EN EN 1. Introduction Due to general elections, which took place on
... for 2014, slightly exceeding the forecast of the updated DBP. The Commission's forecast takes into account a budgetary impact of financial sector measures which is broadly the same as the updated DBP, and takes into account specific information provided by Austria's authorities. Both estimates facto ...
... for 2014, slightly exceeding the forecast of the updated DBP. The Commission's forecast takes into account a budgetary impact of financial sector measures which is broadly the same as the updated DBP, and takes into account specific information provided by Austria's authorities. Both estimates facto ...
spd04 Bohn-k 225540 en
... The next sections will examine which of these paths are, or are not, sustainable. Table 1 documents the quantitative importance of economic growth for the dynamics of the U.S. debt. Column 1 shows average with-interest deficits in percent of GDP. Columns 2-4 displays corresponding values for the pri ...
... The next sections will examine which of these paths are, or are not, sustainable. Table 1 documents the quantitative importance of economic growth for the dynamics of the U.S. debt. Column 1 shows average with-interest deficits in percent of GDP. Columns 2-4 displays corresponding values for the pri ...
Fourth Edition - Mac OS X Server
... 1. If workers and firms expect that the price level will rise by 3 percent, from 100 to 103, they will adjust their wages and prices by that amount. 2. Holding constant all other variables that affect aggregate supply, the short-run aggregate supply curve will shift to the left. If workers and firms ...
... 1. If workers and firms expect that the price level will rise by 3 percent, from 100 to 103, they will adjust their wages and prices by that amount. 2. Holding constant all other variables that affect aggregate supply, the short-run aggregate supply curve will shift to the left. If workers and firms ...
Forecasting the economy - Office for Budget Responsibility
... the Government’s fiscal mandate targets a cyclically-adjusted measure of the current budget balance – in other words, an estimate of what the balance would be if output in the economy was equal to the level consistent with stable inflation (i.e. the ‘output gap’ was zero). This again makes the forec ...
... the Government’s fiscal mandate targets a cyclically-adjusted measure of the current budget balance – in other words, an estimate of what the balance would be if output in the economy was equal to the level consistent with stable inflation (i.e. the ‘output gap’ was zero). This again makes the forec ...
Optimal Time-Consistent Monetary, Fiscal and Debt Maturity Policy ∗ Eric M. Leeper
... a given deficit the policy maker will need to issue more bonds, but when debt is of longer maturity, the policy maker will also pay less to repay the existing debt stock. Therefore, with longer maturity debt the desire to reduce debt rapidly along the transition path is reduced and the debt stabili ...
... a given deficit the policy maker will need to issue more bonds, but when debt is of longer maturity, the policy maker will also pay less to repay the existing debt stock. Therefore, with longer maturity debt the desire to reduce debt rapidly along the transition path is reduced and the debt stabili ...
D : M F I
... nature, may at times go beyond an accounting time frame of a year, but there could be an automatic correction. However, persisting imbalances are structural and more difficult to address. These may arise from the inability to raise revenues or contain expenditure or a combination of both. As was ind ...
... nature, may at times go beyond an accounting time frame of a year, but there could be an automatic correction. However, persisting imbalances are structural and more difficult to address. These may arise from the inability to raise revenues or contain expenditure or a combination of both. As was ind ...
What do the Different Measures of GDP Tell Us?
... improve our analysis and understanding of the sources of economic growth. While each approach is useful, macroeconomic analysis is shifting from a short-term, recession-driven focus on managing aggregate demand to a long-term, supply-side perspective on the determinants of economic growth. This shif ...
... improve our analysis and understanding of the sources of economic growth. While each approach is useful, macroeconomic analysis is shifting from a short-term, recession-driven focus on managing aggregate demand to a long-term, supply-side perspective on the determinants of economic growth. This shif ...
Chapter 7: Putting All Markets Together: The AS
... the effect of the price level on output. It is derived from the equilibrium conditions in the goods and financial markets. Recall the equilibrium conditions for the goods and financial markets described in ...
... the effect of the price level on output. It is derived from the equilibrium conditions in the goods and financial markets. Recall the equilibrium conditions for the goods and financial markets described in ...
public - Europa.eu
... The careful analysis first uses the expenditure benchmark to assess fiscal effort. All in all, the aim of the careful analysis is to provide an adequate estimation of the extent of policy actions, to evaluate whether the Member State concerned has delivered on its policy commitments as set in the ED ...
... The careful analysis first uses the expenditure benchmark to assess fiscal effort. All in all, the aim of the careful analysis is to provide an adequate estimation of the extent of policy actions, to evaluate whether the Member State concerned has delivered on its policy commitments as set in the ED ...
Brookings Papers DAVID H. ROMER JUSTIN WOLFERS
... starve-the-beast hypothesis than others. What are needed are tax changes that are not systematically correlated with other factors influencing government spending. An obvious implication is that spending-driven tax changes are not appropriate observations to use. Causation in these episodes runs fro ...
... starve-the-beast hypothesis than others. What are needed are tax changes that are not systematically correlated with other factors influencing government spending. An obvious implication is that spending-driven tax changes are not appropriate observations to use. Causation in these episodes runs fro ...
Monetary policy trade-offs and forward guidance
... households of the conditions under which the highly stimulative stance of monetary policy will be maintained. That should reduce the risk that, as the recovery gains traction, market interest rates rise prematurely and people worry excessively about early rises in borrowing costs. By so doing, it sh ...
