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Crowding Out Fiscal Stimulus
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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.
Book Synopsis Crowding Out Fiscal Stimulus by : John J. Heim
Download or read book Crowding Out Fiscal Stimulus written by John J. Heim and published by Springer. This book was released on 2016-12-08 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents overwhelming evidence that US government stimulus programs over the past fifty years have not worked. Using the best and most modern econometric testing models, it applies 228 separate hard science tests to examine the effects of different stimulus models that should, in theory, have shown positive results. By testing every possible alternative interpretation, starting with one time period and then retesting in three additional time periods, this definitive study finds that even when favoring pro-stimulus Keynesian models, public financing through government tax cuts and spending increase programs is more likely to drive down - or "crowd out" - as much private sector spending as it stimulates in the public sector.
Book Synopsis The New Palgrave Dictionary of Economics by : NA NA
Download or read book The New Palgrave Dictionary of Economics written by NA NA and published by Palgrave Macmillan. This book was released on 2008-05-11 with total page 7300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Book Synopsis Fiscal Policy after the Financial Crisis by : Alberto Alesina
Download or read book Fiscal Policy after the Financial Crisis written by Alberto Alesina and published by University of Chicago Press. This book was released on 2013-06-25 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Book Synopsis Why Fiscal Stimulus Programs Fail, Volume 1 by : John J. Heim
Download or read book Why Fiscal Stimulus Programs Fail, Volume 1 written by John J. Heim and published by Springer Nature. This book was released on 2021-04-20 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a series of statistical tests to determine if the “crowd out” problem, known to hinder the effectiveness of Keynesian economic stimulus programs, can be overcome by monetary programs. It concludes there are programs that can do this, specifically “accommodative monetary policy.” They were not used to any great extent prior to the Quantitative Easing program in 2008, causing the failure of many fiscal stimulus programs through no fault of their own. The book includes exhaustive statistical tests to prove this point. There is also a policy analysis section of the book. It examines how effectively the Federal Reserve’s anti-crowd out programs have actually worked, to the extent they were undertaken at all. It finds statistical evidence that using commercial and savings banks instead of investment banks when implementing accommodating monetary policy would have markedly improved their effectiveness. This volume, with its companion volume Why Fiscal Stimulus Programs Fail, Volume 2: Statistical Tests Comparing Monetary Policy to Growth, provides 1000 separate statistical tests on the US economy to prove these assertions.
Book Synopsis Why Fiscal Stimulus Programs Fail, Volume 2 by : John J. Heim
Download or read book Why Fiscal Stimulus Programs Fail, Volume 2 written by John J. Heim and published by Springer Nature. This book was released on 2021-03-13 with total page 617 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book scientifically tests the assertion that accommodative monetary policy can eliminate the “crowd out” problem, allowing fiscal stimulus programs (such as tax cuts or increased government spending) to stimulate the economy as intended. It also tests to see if natural growth in th economy can cure the crowd out problem as well or better. The book is intended to be the largest scale scientific test ever performed on this topic. It includes about 800 separate statistical tests on the U.S. economy testing different parts or all of the period 1960 – 2010. These tests focus on whether accommodative monetary policy, which increases the pool of loanable resources, can offset the crowd out problem as well as natural growth in the economy. The book, employing the best scientific methods available to economists for this type of problem, concludes accommodate monetary policy could have, but until the quantitative easing program, Federal Reserve efforts to accommodate fiscal stimulus programs were not large enough to offset more than 23% to 44% of any one year’s crowd out problem. That provides the science part of the answer as to why accommodative monetary policy didn’t accommodate: too little of it was tried. The book also tests whether other increases in loanable funds, occurring because of natural growth in the economy or changes in the savings rate can also offset crowd out. It concludes they can, and that these changes tend to be several times as effective as accommodative monetary policy. This book’s companion volume Why Fiscal Stimulus Programs Fail explores the policy implications of these results.
Book Synopsis The Macroeconomic Effects of Public Investment by : Mr.Abdul Abiad
Download or read book The Macroeconomic Effects of Public Investment written by Mr.Abdul Abiad and published by International Monetary Fund. This book was released on 2015-05-04 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.
Book Synopsis Does Fiscal Policy Matter? by : Alan S. Blinder
Download or read book Does Fiscal Policy Matter? written by Alan S. Blinder and published by . This book was released on 1972 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book This Town written by Mark Leibovich and published by Penguin. This book was released on 2014-04-29 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: The #1 New York Times bestseller! Washington D.C. might be loathed from every corner of the nation, yet these are fun and busy days at this nexus of big politics, big money, big media, and big vanity. There are no Democrats and Republicans anymore in the nation's capital, just millionaires. Through the eyes of Leibovich we discover how the funeral for a beloved newsman becomes the social event of the year; how political reporters are fetishized for their ability to get their names into the predawn e-mail sent out by the city's most powerful and puzzled-over journalist; how a disgraced Hill aide can overcome ignominy and maybe emerge with a more potent "brand" than many elected members of Congress. And how an administration bent on "changing Washington" can be sucked into the ways of This Town with the same ease with which Tea Party insurgents can, once elected, settle into it like a warm bath. Outrageous, fascinating, and very necessary, This Town is a must-read whether you're inside the highway which encircles DC - or just trying to get there.
