Hamiltonian Principles of Public Finance as a Guide
... austerity, or lower living standards; but this breeds civil unrest and political upheaval. Thus it is no coincidence that Japan has stagnated economically since the mid-1990s, having more than doubled its debt ratio to the highest among G-7 nations, or that civil unrest, work stoppages, and politica ...
... austerity, or lower living standards; but this breeds civil unrest and political upheaval. Thus it is no coincidence that Japan has stagnated economically since the mid-1990s, having more than doubled its debt ratio to the highest among G-7 nations, or that civil unrest, work stoppages, and politica ...
NBER WORKING PAPER SERIES FISCAL POLICY AND UNEMPLOYMENT Marco Battaglini Stephen Coate
... costly for the government. We show that in this model there would be no unemployment in the long run with a benevolent government. Moreover, the mix of public and private outputs would be optimal. The way in which the government achieves this first best outcome is by accumulating bond holdings. In t ...
... costly for the government. We show that in this model there would be no unemployment in the long run with a benevolent government. Moreover, the mix of public and private outputs would be optimal. The way in which the government achieves this first best outcome is by accumulating bond holdings. In t ...
2013 budget widens - Global Research | Solutions | HSBC
... We were expecting the Treasury to request a USD4bn authorization for debt payments, in line with next year's obligations in foreign currency. Debt payments outside the public sector for 2013 may be near the amount to be requested only if a USD3.5bn payment for the GDP warrant is included. According ...
... We were expecting the Treasury to request a USD4bn authorization for debt payments, in line with next year's obligations in foreign currency. Debt payments outside the public sector for 2013 may be near the amount to be requested only if a USD3.5bn payment for the GDP warrant is included. According ...
Two Depressions, One Banking Collapse
... The central argument of this paper is that variation in the performance of the financial system across the two depressions was primarily due to variation in the condition of the financial system prior to each depression. We show this by examining the behaviour of a range of indicators of financial s ...
... The central argument of this paper is that variation in the performance of the financial system across the two depressions was primarily due to variation in the condition of the financial system prior to each depression. We show this by examining the behaviour of a range of indicators of financial s ...
(a) The Fed buys securities from a commercial bank
... • Banks try to get by with smaller reserves. • But given the required reserve ratio, banks must decrease their lending. ...
... • Banks try to get by with smaller reserves. • But given the required reserve ratio, banks must decrease their lending. ...
Keynes’s Monetary Theory: A Different Jnterpretation Allan H. Meltzer
... services to the private sector. Things are far from ideal,however. Government routinely helps finance the production of a large number of goods and services that could be supplied privately and, in fact, would be more efficiently produced by the private sector. In doing so, government hampers the pr ...
... services to the private sector. Things are far from ideal,however. Government routinely helps finance the production of a large number of goods and services that could be supplied privately and, in fact, would be more efficiently produced by the private sector. In doing so, government hampers the pr ...
Fiscal Policy and Unemployment This revision, October 2011
... costly for the government. We show that in this model there would be no unemployment in the long run with a benevolent government. Moreover, the mix of public and private outputs would be optimal. The way in which the government achieves this first best outcome is by accumulating bond holdings. In t ...
... costly for the government. We show that in this model there would be no unemployment in the long run with a benevolent government. Moreover, the mix of public and private outputs would be optimal. The way in which the government achieves this first best outcome is by accumulating bond holdings. In t ...
Chapter 26. Fiscal Policy: A Summing Up
... The theory underlying the concept of cyclically adjusted deficit is simple; the practice of it has proven tricky. First, establish how much lower the deficit would be if output were, say, 1% higher. Second, assess how far output is from its natural level: A reliable rule of thumb is that a 1% decr ...
... The theory underlying the concept of cyclically adjusted deficit is simple; the practice of it has proven tricky. First, establish how much lower the deficit would be if output were, say, 1% higher. Second, assess how far output is from its natural level: A reliable rule of thumb is that a 1% decr ...
Please click here to see Table 3 - Association for the Study of the
... In August 1961 the Cuban government instituted a currency reform, issuing new bank notes which replaced all the previously-circulating paper money. Since the currency reform stipulated that no individual was allowed to exchange more than 200 pesos, it achieved a major reduction in circulation. In fa ...
