Results 1 to 10 of about 883,995 (310)
"Reinventing Fiscal Policy" [PDF]
SSRN Electronic Journal, 2003 Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the ...
Malcolm Sawyer, Philip Arestis
core +7 more sources
Japan's Fiscal Policy and Fiscal Reconstruction [PDF]
International Economics and Economic Policy, 2005 This paper investigates the macroeconomic effects of fiscal policy and the fiscal reconstruction movement in Japan. We first summarize Japan's fiscal policy in recent years and discuss advantages and disadvantages of government deficits.
Atsushi Nakamoto, Toshihiro Ihori
core +4 more sources
Unconventional Fiscal Policy [PDF]
SSRN Electronic Journal, 2018 Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We provide preliminary evidence for the effectiveness of such policies using changes in value-added tax (VAT) and household survey data for Poland.
Daniel Hoang +3 more
openaire +6 more sources
SSRN Electronic Journal, 2013 This paper derives and estimates rules for fiscal policy that prescribe the optimal response to changes in unemployment and debt. We combine the reduced-form model of the economy from a linear VAR with a non-linear welfare function and obtain analytic solutions for optimal policy.
Lukkezen, J., Teulings, C.
openaire +7 more sources
Fiscal Policy and Learning [PDF]
SSRN Electronic Journal, 2012 Using the standard real business cycle model with lump-sum taxes, we analyze the impact of fiscal policy when agents form expectations using adaptive learning rather than rational expectations (RE). The output multipliers for government purchases are significantly higher under learning, and fall within empirical bounds reported in the literature (in ...
Kaushik Mitra +5 more
openaire +4 more sources
Fiscal Stabilization Policy and Fiscal Institutions [PDF]
Oxford Review of Economic Policy, 2005 In this paper we analyse counter-cyclical fiscal policy within the context of a microfounded analysis of business-cycle stabilization. We show that tax and spending instruments can have a useful counter-cyclical role, even after allowing for the distortionary nature of the instruments and the need for debt sustainability.
Campbell Leith, Simon Wren-lewis
openaire +4 more sources
Hysteresis and Fiscal Policy [PDF]
SSRN Electronic Journal, 2016 Abstract Empirical studies support the hysteresis hypothesis that recessions have a permanent effect on the level of output. We analyze the implications of hysteresis for fiscal policy in a DSGE model. We assume a simple learning-by-doing mechanism where demand-driven changes in employment can affect the level of productivity permanently, leading to ...
Philipp Engler, Juha Tervala
openaire +5 more sources
Fiscal policy in the BRICs [PDF]
Studies in Nonlinear Dynamics & Econometrics, 2014 This paper assesses the macroeconomic impact of fiscal policy shocks for four key emerging market economies - Brazil, Russia, India and China (BRICs) - using a fully simultaneous system of equations. We also estimate fiscal policy rules and analyze the importance of nonlinearity using a smooth transition (STR) model.
Fredj Jawadi +2 more
openaire +5 more sources
European Economic Review, 2016 Abstract This paper investigates the macroeconomic effects of fiscal policy in a setting in which private agents receive noisy signals about future shocks to government expenditures. We show how to empirically identify the relative weight of news and noise shocks to government spending and compute the level of noise for Canada, the UK and the US.
Fève, Patrick, Pietrunti, Mario
openaire +4 more sources