Book Synopsis Macroeconomic Stability and Financial Regulation: Key Issues for the G20 by :
Download or read book Macroeconomic Stability and Financial Regulation: Key Issues for the G20 written by and published by CEPR. This book was released on with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Confronting Policy Challenges of the Great Recession by : Eskander Alvi
Download or read book Confronting Policy Challenges of the Great Recession written by Eskander Alvi and published by W.E. Upjohn Institute. This book was released on 2017-11-20 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.
Book Synopsis The Means to Prosperity by : Per Gunnar Berglund
Download or read book The Means to Prosperity written by Per Gunnar Berglund and published by Routledge. This book was released on 2007-05-07 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: While recent developments in monetary theory have been fast to spread to policy analysis and practice and the media, the same is not true of fiscal policy, and a void has emerged. Issues such as timing, cyclical adjustments, long-term sustainability, and social implications are often seen as detached from discussions in the public arena. This book fills this gap. It delivers a keen assessment of the role and scope of current fiscal policy. New contributions and critical reviews of state of the art research analyze fiscal policy in terms of viability, potency, consequences and sustainability, and also shed light on its relation to economic and political ideas. The general tone of this volume is cautiously favourable of fiscal activism, although the emphasis is placed more on medium-term adjustments than on short-term ‘fine-tuning’. The authors believe that the legacy of the last fiscal revolution has been an excessively negative view of deficits and debt, and believe that this volume will contribute to open a dialogue on fiscal issues, and bring back a more balanced view of fiscal policy. With contributions from leading authorities including Barbara Bergmann, Jeffrey Frankel and David Colander, this is a major new contribution to the field.
Book Synopsis The New New Deal by : Michael Grunwald
Download or read book The New New Deal written by Michael Grunwald and published by Simon and Schuster. This book was released on 2012-08-14 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a riveting account based on new documents and interviews with more than 400 sources on both sides of the aisle, award-winning reporter Michael Grunwald reveals the vivid story behind President Obama’s $800 billion stimulus bill, one of the most important and least understood pieces of legislation in the history of the country. Grunwald’s meticulous reporting shows how the stimulus, though reviled on the right and the left, helped prevent a depression while jump-starting the president’s agenda for lasting change. As ambitious and far-reaching as FDR’s New Deal, the Recovery Act is a down payment on the nation’s economic and environmental future, the purest distillation of change in the Obama era. The stimulus has launched a transition to a clean-energy economy, doubled our renewable power, and financed unprecedented investments in energy efficiency, a smarter grid, electric cars, advanced biofuels, and green manufacturing. It is computerizing America’s pen-and-paper medical system. Its Race to the Top is the boldest education reform in U.S. history. It has put in place the biggest middle-class tax cuts in a generation, the largest research investments ever, and the most extensive infrastructure investments since Eisenhower’s interstate highway system. It includes the largest expansion of antipoverty programs since the Great Society, lifting millions of Americans above the poverty line, reducing homelessness, and modernizing unemployment insurance. Like the first New Deal, Obama’s stimulus has created legacies that last: the world’s largest wind and solar projects, a new battery industry, a fledgling high-speed rail network, and the world’s highest-speed Internet network. Michael Grunwald goes behind the scenes—sitting in on cabinet meetings, as well as recounting the secret strategy sessions where Republicans devised their resistance to Obama—to show how the stimulus was born, how it fueled a resurgence on the right, and how it is changing America. The New New Deal shatters the conventional Washington narrative and it will redefine the way Obama’s first term is perceived.
Book Synopsis The Keynesian Multiplier by : Claude Gnos
Download or read book The Keynesian Multiplier written by Claude Gnos and published by Routledge. This book was released on 2008-05-25 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: The multiplier is a central concept in Keynesian and post-Keynesian economics. It is largely what justifies activist full-employment fiscal policy: an increase in fiscal expenditures contributing to multiple rounds of spending, thereby financing itself. Yet, while a copingstone of post-Keynesian theory, it is not universally accepted by
Book Synopsis Economic Policy in Theory and Practice by : Assaf Razin
Download or read book Economic Policy in Theory and Practice written by Assaf Razin and published by Palgrave Macmillan. This book was released on 1987-03-02 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Macroeconomics, 20e written by Ahuja H.L. and published by S. Chand Publishing. This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook acquaints the students with the latest trends and tendencies in macroeconomics analysis and policy. It keeps in view the macroeconomic
Download or read book Macroeconomics written by HL Ahuja and published by S. Chand Publishing. This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics - Theory and Policy provides a comprehensive coverage of all the important theories and policies of macroeconomics. The book is an exhaustive text for understanding all the relevant concepts and current developments in the subject. It traces the relevance of Keynesian theories to the developing economies and has critically examined the post-Keynesian developments.
