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Fiscal Stimulus To The Rescue Short Run Benefits And Potential Long Run Costs Of Fiscal Deficits
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Book Synopsis Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits by : Mr.Michael Kumhof
Download or read book Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits written by Mr.Michael Kumhof and published by International Monetary Fund. This book was released on 2009-11-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary accommodation and the presence of a financial accelerator mechanism. A permanent 0.5 percentage point increase in the U.S. deficit to GDP ratio raises the U.S. tax burden and world real interest rates in the long run, thereby reducing U.S. and rest of the world output by 0.3-0.6 and 0.2 percent, respectively.
Download or read book Fiscal Stimulus to the Rescue? written by and published by . This book was released on 2009 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary accommodation and the presence of a financial accelerator mechanism. A permanent 0.5 percentage point increase in the U.S. deficit to GDP ratio raises the U.S. tax burden and world real interest rates in the long run, thereby reducing U.S. and rest of the world output by 0.3-0.6 and 0.2 percent, respectively.
Book Synopsis Excess Savings and Twin Deficits by : Rishabh Aggarwal
Download or read book Excess Savings and Twin Deficits written by Rishabh Aggarwal and published by . This book was released on 2022 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth everywhere. In the short run, a country with a larger-than-average fiscal deficit experiences both a large increase in private savings ("excess savings") and a small but persistent current account deficit (a slow-motion "twin deficit"). These patterns are consistent with the evolution of the world's balance of payments since the beginning of the Covid pandemic.
Book Synopsis Government investment and fiscal stimulus in the short and long runs by : Eric Michael Leeper
Download or read book Government investment and fiscal stimulus in the short and long runs written by Eric Michael Leeper and published by . This book was released on 2009 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contributes to the debate about fiscal multipliers by studying the impacts of government investment in conventional neoclassical growth models. The analysis focuses on two dimensions of fiscal policy that are critical for understanding the effects of government investment: implementation delays associated with building public capital projects and expected future fiscal adjustments to debt-financed spending. Implementation delays can produce small or even negative labor and output responses in the short run; anticipated fiscal financing adjustments matter both quantitatively and qualitatively for long-run growth effects. Taken together, these two dimensions have important implications for the short-run and long-run impacts of fiscal stimulus in the form of higher government infrastructure investment. The analysis is conducted in several models with features relevant for studying government spending, including utility-yielding government consumption, time-to-build for private investment, and government production.
Book Synopsis Government Spending Or Tax Reduction by : Marc Labonte
Download or read book Government Spending Or Tax Reduction written by Marc Labonte and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Members have proposed several "stimulus" measures to help end the recession. A fundamental difference in competing stimulus packages is how much of the stimulus should be devoted to government spending and how much should be devoted to tax cuts. This report considers that issue in the context of conventional economic analysis. It first identifies any policy change that increases the budget deficit (or reduces a surplus) and is not entirely saved by the recipient as "stimulative" if the economy is operating below its full potential. It then separates the short-run effects of a budget deficit from the longrun effects. In this context, certain spending proposals may be more stimulative than certain tax reductions in the short run if they result in a bigger boost in aggregate spending. This advantage may come at the cost of forgone growth in the long run, however. The stimulative effects of two specific types of spending proposals are analyzed, an extension and expansion of unemployment benefits and health care subsidies for unemployed workers. P.L.107-147 was signed into law on March 9, 2002. This report will not be updated.
Book Synopsis Government Spending Or Tax Reduction by :
Download or read book Government Spending Or Tax Reduction written by and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Members have proposed several "stimulus" measures to help end the recession. A fundamental difference in competing stimulus packages is how much of the stimulus should be devoted to government spending and how much should be devoted to tax cuts. This report considers that issue in the context of conventional economic analysis. It first identifies any policy change that increases the budget deficit (or reduces a surplus) and is not entirely saved by the recipient as "stimulative" if the economy is operating below its full potential. It then separates the short-run effects of a budget deficit from the longrun effects. In this context, certain spending proposals may be more stimulative than certain tax reductions in the short run if they result in a bigger boost in aggregate spending. This advantage may come at the cost of forgone growth in the long run, however. This report will be updated as events warrant.
Book Synopsis Iceland by : International Monetary Fund
Download or read book Iceland written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-10-04 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, during 2008, the financial crisis lead Iceland’s public debt to soar from under 30 percent of GDP to more than 100 percent of GDP, and while underlying external debt came down sharply, it remains elevated at close to 300 percent of GDP. First, external sustainability is overviewed, and second, growth of Iceland’s economy has been challenged, and finally, fiscal adjustments and its macroeconomic impacts are overviewed. Traditional external debt sustainability analysis (DSA) suggests that Iceland’s external debt is sustainable but is vulnerable to depreciation shock.
Book Synopsis Macroeconomic Effects of Public Pension Reforms by : Ms.Anita Tuladhar
Download or read book Macroeconomic Effects of Public Pension Reforms written by Ms.Anita Tuladhar and published by International Monetary Fund. This book was released on 2010-12-01 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper explores the macroeconomic effects of three public pension reforms, namely an increase in retirement age, a reduction in benefits and an increase in contribution rates. Using a five-region version of the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), we find that public pension reforms can have a positive effect on growth in both the short run, propelled by rising consumption, and in the long run, due to lower government debt crowding in higher investment. We also find that a reform action undertaken cooperatively by all regions results in larger output effects, reflecting stronger capital accumulation due to higher world savings. An increase in the retirement age reform yields the strongest impact in the short run, due to the demand effects of higher labor income and in the long run because of supply effects.
