ng09 Harding 11163165 en
... Zeldes, 1989). Our model allows for unemployment and business cycle variations, but we abstract from behavioral relationships and general equilibrium effects. Instead, we take prices as given and focus on social welfare and intertemporal government budget constraints. 3 4 Although existing wor ...
... Zeldes, 1989). Our model allows for unemployment and business cycle variations, but we abstract from behavioral relationships and general equilibrium effects. Instead, we take prices as given and focus on social welfare and intertemporal government budget constraints. 3 4 Although existing wor ...
Deficits And Debt
... The Budget Enforcement Act of 1990 put caps on certain aspects of federal spending, and established a pay-as-you-go test for new spending or tax cuts. ...
... The Budget Enforcement Act of 1990 put caps on certain aspects of federal spending, and established a pay-as-you-go test for new spending or tax cuts. ...
Fiscal policy and private saving in Australia
... Results indicate that while there is not a full Ricardian response to changes in the fiscal stance, there is some partial offsetting behaviour. The results imply that fiscal policy does elicit some impact on the real economy which will be partly offset by increased private saving or other crowding o ...
... Results indicate that while there is not a full Ricardian response to changes in the fiscal stance, there is some partial offsetting behaviour. The results imply that fiscal policy does elicit some impact on the real economy which will be partly offset by increased private saving or other crowding o ...
NBER WORKING PAPER SERIES THE CONQUEST OF SOUTH AMERICAN INFLATION Thomas Sargent
... to the higher π1∗ , but the higher fixed point π2∗ is lower and thus it will be easier for beliefs to escape. To make this explanation fit together, Marcet and Nicolini (2003) supplemented the basic model of Marcet and Sargent (1989b) with a story about mechanical reforms that end an escape episode ...
... to the higher π1∗ , but the higher fixed point π2∗ is lower and thus it will be easier for beliefs to escape. To make this explanation fit together, Marcet and Nicolini (2003) supplemented the basic model of Marcet and Sargent (1989b) with a story about mechanical reforms that end an escape episode ...
Budget deficits and inflation feedback
... If one agrees that the ITLC is plausible (at least in some cases) both on theoretical and empirical grounds, then there are two levels of inflation (“low inflation” on the efficient side of the Laffer curve and “high inflation” on its wrong side) that can provide the same amount of inflation tax. In ...
... If one agrees that the ITLC is plausible (at least in some cases) both on theoretical and empirical grounds, then there are two levels of inflation (“low inflation” on the efficient side of the Laffer curve and “high inflation” on its wrong side) that can provide the same amount of inflation tax. In ...
Budget Deficits, National Saving, and Interest Rates
... whether located in the United States or abroad, associated with national saving means that the capital stock owned by Americans rises. The returns to those additional assets raise the income of Americans in the future. An increase in the budget deficit reduces national saving unless it is fully offs ...
... whether located in the United States or abroad, associated with national saving means that the capital stock owned by Americans rises. The returns to those additional assets raise the income of Americans in the future. An increase in the budget deficit reduces national saving unless it is fully offs ...
public - Europa.eu
... following the expiry of the deadline set by the Council for the Member State to take effective action. 2 Thereafter, the following assessments take place alongside the regular monitoring of budgetary developments. The need to distinguish between fiscal consolidation actions and fiscal consolidation ...
... following the expiry of the deadline set by the Council for the Member State to take effective action. 2 Thereafter, the following assessments take place alongside the regular monitoring of budgetary developments. The need to distinguish between fiscal consolidation actions and fiscal consolidation ...
The Relationship of Government Revenue and Government
... if it can raise thenecessary funds by borrowing. However, it is feasible in the short run,but the ability of the government to service its deficits by resorting tofurther borrowing is likely to be questioned once the deficits become persistent (Wong H.T. & Lim, K.P. 2005). During the Asian financial ...
... if it can raise thenecessary funds by borrowing. However, it is feasible in the short run,but the ability of the government to service its deficits by resorting tofurther borrowing is likely to be questioned once the deficits become persistent (Wong H.T. & Lim, K.P. 2005). During the Asian financial ...
2004:1 The general government structural budget balance by
... of results. The first part of the article is intended for those who want to learn what is meant by structural balance and what the concept can be used for. The other part is more technical and designed for those who are also interested in gaining an insight into the various methods that can be used ...
