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Government Spending Effects In A Policy Constrained Environment
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Book Synopsis Government Spending Effects in a Policy Constrained Environment by : Ruoyun Mao
Download or read book Government Spending Effects in a Policy Constrained Environment written by Ruoyun Mao and published by International Monetary Fund. This book was released on 2020-06-12 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theoretical literature generally finds that government spending multipliers are bigger than unity in a low interest rate environment. Using a fully nonlinear New Keynesian model, we show that such big multipliers can decrease when 1) an initial debt-to-GDP ratio is higher, 2) tax burden is higher, 3) debt maturity is longer, and 4) monetary policy is more responsive to inflation. When monetary and fiscal policy regimes can switch, policy uncertainty also reduces spending multipliers. In particular, when higher inflation induces a rising probability to switch to a regime in which monetary policy actively controls inflation and fiscal policy raises future taxes to stabilize government debt, the multipliers can fall much below unity, especially with an initial high debt ratio. Our findings help reconcile the mixed empirical evidence on government spending effects with low interest rates.
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 Debt and the Effects of Fiscal Policy by : Carlo A. Favero
Download or read book Debt and the Effects of Fiscal Policy written by Carlo A. Favero and published by . This book was released on 2007 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical investigations of the effects of fiscal policy shocks share a common weakness: taxes, government spending and interest rates are assumed to respond to various macroeconomic variables but not to the level of the public debt; moreover the impact of fiscal shocks on the dynamics of the debt-to-GDP ratio are not tracked. We analyze the effects of fiscal shocks allowing for a direct response of taxes, government spending and the cost of debt service to the level of the public debt. We show that omitting such a feedback can result in incorrect estimates of the dynamic effects of fiscal shocks. In particular the absence of an effect of fiscal shocks on long-term interest rates - a frequent finding in research based on VAR's that omit a debt feedback - can be explained by their mis-specification, especially over samples in which the debt dynamics appears to be unstable. Using data for the U.S. economy and the identification assumption proposed by Blanchard and Perotti (2002) we reconsider the effects of fiscal policy shocks correcting for these shortcomings.
Book Synopsis Uncertain Policy Regimes and Government Spending Effects by : Ruoyun Mao
Download or read book Uncertain Policy Regimes and Government Spending Effects written by Ruoyun Mao and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Impact of Government Spending by : Richard K. Vedder
Download or read book Economic Impact of Government Spending written by Richard K. Vedder and published by . This book was released on 1993 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Policy Implications of the Government Budget Constraint in an Optimal Accumulation Model by : Jiadong Xu
Download or read book The Policy Implications of the Government Budget Constraint in an Optimal Accumulation Model written by Jiadong Xu and published by . This book was released on 1978 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Sovereign Risk and the Effects of Fiscal Retrenchment in Deep Recessions by :
Download or read book Sovereign Risk and the Effects of Fiscal Retrenchment in Deep Recessions written by and published by . This book was released on 2011 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We analyze the effects of government spending cuts on economic activity in an environment of severe fiscal strain, as reflected by a sizeable risk premium on government debt. Specifically, we consider a "sovereign risk channel," through which sovereign default risk spills over to the rest of the economy, raising funding costs in the private sector. Our analysis is based on a variant of the model suggested by C'urdia and Woodford (2009). It allows for costly financial intermediation and inter-household borrowing and lending in equilibrium, but maintains the tractability of the baseline New Keynesian model. We show that, if monetary policy is constrained in offsetting the effect of higher sovereign risk on private-sector borrowing conditions, the sovereign risk channel exacerbates indeterminacy problems: private-sector beliefs of a weakening economy can become self-fulfilling. Under these conditions, fiscal retrenchment can limit the risk of macroeconomic instability. In addition, if fiscal strain is very severe and monetary policy is constrained for an extended period, fiscal retrenchment may actually stimulate economic activity.
Book Synopsis The Economics of the Government Budget Constraint by : Stanley Fischer
Download or read book The Economics of the Government Budget Constraint written by Stanley Fischer and published by World Bank Publications. This book was released on 1989 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Adjustment for Stability and Growth by : Mr.James Daniel
Download or read book Fiscal Adjustment for Stability and Growth written by Mr.James Daniel and published by International Monetary Fund. This book was released on 2006-08-17 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pamphlet (which updates the 1995 Guidelines for Fiscal Adjustment) presents the IMF’s approach to fiscal adjustment, and focuses on the role that sound government finances play in promoting macroeconomic stability and growth. Structured around five practical questions—when to adjust, how to assess the fiscal position, what makes for successful adjustment, how to carry out adjustment, and which institutions can help—it covers topics such as tax policies, debt sustainability, fiscal responsibility laws, and transparency.
Book Synopsis Optimal Fiscal Policy and the Environment by : Johanna Elisabeth Ligthart
Download or read book Optimal Fiscal Policy and the Environment written by Johanna Elisabeth Ligthart and published by International Monetary Fund. This book was released on 1998-09 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the setting of optimal fiscal policy in a world in which the government's tax system faces the dual task of internalizing environmental externalities and raising public funds to finance public spending on consumption and abatement.
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 Public Spending in the 20th Century by : Vito Tanzi
Download or read book Public Spending in the 20th Century written by Vito Tanzi and published by Cambridge University Press. This book was released on 2000-06-05 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: After a detailed account of reform experiences in several countries and the public debate regarding government reform, the study closes with an outlook on the future role of the state, a period when globalization may require and people may want "leaner" but not "meaner" states."--Jacket.
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 The Effects of Fiscal Policy on Consumption and Employment by : Antonio Fatás
Download or read book The Effects of Fiscal Policy on Consumption and Employment written by Antonio Fatás and published by . This book was released on 2001 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How to Limit Government Spending by : Aaron B. Wildavsky
Download or read book How to Limit Government Spending written by Aaron B. Wildavsky and published by Univ of California Press. This book was released on 1980-01-01 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Criticizes government spending policy, budgeting methods, and expenditures, calling for a constitutional amendment to curb inflation and limit federal spending
Book Synopsis The Government Spending Multiplier, Fiscal Stress and the Zero Lower Bound by : Felix Strobel
Download or read book The Government Spending Multiplier, Fiscal Stress and the Zero Lower Bound written by Felix Strobel and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent sovereign debt crisis in the Eurozone was characterized by a monetary policy, which has been constrained by the zero lower bound (ZLB) on nominal interest rates, and several countries, which faced high risk spreads on their sovereign bonds. How is the government spending multiplier affected by such an economic environment?While prominent results in the academic literature point to high government spending multipliers at the ZLB, higher public indebtedness is often associated with small government spending multipliers. I develop a DSGE model with leverage constrained banks that captures both features of this economic environment, the ZLB and fiscal stress. In this model, I analyze the effects of government spending shocks. I find that not only are multipliers large at the ZLB, the presence of fiscal stress can even increase their size. For longer durations of the ZLB,multipliers in this model can be considerably larger than one. JEL Classification: E32, E 44, E62
Book Synopsis Why Higher Fiscal Spending Persists when a Boom in Primary Commodities Ends by : Bruno Boccara
Download or read book Why Higher Fiscal Spending Persists when a Boom in Primary Commodities Ends written by Bruno Boccara and published by World Bank Publications. This book was released on 1994 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the initial boom in fiscal spending that accompanies a commodity boom, why do commodity- exporting countries tend to maintain higher spending levels despite a drop in commodity prices? Probably because of liquidity constraints and the costs of policy reversal.