Book Synopsis A European Unemployment Benefit Scheme by : Bertelsmann Stiftung
Download or read book A European Unemployment Benefit Scheme written by Bertelsmann Stiftung and published by Verlag Bertelsmann Stiftung. This book was released on 2014-03-01 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent euro crisis and the dramatic increase of unemployment in some euro countries have triggered a renewed interest in a fiscal capacity for the European Union to stabilize the economy of its member states. One of the proposed instruments is a common European unemployment insurance. In this book Sebastian Dullien from the HTW Berlin provides and evaluates a blueprint for such a scheme. Building on lessons from the unemployment insurance in the United States of America, he outlines how a European unemployment benefit scheme could be constructed to provide significant stabilization to national business cycles, yet without strongly extending social protection in Europe. Macroeconomic stabilization effects and payment flows between countries are simulated and options, potential pitfalls and existing concerns discussed.
Book Synopsis Asia and China in the Global Economy by : Yin-Wong Cheung
Download or read book Asia and China in the Global Economy written by Yin-Wong Cheung and published by World Scientific. This book was released on 2011 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This edited volume presents a collection of papers prepared by 33 researchers from esteemed academic institutions, think tanks, central banks and international organizations across Asia, Europe and the US. This diverse group of authors includes a broad spectrum of academic and policy researchers and offers readers a balanced presentation of academic, policy-oriented, and market perspectives on the Asian economies in general and China in particular."--Page [xxii].
Book Synopsis Fiscal and Debt Policies for the Future by : P. Arestis
Download or read book Fiscal and Debt Policies for the Future written by P. Arestis and published by Springer. This book was released on 2014-04-30 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers detailed analysis and informed comment on the future of emerging economic policies. It is essential reading for all postgraduates and scholars looking for expert discussion and debate on the issues surrounding economic policy.
Book Synopsis Estimates of Potential Output and the Neutral Rate for the U.S. Economy by : Ali Alichi
Download or read book Estimates of Potential Output and the Neutral Rate for the U.S. Economy written by Ali Alichi and published by International Monetary Fund. This book was released on 2018-07-06 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimates of potential output and the neutral short-term interest rate play important roles in policy making. However, such estimates are associated with significant uncertainty and subject to significant revisions. This paper extends the structural multivariate filter methodology by adding a monetary policy block, which allows estimating the neutral rate of interest for the U.S. economy. The addition of the monetary policy block further improves the reliability of the structural multivariate filter.
Book Synopsis It’s Not All Fiscal by : Laura Jaramillo
Download or read book It’s Not All Fiscal written by Laura Jaramillo and published by International Monetary Fund. This book was released on 2015-05-26 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We attempt to disentangle income and wealth effects on consumption by disaggregating both the different types of income and wealth. We estimate a consumption function for a panel of quarterly data for 14 advanced economies spanning 1998 to 2012, using an error correction specification. We find a significant long-term relation between consumption and the different components of income and wealth. While fiscal policy had direct effects on consumption, the analysis suggests that wealth effects were sizeable, and therefore need to be kept in mind when analyzing consumption trends going forward.
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 Advancing the Frontiers of Monetary Policy by : Tobias Adrian
Download or read book Advancing the Frontiers of Monetary Policy written by Tobias Adrian and published by International Monetary Fund. This book was released on 2018-04-13 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis highlights the need for assertive policies and maximum transparency.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1484341635 Total Pages :118 pages Book Rating :4.4/5 (843 download)
Book Synopsis Republic of Korea by : International Monetary Fund. Asia and Pacific Dept
Download or read book Republic of Korea written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2018-02-13 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues chapter outlines a strategy to facilitate this and navigate the more challenging monetary environment, involving enhanced communication of policy interest rate intentions and inflation-forecast targeting. The reduction in the inflation target by a percentage point to 2 percent in January 2016 weakened the nominal anchor. Monetary policy can play a role rebuilding the credibility of the anchor more rapidly through the adoption of inflation-forecast targeting. This strengthening of the monetary policy framework involves enhancing communications. An effective, credible monetary policy cannot address all macroeconomic challenges facing Korea. Rather, it can foster robust growth with low inflation, providing a stable and predictable environment that allows other policies to work more effectively. These other policies play a complementary role. Fiscal policy can reinforce the effectiveness of monetary policy, as illustrated by model scenarios. Structural policies can also support monetary policy by, for example, boosting potential growth.
Book Synopsis Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints by : Mr.Michael Kumhof
Download or read book Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints written by Mr.Michael Kumhof and published by International Monetary Fund. This book was released on 2009-12-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowingconstrained agents, rather than output. The optimized monetary rule features super-inertia and a very low coefficient on inflation, which minimizes real wage volatility. The welfare gains of optimizing the fiscal rule are far larger than the welfare gains of optimizing the monetary rule. The preferred fiscal instruments are government spending and transfers targeted to borrowing-constrained agents.
