Optimal Time-Consistent Government Debt Maturity No. 16-4
... economies in which the risks of default and inflation surprises are not prominent, but whose governments are not committed to a path of deficits and debt maturity issuance. Arellano et al. (2013) study a similar setting to ours but with nominal frictions and lack of commitment to monetary policy.7 I ...
... economies in which the risks of default and inflation surprises are not prominent, but whose governments are not committed to a path of deficits and debt maturity issuance. Arellano et al. (2013) study a similar setting to ours but with nominal frictions and lack of commitment to monetary policy.7 I ...
This PDF is a selection from a published volume from
... rates owing to government debt crowding out private capital. As discussed by Bernheim (1987), it is quite difficult (requiring numerous assumptions about various elasticities) to construct a natural Keynesian benchmark for quantifying the short-term stimulus from deficits and the long-term crowding ...
... rates owing to government debt crowding out private capital. As discussed by Bernheim (1987), it is quite difficult (requiring numerous assumptions about various elasticities) to construct a natural Keynesian benchmark for quantifying the short-term stimulus from deficits and the long-term crowding ...
Output-Employment Relationship across Sectors: A Long
... economic growth does not affect the employment rate in Turkey. However, they do not reject the reverse hypothesis. Tatoğlu (2011) finds a long-run and short-run relationship between unemployment and output which varies among the countries including Turkey. There are also papers emphasizing the issue ...
... economic growth does not affect the employment rate in Turkey. However, they do not reject the reverse hypothesis. Tatoğlu (2011) finds a long-run and short-run relationship between unemployment and output which varies among the countries including Turkey. There are also papers emphasizing the issue ...
Measuring Subjective Wellbeing: A Summary
... power parity among countries. Another further adjustment to GDP is to include differences in income distribution, for example, by providing weighted shares of growth by population groups. As income per capita is a national average, it does not provide the real income picture of the different populat ...
... power parity among countries. Another further adjustment to GDP is to include differences in income distribution, for example, by providing weighted shares of growth by population groups. As income per capita is a national average, it does not provide the real income picture of the different populat ...
Adjusting the budget balance for the business cycle: the
... The OECD improved the 2005 methodology by introducing some necessary refinements and useful methodological innovations. Notably, the elasticities were estimated on more disaggregated data for personal income taxes (wages and salaries, self-employment income, capital income) and for social security c ...
... The OECD improved the 2005 methodology by introducing some necessary refinements and useful methodological innovations. Notably, the elasticities were estimated on more disaggregated data for personal income taxes (wages and salaries, self-employment income, capital income) and for social security c ...
In Defense of Employer of Last Resort: a response to Malcolm Sawyer
... be higher than the sum of wages and benefits spent on ELR workers. For this reason, aggregate demand will increase by more than the ELR wage bill, and this could fuel additional inflationary pressures (if the level of aggregate demand were already too high). However, implementation of ELR will allow ...
... be higher than the sum of wages and benefits spent on ELR workers. For this reason, aggregate demand will increase by more than the ELR wage bill, and this could fuel additional inflationary pressures (if the level of aggregate demand were already too high). However, implementation of ELR will allow ...
European Economy. Reports and Studies. 3/2000. Public finances in
... deficit of 1.2 % of GDP for the euro area, down from 2.3 % in 1998. All Member States met the nominal budgetary targets fixed in the original 1998/99 stability and convergence programmes, and in some cases targets were surpassed by a wide margin. As regards the composition of budgetary adjustment in ...
... deficit of 1.2 % of GDP for the euro area, down from 2.3 % in 1998. All Member States met the nominal budgetary targets fixed in the original 1998/99 stability and convergence programmes, and in some cases targets were surpassed by a wide margin. As regards the composition of budgetary adjustment in ...
Study Question File
... A) an increase in P decreases the real wage and raises profits if output is increased. B) A decrease in P decreases the real wage and raises profits if output is increased. C) business firms are responsive to interest rates. D) the marginal leakage rate is small. Answer: A Question Status: Previous ...
... A) an increase in P decreases the real wage and raises profits if output is increased. B) A decrease in P decreases the real wage and raises profits if output is increased. C) business firms are responsive to interest rates. D) the marginal leakage rate is small. Answer: A Question Status: Previous ...
OVERVIEW :
... Revenue Expenditure during 1998-99 constituted 80.71 per cent of the total expenditure while the Capital Expenditure booked in accounts was only 6.77 per cent. Reckoning loans advanced by the Union government as Capital Expenditure, the total Capital Expenditure booked in accounts was less than 20 p ...
... Revenue Expenditure during 1998-99 constituted 80.71 per cent of the total expenditure while the Capital Expenditure booked in accounts was only 6.77 per cent. Reckoning loans advanced by the Union government as Capital Expenditure, the total Capital Expenditure booked in accounts was less than 20 p ...
Money and the Transmission Mechanism in the Optimizing IS
... It is true that Hicks’ (1937) original derivation of his “IS-LL” curves was under the assumption of fully rigid nominal wages, while even some modern textbook treatments (e.g. Auerbach and Kotlikoff, 1995, p. 314) give the impression that the derivation of IS and LM relations requires the assumptio ...
... It is true that Hicks’ (1937) original derivation of his “IS-LL” curves was under the assumption of fully rigid nominal wages, while even some modern textbook treatments (e.g. Auerbach and Kotlikoff, 1995, p. 314) give the impression that the derivation of IS and LM relations requires the assumptio ...
