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Capital Mobility And The Effectiveness Of Fiscal Policy In Open Economies
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Book Synopsis The Effectiveness of Fiscal Policy in Stimulating Economic Activity by : Richard Hemming
Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498344658 Total Pages :257 pages Book Rating :4.4/5 (983 download)
Book Synopsis Fiscal Policy and Long-Term Growth by : International Monetary Fund
Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Book Synopsis Inflation in Open Economies by : Michael Parkin
Download or read book Inflation in Open Economies written by Michael Parkin and published by Manchester University Press. This book was released on 1978 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Capital Flows by : Martin Feldstein
Download or read book International Capital Flows written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Book Synopsis International Aspects of Fiscal Policies by : Jacob A. Frenkel
Download or read book International Aspects of Fiscal Policies written by Jacob A. Frenkel and published by University of Chicago Press. This book was released on 2007-12-01 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together nine papers from a conference on international macroeconomics sponsored by the NBER in 1985. International economists as well as graduate students in the fields of global monetary economics, finance, and macroeconomics will find this an outstanding contribution to current research. It includes two commentaries for each paper, written by experts in the field, and Frenkel's detailed introduction, which serves as a reader's guide to the arguments made, the models employed, and the issues raised by each contributor. The studies analyze national fiscal policies within the context of the international economic order. Malcolm D. Knight and Paul R. Masson use an empirical model to show that fiscal changes in recent years in the United States, West Germany, and Japan have caused major disturbances in net savings and investment flows. Linda S. Kole uses a two-country simulation model to examine the effects of a large nation's expansion on exchange rates, interest rates, and the balance of payments. In other studies, Warwick J. McKibbin and Jeffrey D. Sachs discuss the influences of different currency regimes on the international transmission of inflation; Kent P. Kimbrough analyzes the interaction between optimal tax policies and international trade; Sweder van Wijnbergen investigates the interrelation of fiscal policies, trade intervention, and world interest rates; and Willem H. Buiter uses an analytical model to look at fiscal interdependence and optimal policy design. David Backus, Michael Devereux, and Douglas Purvis develop a theoretical model to investigate effects of different fiscal policies in an open economy. Alan C. Stockman looks at the influence of policy anticipation in the private sector, while Lawrence H. Summers shows the effects of differential tax policy on international competitiveness.
Book Synopsis Open Economy Macroeconomics by : Asbjørn Rødseth
Download or read book Open Economy Macroeconomics written by Asbjørn Rødseth and published by Cambridge University Press. This book was released on 2000-09-14 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advanced textbook offering a broad survey of open economy macroeconomics within a unified framework. Rødseth reviews the theories used in government departments, central banks and financial institutions and that form the basis for most quantitative models of open economies. The resulting policy implications are also considered with reference to current European debate. In addition to the theoretical and policy analysis the book also contains a comprehensive survey of the current state of scholarship in this area.
Book Synopsis The American Business Cycle by : Robert J. Gordon
Download or read book The American Business Cycle written by Robert J. Gordon and published by University of Chicago Press. This book was released on 2007-11-01 with total page 882 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the beat of the heart, of the essence of the organism that displays them." In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the labor market. Five papers focus on aggregate economic activity. In a number of cases, the papers present findings that challenge widely accepted models and assumptions. In addition to its substantive findings, The American Business Cycle includes an appendix containing both the first published history of the NBER business-cycle dating chronology and many previously unpublished historical data series.
Book Synopsis Policy Responses to Capital Flows in Emerging Markets by : Mahmood Pradhan
Download or read book Policy Responses to Capital Flows in Emerging Markets written by Mahmood Pradhan and published by International Monetary Fund. This book was released on 2011-04-20 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Book Synopsis The Open Economy by : Rudiger Dornbusch
Download or read book The Open Economy written by Rudiger Dornbusch and published by World Bank Publications. This book was released on 1988 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important book is a teaching manual, in nontechnical language, on policymaking in developing countries. Written at the request of the Economic Development Institute of the World Bank, the papers focus on policy instruments, their use and constraints, and provide case studies of economic policy in Argentina, Brazil, Indonesia, Korea, and Mexico to illustrate basic problems and possible solutions.