... of results. The first part of the article is intended for those who want to learn what is meant by structural balance and what the concept can be used for. The other part is more technical and designed for those who are also interested in gaining an insight into the various methods that can be used ...
Chapter 7 Chile`s New Fiscal Rule
... The most commonly used approaches are a production function based approach, as applied by the OECD and the IMF and Hodrick-Prescott filtering, as applied by the European Commission. Brunila et al. (1999) show that when the main focus is on estimating the level of the structural balance, the producti ...
... The most commonly used approaches are a production function based approach, as applied by the OECD and the IMF and Hodrick-Prescott filtering, as applied by the European Commission. Brunila et al. (1999) show that when the main focus is on estimating the level of the structural balance, the producti ...
View/ the full texst in PDF format
... affects its impact. He thus distinguished between (i) deficit financed expenditure, (ii) government expenditure financed by taxing profits, and (iii) net government revenue from persons; i.e. the net balance between taxes and transfers. As I said, the first two items add to aggregate demand because ...
... affects its impact. He thus distinguished between (i) deficit financed expenditure, (ii) government expenditure financed by taxing profits, and (iii) net government revenue from persons; i.e. the net balance between taxes and transfers. As I said, the first two items add to aggregate demand because ...
Chile`s new fiscal rule
... The most commonly used approaches are a production function based approach, as applied by the OECD and the IMF and Hodrick-Prescott filtering, as applied by the European Commission. Brunila et al. (1999) show that when the main focus is on estimating the level of the structural balance, the producti ...
... The most commonly used approaches are a production function based approach, as applied by the OECD and the IMF and Hodrick-Prescott filtering, as applied by the European Commission. Brunila et al. (1999) show that when the main focus is on estimating the level of the structural balance, the producti ...
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... ing the years of high growth, notably wage growth exceeding that of pro- public wage policy and further labour market reforms as well as sustaining ductivity, price pressures and high net borrowing vis-à-vis the rest of the rapid productivity growth so as to contain inflationary pressures. world, ar ...
... ing the years of high growth, notably wage growth exceeding that of pro- public wage policy and further labour market reforms as well as sustaining ductivity, price pressures and high net borrowing vis-à-vis the rest of the rapid productivity growth so as to contain inflationary pressures. world, ar ...
Fiscal Policy and Monetary Integration in Europe
... as an unnecessary and harmful straightjacket on national fiscal policies, or even as downright ‘stupid’.2 The SGP, the argument goes, constraints the use of fiscal policy precisely when countries need it the most, because of the loss of an autonomous monetary policy. In particular, critics complain ...
... as an unnecessary and harmful straightjacket on national fiscal policies, or even as downright ‘stupid’.2 The SGP, the argument goes, constraints the use of fiscal policy precisely when countries need it the most, because of the loss of an autonomous monetary policy. In particular, critics complain ...
NBER WORKING PAPER SERIES FISCAL POLICY AND MONETARY INTEGRATION IN EUROPE Jordi Gali
... as an unnecessary and harmful straightjacket on national fiscal policies, or even as downright ‘stupid’.2 The SGP, the argument goes, constraints the use of fiscal policy precisely when countries need it the most, because of the loss of an autonomous monetary policy. In particular, critics complain ...
... as an unnecessary and harmful straightjacket on national fiscal policies, or even as downright ‘stupid’.2 The SGP, the argument goes, constraints the use of fiscal policy precisely when countries need it the most, because of the loss of an autonomous monetary policy. In particular, critics complain ...
Dynamics between government debt and budget deficits in the
... internalizing the cost of leaving debt to its successors. The resulting equilibrium stock of public debt tends to higher than socially optimum choice. Their results also show that government debt tends to get larger with public consumption expenditure. Persson and Svensson (1989) consider a model wh ...
... internalizing the cost of leaving debt to its successors. The resulting equilibrium stock of public debt tends to higher than socially optimum choice. Their results also show that government debt tends to get larger with public consumption expenditure. Persson and Svensson (1989) consider a model wh ...
paper - University of Oxford, Department of Economics
... the factors that might generate deficit bias in the operation of fiscal policy. We discuss a number of areas where there may be a trade-off between rules that mimic optimal policy, and rules that are effective in countering deficit bias. We begin in section 2 by looking at factors that are likely to ...