... In August 1961 the Cuban government instituted a currency reform, issuing new bank notes which replaced all the previously-circulating paper money. Since the currency reform stipulated that no individual was allowed to exchange more than 200 pesos, it achieved a major reduction in circulation. In fa ...
The IMF’s Indonesian Myths
... imposed a financial burden on the Indonesian people of historic proportions. The growing debt burden and resulting fiscal deficit will force the government to raise taxes, electricity rates and fuel prices and to sell off state assets at fire-sale prices. The case of Bank Central Asia is an interest ...
... imposed a financial burden on the Indonesian people of historic proportions. The growing debt burden and resulting fiscal deficit will force the government to raise taxes, electricity rates and fuel prices and to sell off state assets at fire-sale prices. The case of Bank Central Asia is an interest ...
St. Vincent and the Grenadines Private Sector Assessment Report
... The PSAR evaluates the productive sector, together with the primary obstacles to business in St. Vincent and the Grenadines and the wider Organization of Eastern Caribbean States (OECS) that have emerged from the business environment and recent shocks. The report also assesses the subregion’s policy ...
... The PSAR evaluates the productive sector, together with the primary obstacles to business in St. Vincent and the Grenadines and the wider Organization of Eastern Caribbean States (OECS) that have emerged from the business environment and recent shocks. The report also assesses the subregion’s policy ...
B g
... When a social security system starts or expands, elderly persons experience an increase in the present value of their social security benefits net of taxes. The increase in the present value of real transfers net of real taxes implies a positive income effect on the consumption of this group. Macroe ...
... When a social security system starts or expands, elderly persons experience an increase in the present value of their social security benefits net of taxes. The increase in the present value of real transfers net of real taxes implies a positive income effect on the consumption of this group. Macroe ...
Macroeconomic Shocks, Housing Market and Banks` Performance
... There are already a couple of empirical works for the Venezuelan case that are directly related to this paper. For the housing market, Carvallo, Chirinos and Pagliacci (2012) claim that, due to changes in external conditions, a larger supply of loans to households has implied a greater banks’ expos ...
... There are already a couple of empirical works for the Venezuelan case that are directly related to this paper. For the housing market, Carvallo, Chirinos and Pagliacci (2012) claim that, due to changes in external conditions, a larger supply of loans to households has implied a greater banks’ expos ...
Low Inflation, Deflation, and Policies for Future Price Stability A
... economic instability could increase. Also when inflation gets negative a downward spiral can occur which lowers inflation, which raises real interest rates, which lowers inflation even further, and so on. The constraint that the nominal interest rate cannot go below the lower bound of zero has been ...
... economic instability could increase. Also when inflation gets negative a downward spiral can occur which lowers inflation, which raises real interest rates, which lowers inflation even further, and so on. The constraint that the nominal interest rate cannot go below the lower bound of zero has been ...
Macroecon_Practice_Exam
... 16. Which of the following policy choices represents a combination of fiscal and monetary policies designed to bring the economy out of a recession? (a) Decreasing both taxes and the money supply (b) Increasing both taxes and the money supply (c) Increasing government spending and decreasing the fe ...
... 16. Which of the following policy choices represents a combination of fiscal and monetary policies designed to bring the economy out of a recession? (a) Decreasing both taxes and the money supply (b) Increasing both taxes and the money supply (c) Increasing government spending and decreasing the fe ...
3312-11547-1-SP
... namely the ratio of currency prices. It is the value of a foreign nation’s currency in terms of the home nation’s currency. It also specifies how much one currency is worth in terms of the other. A correct or appropriate exchange rate has been one of the most important factors for economic growth in ...
... namely the ratio of currency prices. It is the value of a foreign nation’s currency in terms of the home nation’s currency. It also specifies how much one currency is worth in terms of the other. A correct or appropriate exchange rate has been one of the most important factors for economic growth in ...
Slide 1
... 16. Which of the following policy choices represents a combination of fiscal and monetary policies designed to bring the economy out of a recession? (a) Decreasing both taxes and the money supply (b) Increasing both taxes and the money supply (c) Increasing government spending and decreasing the fe ...