Book Synopsis National Saving and Economic Performance by : B. Douglas Bernheim
Download or read book National Saving and Economic Performance written by B. Douglas Bernheim and published by University of Chicago Press. This book was released on 1991-05 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: "... Papers presented at a conference held at the Stouffer Wailea Hotel, Maui, Hawaii, January 6-7, 1989. ... part of the Research on Taxation program of the National Bureau of Economic Research." -- p. ix.
Book Synopsis Capital and Credit by : Michio Morishima
Download or read book Capital and Credit written by Michio Morishima and published by Cambridge University Press. This book was released on 1994-03-25 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theory, which assumes a given or shifting production function, and in turn cannot therefore deal with the fundamental problem of growth, namely how the production function is derived. Thus traditional theories have a common weakness in that they divorce real economic growth from the activities of the financial sector. This book provides a much-needed synthesis of growth theory and monetary theory. Professor Morishima draws on the work of Schumpeter, Keynes and the pre-war neoclassical economists to formulate a capital-theoretic general equilibrium theory.
Book Synopsis For the Benefit of All: Fiscal Policies and Equity-Efficiency Trade-offs in the Age of Automation by : Mr. Andrew Berg
Download or read book For the Benefit of All: Fiscal Policies and Equity-Efficiency Trade-offs in the Age of Automation written by Mr. Andrew Berg and published by International Monetary Fund. This book was released on 2021-07-16 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many studies predict massive job losses and real wage decline as a result of the ongoing widespread automation of production, a trend that may be further aggravated by the COVID-19 crisis. Yet automation is also expected to raise productivity and output. How can we share the gains from automation more widely, for the benefit of all? And what are the attendant equity-efficiency trade-offs? We analyze this issue by considering the effects of fiscal policies that seek to redistribute the gains from automation and address income inequality. We use a dynamic general equilibrium model with monopolistic competition, including a novel specification linking corporate power to automation. While fiscal policy cannot eliminate the classic equity-efficiency trade-offs, it can help improve them, reducing inequality at small or no loss of output. This is particularly so when policy takes advantage of novel, less distortive transmission channels of fiscal policy created by the empirically observed link between corporate market power and automation.
Book Synopsis Dimensions of Tax Design by : James A. Mirrlees
Download or read book Dimensions of Tax Design written by James A. Mirrlees and published by Oxford University Press. This book was released on 2010-04-29 with total page 1360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Review was chaired by Nobel Laureate Professor Sir James Mirrlees of the University of Cambridge and the Chinese University of Hong Kong. --
Download or read book IS-LM written by William A. Darity and published by . This book was released on 1991 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Open Economy Macroeconomics Reader by : Mehmet Ugur
Download or read book An Open Economy Macroeconomics Reader written by Mehmet Ugur and published by Psychology Press. This book was released on 2002 with total page 572 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book draws together the seminal contributions to the literature on the nature of macroeconomics in open economies and illuminates the material. This is an essential guide to the subject for students.
Author :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781513558769 Total Pages :54 pages Book Rating :4.5/5 (587 download)
Book Synopsis Toward an Integrated Policy Framework by : International Monetary Fund
Download or read book Toward an Integrated Policy Framework written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-10-08 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policymakers often face difficult tradeoffs in pursuing domestic and external stabilization objectives. The paper reflects staff’s work to advance the understanding of the policy options and tradeoffs available to policymakers in a systematic and analytical way. The paper recognizes that the optimal path of the IPF tools depends on structural characteristics and fiscal policies. The operational implications of IPF findings require careful consideration. Developing safeguards to minimize the risk of inappropriate use of IPF policies will be essential. Staff remains guided by the Fund’s Institutional View (IV) on the Liberalization and Management of Capital Flows.
