instance, in the 80s, Latin American countries had to adjust their economies to a sudden stop in foreign fi ...
... consumption and investment, comprising public accounts, which will in turn affect the private sector. These adjustments are usually draconian, involving significant expenditure reductions. For instance, in the 80s, Latin American countries had to adjust their economies to a sudden stop in foreign fi ...
World War II Fiscal Policies and the End of the Great Depression
... By these criteria,the estimates of rows 1 and 3 of Table 1 are the best. Both project potential real GNP for 1942 at levels that are within 2 percent of actual 1942 real GNP, and both project potential real GNP figures for 1929 slightly below actual 1929 real GNP. Projections associated with the est ...
... By these criteria,the estimates of rows 1 and 3 of Table 1 are the best. Both project potential real GNP for 1942 at levels that are within 2 percent of actual 1942 real GNP, and both project potential real GNP figures for 1929 slightly below actual 1929 real GNP. Projections associated with the est ...
United Republic of Tanzania: Fifth Review under teh Policy Support
... member's policies (see http://www.imf.org/external/np/exr/facts/psi.htm). Details on Tanzania’s PSI program are available at www.imf.org/tanzania. ...
... member's policies (see http://www.imf.org/external/np/exr/facts/psi.htm). Details on Tanzania’s PSI program are available at www.imf.org/tanzania. ...
How Important are Debt and Growth Expectations for Interest
... are derived from a long-term horizon of five years 5), which is sufficiently forward3 looking to strip out short-run business cycle dynamics. To the extent the model includes forward-looking fundamentals that drive debt expectations, such as growth expectations, the probability that the identified d ...
... are derived from a long-term horizon of five years 5), which is sufficiently forward3 looking to strip out short-run business cycle dynamics. To the extent the model includes forward-looking fundamentals that drive debt expectations, such as growth expectations, the probability that the identified d ...
European Fiscal Compact
The Fiscal Compact (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union; also referred to as TSCG or more plainly the Fiscal Stability Treaty), is an intergovernmental treaty introduced as a new stricter version of the Stability and Growth Pact, signed on 2 March 2012 by all member states of the European Union (EU), except the Czech Republic, the United Kingdom, and Croatia (subsequently acceding the EU in July 2013). The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date. As of 1 April 2014, it had been ratified and entered into force for all 25 signatories.While the entire treaty applies to ratifying eurozone states, only Title V, covering euro summit participation, automatically applies for ratifying non-eurozone member states. However, these states can attach a declaration to their instrument of ratification stating their desire to also be bound by the treaty's fiscal provisions (Title III) and/or enhanced economic coordination provisions (Title IV). Both Denmark and Romania have declared themselves to be bound by all treaty titles, while Bulgaria declared itself bound by all treaty titles except of Title IV.Member states bound by the fiscal provisions of the treaty will face annual fines up to 0.1% of GDP, if they after one year of the Fiscal Compact entering into force for them, have failed to enact a domestic ""implementation law"" establishing a self-correcting mechanism, guided by surveillance of a governmentally independent fiscal advisory council, which shall guarantee their national budget be in balance or surplus under the treaty's definition. The treaty defines a balanced budget as a general budget deficit not exceeding 3.0% of the gross domestic product (GDP), and a structural deficit not exceeding a country-specific Medium-Term budgetary Objective (MTO) which at most can be set to 0.5% of GDP for states with a debt‑to‑GDP ratio exceeding 60% - or at most 1.0% of GDP for states with debt levels within the 60%-limit. The country-specific MTOs are recalculated every third year and might be set at stricter levels compared to what the treaty allows at most. The treaty also contains a direct copy of the ""debt brake"" criteria outlined in the Stability and Growth Pact, which defines the rate at which debt levels above the limit of 60% of GDP shall decrease.If the budget or estimated fiscal account for any ratifying state is found to be noncompliant with the deficit or debt criteria, the state is obliged to rectify the issue. If a state is in breach at the time of the treaty's entry into force, the correction will be deemed to be sufficient if it delivers sufficiently large annual improvements to remain on a country specific predefined ""adjustment path"" towards the limits at a midterm horizon. Should a state suffer a significant recession, it will be exempted from the requirement to deliver a fiscal correction for as long as it lasts.Despite being an International treaty outside the EU legal framework, all treaty provisions function as an extension to existing EU regulations, utilising the same reporting instruments and organisational structures already created within EU in the three areas: Budget discipline enforced by Stability and Growth Pact (extended by Title III), Coordination of economic policies (extended by Title IV), and Governance within the EMU (extended by Title V). The treaty states that the signatories shall attempt to incorporate the Fiscal Compact into the EU's legal framework, on the basis of an assessment of the experience with its implementation, by 1 January 2018 at the latest.