... 16. Which of the following policy choices represents a combination of fiscal and monetary policies designed to bring the economy out of a recession? (a) Decreasing both taxes and the money supply (b) Increasing both taxes and the money supply (c) Increasing government spending and decreasing the fe ...
Interest Rate and the Exchange Rate: A Non
... interest rates and exchange rates, since there may be none to begin with. In building our model, we take as a starting point the fact that most analysts seem to agree that higher interest rates a¤ect key macroeconomic variables essentially through three channels. First, higher interest rates raise ...
... interest rates and exchange rates, since there may be none to begin with. In building our model, we take as a starting point the fact that most analysts seem to agree that higher interest rates a¤ect key macroeconomic variables essentially through three channels. First, higher interest rates raise ...
Assessing Fiscal Policy in an Accrual Environment
... Accrual Measures and Financial Sustainability My preceding comments do not in any way imply that standard accrual measures are inadequate for assessing the financial sustainability of government. Indeed, the focus of standard accrual measures on current transactions, while a drawback for assessing ...
... Accrual Measures and Financial Sustainability My preceding comments do not in any way imply that standard accrual measures are inadequate for assessing the financial sustainability of government. Indeed, the focus of standard accrual measures on current transactions, while a drawback for assessing ...
Marco Casiraghi and Giuseppe Ferrero
... inflation gap. On the other hand, sticky wages may help stabilize output in response to temporary shocks by sustaining the real income and thus the consumption of workers in the short term. This mechanism is known as the “paradox of flexibility”. 6 In the aftermath of a large deleveraging shock, whi ...
... inflation gap. On the other hand, sticky wages may help stabilize output in response to temporary shocks by sustaining the real income and thus the consumption of workers in the short term. This mechanism is known as the “paradox of flexibility”. 6 In the aftermath of a large deleveraging shock, whi ...
References - E
... used during the period of low demand and also its work load will not fall as much as that of small firms. Similarly, any reduction in the level of building activity would give rise to unemployment and even some workers in the industry will leave the industry to work elsewhere since the employment in ...
... used during the period of low demand and also its work load will not fall as much as that of small firms. Similarly, any reduction in the level of building activity would give rise to unemployment and even some workers in the industry will leave the industry to work elsewhere since the employment in ...
Macro Review - Harvard Kennedy School
... but some central banks now diversify international investments) ...
... but some central banks now diversify international investments) ...
NBER WORKING PAPER SERIES Matthew Canzoneri
... Woodford’s wide ranging discussion of this and related issues gives other references to economists who have expressed concern. His paper was presented at the 4th ECB Central Banking Conference, The Role of Money and Monetary Policy in the Twenty First Century, November, 2006; many of the conference ...
... Woodford’s wide ranging discussion of this and related issues gives other references to economists who have expressed concern. His paper was presented at the 4th ECB Central Banking Conference, The Role of Money and Monetary Policy in the Twenty First Century, November, 2006; many of the conference ...
NBER WORKING PAPER SERIES THE BARNETT CRITIQUE AFTER THREE DECADES:
... resolve the merits of simple-sum versus superlative indexes of money on the basis of goodnessof-fit criteria or have judged money not to be an important variable when a simple-sum measure alone was used in empirical work, the current paper shows that, with a model fully-specified at the level of ta ...
... resolve the merits of simple-sum versus superlative indexes of money on the basis of goodnessof-fit criteria or have judged money not to be an important variable when a simple-sum measure alone was used in empirical work, the current paper shows that, with a model fully-specified at the level of ta ...
with-profit annuities
... not yet available for the third quarter of 2013). Accordingly business confidence remained low. An inadequate return on capital constrained private sector fixed investment. Indeed, real private sector fixed investment spending advanced at a modest 2.6% annualized in the third quarter of 2013. Concom ...
... not yet available for the third quarter of 2013). Accordingly business confidence remained low. An inadequate return on capital constrained private sector fixed investment. Indeed, real private sector fixed investment spending advanced at a modest 2.6% annualized in the third quarter of 2013. Concom ...