... the factors that might generate deficit bias in the operation of fiscal policy. We discuss a number of areas where there may be a trade-off between rules that mimic optimal policy, and rules that are effective in countering deficit bias. We begin in section 2 by looking at factors that are likely to ...
time lags
... automatic stabilizers Revenue and expenditure items in the federal budget that automatically change with the economy in such a way as to stabilize GDP. automatic destabilizers Revenue and expenditure items in the federal budget that automatically change with the economy in such a way as to destabili ...
... automatic stabilizers Revenue and expenditure items in the federal budget that automatically change with the economy in such a way as to stabilize GDP. automatic destabilizers Revenue and expenditure items in the federal budget that automatically change with the economy in such a way as to destabili ...
Full Paper - Centre for Macroeconomics
... capital in the economy are already too high (which is unlikely if 1), then reducing government debt will increase output and welfare. This argument assumes that government debt and assets financing productive private capital are close substitutes. However the risk characteristics of the two assets i ...
... capital in the economy are already too high (which is unlikely if 1), then reducing government debt will increase output and welfare. This argument assumes that government debt and assets financing productive private capital are close substitutes. However the risk characteristics of the two assets i ...
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... face value, this should lead to a correction of the excessive deficit by 2012, in line with the recommendation of 2 Dec 2009 under Article 126(7) of the TFEU. The government gross debt-to-GDP ratio, which rose in 2008 as a result of the measures to stabilise the financial system, will continue its u ...
... face value, this should lead to a correction of the excessive deficit by 2012, in line with the recommendation of 2 Dec 2009 under Article 126(7) of the TFEU. The government gross debt-to-GDP ratio, which rose in 2008 as a result of the measures to stabilise the financial system, will continue its u ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... cross-country comparisons. Second, IMF data on the net saving of local governments in Mexico is not available after 1982. Since local governments save (or borrow) very little relative to the central government, I chose to use central government net saving as my measure of the Mexican budget deficit ...
... cross-country comparisons. Second, IMF data on the net saving of local governments in Mexico is not available after 1982. Since local governments save (or borrow) very little relative to the central government, I chose to use central government net saving as my measure of the Mexican budget deficit ...
time lags
... automatic stabilizers Revenue and expenditure items in the federal budget that automatically change with the economy in such a way as to stabilize GDP. automatic destabilizers Revenue and expenditure items in the federal budget that automatically change with the economy in such a way as to destabili ...
... automatic stabilizers Revenue and expenditure items in the federal budget that automatically change with the economy in such a way as to stabilize GDP. automatic destabilizers Revenue and expenditure items in the federal budget that automatically change with the economy in such a way as to destabili ...
Structural budget balance: a love at first sight turned sour
... structural balance) is the most commonly used indicator of fiscal effort. The measure is preferable to the actual budget balance, as it corrects for the economic cycle and for one-off events. The cyclical component shows the impact of the business cycle on the government budget balance and is calcul ...
... structural balance) is the most commonly used indicator of fiscal effort. The measure is preferable to the actual budget balance, as it corrects for the economic cycle and for one-off events. The cyclical component shows the impact of the business cycle on the government budget balance and is calcul ...
On the determinants of fiscal stabilizations: Testing the war of
... associated with a significantly higher deficit to GDP ratio. The authors also include an interaction term between their political cohesion index and the lagged deficit to examine the impact of weak governments on the persistence of deficits, which can be viewed as an indirect test of the above war o ...
... associated with a significantly higher deficit to GDP ratio. The authors also include an interaction term between their political cohesion index and the lagged deficit to examine the impact of weak governments on the persistence of deficits, which can be viewed as an indirect test of the above war o ...
deficit spending and stabilization behaviour in austria
... the minor importance of the Austrian currency, larger increases in productivity and the longterm development of the real exchange rate between the Austrian Schilling and the German Mark have granted (at least a moderate) autonomy in monetary policy which has never been utilized for monetary targetin ...
... the minor importance of the Austrian currency, larger increases in productivity and the longterm development of the real exchange rate between the Austrian Schilling and the German Mark have granted (at least a moderate) autonomy in monetary policy which has never been utilized for monetary targetin ...