Trade and Development Report, 2012
... Regional contributions to world GDP growth, 1970–2012............................................................. 4 World trade by volume, January 2000–April 2012......................................................................... 7 Net barter terms of trade, 2000–2011......................... ...
... Regional contributions to world GDP growth, 1970–2012............................................................. 4 World trade by volume, January 2000–April 2012......................................................................... 7 Net barter terms of trade, 2000–2011......................... ...
The Interaction between Household and Firm Dynamics and the
... cost of capital, and because there is an anticipated upward trend in the price level following the initial decrease, which means that new …rms expect that it will be easier to repay their long-term debt. In the third exercise, we simulate the transition dynamics following simultaneous shocks to hou ...
... cost of capital, and because there is an anticipated upward trend in the price level following the initial decrease, which means that new …rms expect that it will be easier to repay their long-term debt. In the third exercise, we simulate the transition dynamics following simultaneous shocks to hou ...
Standing in the way of development?
... due to the external shocks caused by the food crisis, rather than by raising internal demand. Inflation targets for 2008 and 2009 remained firmly within the ‘single-digit’ range. And the Fund’s inflation targets for 2010 have continued on a downward trend. In many countries, this only served to inte ...
... due to the external shocks caused by the food crisis, rather than by raising internal demand. Inflation targets for 2008 and 2009 remained firmly within the ‘single-digit’ range. And the Fund’s inflation targets for 2010 have continued on a downward trend. In many countries, this only served to inte ...
The Fiscal Policy Strategy Statement
... Budget 2017-18, will further enable to shift the focus to revenue and capital expenditures from Budget 201718. The corrections on this expenditure imbalance be targeted through proactive policy measures by enhancing both direct capital expenditure as well as the capital component of the revenue expe ...
... Budget 2017-18, will further enable to shift the focus to revenue and capital expenditures from Budget 201718. The corrections on this expenditure imbalance be targeted through proactive policy measures by enhancing both direct capital expenditure as well as the capital component of the revenue expe ...
Public debt in 2020: A sustainability analysis for DM
... i.e. we do not differentiate debt by holders (resident vs. nonresident), by currency denomination (domestic vs. foreign currency), by maturity (short, medium, long-term) and/or instruments (e.g. floating vs. fixed interest rate). It goes without saying that the factors listed above are all relevant ...
... i.e. we do not differentiate debt by holders (resident vs. nonresident), by currency denomination (domestic vs. foreign currency), by maturity (short, medium, long-term) and/or instruments (e.g. floating vs. fixed interest rate). It goes without saying that the factors listed above are all relevant ...
Intergovernmental Finance in Five Emerging Market Economies
... The 1994 reform in China, which created a framework of fiscal relations between the central and local governments, is considered the most intensive and far reaching institutional restructuring for intergovernmental fiscal relations since 1949. The exclusive central responsibilities include national ...
... The 1994 reform in China, which created a framework of fiscal relations between the central and local governments, is considered the most intensive and far reaching institutional restructuring for intergovernmental fiscal relations since 1949. The exclusive central responsibilities include national ...
The Interest Rate Effect on Private Saving: Alternative Perspectives
... better prepared for retirement. Such a tendency can also be strong in an economy in which sufficient social protections such as social securities and unemployment benefits are not available. Generally, people may want to increase their aggregate amount of saving in response to lower interest rates i ...
... better prepared for retirement. Such a tendency can also be strong in an economy in which sufficient social protections such as social securities and unemployment benefits are not available. Generally, people may want to increase their aggregate amount of saving in response to lower interest rates i ...
GVA and GDP 2014 report
... The real-term change in the average economic standard of living of Jersey residents may be determined by considering GVA per head in constant year values of income over a longer period. The two components of this analysis are shown in Figure 5 for the period 2001 to 2014: the mid-year resident popul ...
... The real-term change in the average economic standard of living of Jersey residents may be determined by considering GVA per head in constant year values of income over a longer period. The two components of this analysis are shown in Figure 5 for the period 2001 to 2014: the mid-year resident popul ...
Economics Topic Wise Reference Material for
... (b) (C)marginal rate of substitution (d) PPC Ans-(b) Q.-3 Define microeconomics and macroeconomics Ans. - Meaning of microeconomics :- Microeconomics is a branch of economics which deals with study of economic problems and relationship at individual level, like –demand, supply, price determination i ...
... (b) (C)marginal rate of substitution (d) PPC Ans-(b) Q.-3 Define microeconomics and macroeconomics Ans. - Meaning of microeconomics :- Microeconomics is a branch of economics which deals with study of economic problems and relationship at individual level, like –demand, supply, price determination i ...
IMF Staff Papers Vol. 48 No. 3, 2001
... concerned with the current flow of utility to the government and private agents, rather than investment. 5McGuire and Olson (1996) argue along similar lines, claiming that even if a ruler is concerned only with personal rents, she has an incentive to provide public goods. In the authors’ model, publ ...
... concerned with the current flow of utility to the government and private agents, rather than investment. 5McGuire and Olson (1996) argue along similar lines, claiming that even if a ruler is concerned only with personal rents, she has an incentive to provide public goods. In the authors’ model, publ ...