... households of the conditions under which the highly stimulative stance of monetary policy will be maintained. That should reduce the risk that, as the recovery gains traction, market interest rates rise prematurely and people worry excessively about early rises in borrowing costs. By so doing, it sh ...
Proposal 10: Creating an American Value
... A low-rate VAT could generate substantial revenue. Based on estimates from Toder and Rosenberg (2010), we estimate that the United States could raise gross revenue of $355 billion in 2012 through a 5 percent VAT applied to all consumption except for spending on education, Medicaid and Medicare, char ...
... A low-rate VAT could generate substantial revenue. Based on estimates from Toder and Rosenberg (2010), we estimate that the United States could raise gross revenue of $355 billion in 2012 through a 5 percent VAT applied to all consumption except for spending on education, Medicaid and Medicare, char ...
Chapter 8 - The Citadel
... Nominal and Real GDP The Bureau of Economic Analysis now uses a chain-weighted measure of real GDP. This means that changes in the prices and output levels of a certain good will contribute to overall changes in GDP to the extent that the good accounts for a significant share of ...
... Nominal and Real GDP The Bureau of Economic Analysis now uses a chain-weighted measure of real GDP. This means that changes in the prices and output levels of a certain good will contribute to overall changes in GDP to the extent that the good accounts for a significant share of ...
Optimal Government Debt Maturity under Limited Commitment
... example, if households are primarily buying long-term bonds ex-ante, then they appropriately anticipate that the government lacking commitment will pursue future policies which increase future short-term interest rates, thereby diluting their claims. In this case, households require a higher ex-ante ...
... example, if households are primarily buying long-term bonds ex-ante, then they appropriately anticipate that the government lacking commitment will pursue future policies which increase future short-term interest rates, thereby diluting their claims. In this case, households require a higher ex-ante ...
Macroprudential Policy: Promise and Challenges * By Enrique G
... 2. Lack of credibility: Under commitment, macroprudential policymakers have incentives to be time-inconsistent and thus deviate from pre-announced policy rules. The argument is subtle, but at its core it has similar features as the well-known time-inconsistency arguments that undermine the credibili ...
... 2. Lack of credibility: Under commitment, macroprudential policymakers have incentives to be time-inconsistent and thus deviate from pre-announced policy rules. The argument is subtle, but at its core it has similar features as the well-known time-inconsistency arguments that undermine the credibili ...
The Evolution of US Monetary Policy: 2000-2007
... This paper attempts to draw distinctions between these alternative interpretations of how the Federal Reserve implemented its policy decisions during the period from 2000 through 2007. To this end, it estimates a vector autoregressive time series model with time-varying parameters and stochastic vo ...
... This paper attempts to draw distinctions between these alternative interpretations of how the Federal Reserve implemented its policy decisions during the period from 2000 through 2007. To this end, it estimates a vector autoregressive time series model with time-varying parameters and stochastic vo ...
to the CIC Final Report Executive Summary
... performed and this Deliverable (which is hereafter referred to as “Report”) was developed in accordance with our engagement letter dated November 12, 2009 and are subject to the terms and conditions included herein. Our services were performed in accordance with Standards for Consulting Services est ...
... performed and this Deliverable (which is hereafter referred to as “Report”) was developed in accordance with our engagement letter dated November 12, 2009 and are subject to the terms and conditions included herein. Our services were performed in accordance with Standards for Consulting Services est ...
Chapter Ten - lhu.edu.tw
... If the IS curve’s shift to the right is due to an increase in the government purchase, the initial increase in the output in the short run will be eliminated due to the complete crowding-out effect. This will happen because the interest rate increases to crowd out the private investment.The original ...
... If the IS curve’s shift to the right is due to an increase in the government purchase, the initial increase in the output in the short run will be eliminated due to the complete crowding-out effect. This will happen because the interest rate increases to crowd out the private investment.The original ...
A General Welfare Decomposition for CGE Models
... convention is adopted to ensure that the condition applies for imports. A final demand activity ‘total imports of each commodity’ is included, the inputs to which are imported commodities with negative values, equal in magnitude to the total CIF values of imported commodities used by all other activ ...
... convention is adopted to ensure that the condition applies for imports. A final demand activity ‘total imports of each commodity’ is included, the inputs to which are imported commodities with negative values, equal in magnitude to the total CIF values of imported commodities used by all other activ ...
NBER WORKING PAPER SERIES OPTIMAL OPERATIONAL MONETARY POLICY IN THE CHRISTIANO-EICHENBAUM-EVANS MODEL
... will also be so for an economy where the instruments necessary to engineer the nondistorted steady state are unavailable. For these reasons, we refrain from making the efficient-steadystate assumption and instead work with a model whose steady state is distorted. Departing from a model whose steady s ...
... will also be so for an economy where the instruments necessary to engineer the nondistorted steady state are unavailable. For these reasons, we refrain from making the efficient-steadystate assumption and instead work with a model whose steady state is distorted. Departing from a model whose steady s ...
Fiscal Strategy 2015
... the fiscal adjustment, improvement of the conditions on the financial market and more favourable labour market conditions. A significant improvement of the budget balance is expected, as well as a gradual increase in banks' credit activity and growth of domestic demand as the main driver of economic ...
... the fiscal adjustment, improvement of the conditions on the financial market and more favourable labour market conditions. A significant improvement of the budget balance is expected, as well as a gradual increase in banks' credit activity and growth of domestic demand as the main driver of economic ...