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Author : Antonio Fatás
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.X/5 (4 download)
Download or read book The Macroeconomic Effects of Fiscal Rules in the US States written by Antonio Fatás and published by . This book was released on 2004 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard W. Kopcke
Publisher :
ISBN 13 :
Total Pages : 408 pages
Book Rating : 4.:/5 (321 download)
Download or read book The Macroeconomics of Fiscal Policy written by Richard W. Kopcke and published by . This book was released on 2006 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading academics and former policy makers assess the effectiveness of postwar American fiscal policy as questions about the role of fiscal policy once again come to the forefront of economic research and debate. The United States's post-World War II emphasis on activist fiscal policy for short-term economic stabilization was called into question in the 1960s, and by the late 1980s was superseded by the view that fiscal policy should focus on long-run structural concerns. For the past two decades both public policy and economic research emphasized monetary policy as a stabilization tool. But there remain issues in American macroeconomic policy having to do with budget deficits, present and projected, as well as a recent revival of interest in fiscal policy as a stabilization tool. Overall, the academic pendulum is swinging back towards a renewed consideration of fiscal policy. This volume brings together leading researchers and policy makers to assess the effectiveness and consequences of fiscal policy. Drawing on postwar policy experience and recent economic research, this book offers a state-of-the-art consideration of where fiscal policy stands today. Contributors address both the appropriateness of fiscal policy as a tool for short-run macroeconomic stabilization and the longer-term impact of fiscal decisions and economic policy. Topics covered include the legacy of the Reagan administration's tax cuts; whether public policy has encouraged such behavior as "overconsumption," which may foster persistent budget and trade deficits; and, in light of recent experience, how and when fiscal policy might be appropriate as a short-term stabilization tool. Contributors Alan J. Auerbach, Susanto Basu, Olivier J. Blanchard, Alan S. Blinder, Barry P. Bosworth, W. Elliott Brownlee, William H. Buiter, Jonathan Coppel, Jean-Philippe Cotis, Luiz de Mello, James S. Duesenberry, Douglas W. Elmendorf, Eric Engen, Jeffrey A. Frankel, Benjamin M. Friedman, Richard W. Kopcke, Catherine L. Mann, Van Doorn Ooms, Rudolph G. Penner, Alice M. Rivlin, Christopher A. Sims, C. Eugene Steuerle, Geoffrey M.B. Tootell, Robert K. Triest, Edwin M. Truman
Download or read book Measuring the Macroeconomic Effects of Fiscal Policy in the United States written by and published by . This book was released on 1970 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Farrokh Langdana
Publisher : Springer Science & Business Media
ISBN 13 : 0387776664
Total Pages : 298 pages
Book Rating : 4.3/5 (877 download)
Download or read book Macroeconomic Policy written by Farrokh Langdana and published by Springer Science & Business Media. This book was released on 2009-04-05 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an applications-oriented text that demystifies the linkages between monetary and fiscal policies and key macroeconomic variables such as income, unemployment, inflation and interest rates. Specially written "newspaper" articles simulate current macroeconomic news on asset-price bubbles, exchange rates, hyperinflation and more. Exercises and diagrams, and a global perspective – incorporating both developed and emerging economies - make this a broadly useful, real-world oriented text on a complex and shifting subject.
Author : Barry Warren Poulson
Publisher : Rowman & Littlefield
ISBN 13 : 1666916617
Total Pages : 203 pages
Book Rating : 4.6/5 (669 download)
Download or read book Restoring Sustainable Macroeconomic Policies in the United States written by Barry Warren Poulson and published by Rowman & Littlefield. This book was released on 2022 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: By looking at the macroeconomic frameworks and experiences of countries such as Germany, Sweden, and Switzerland, Restoring Sustainable Macroeconomic Policies in the U.S. presents a way for the United States to normalize fiscal and monetary policy in order to achieve sustainable debt in the post-COVID-19 era.
Author : Fabio Canova
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (254 download)
Download or read book Does it Cost to be Virtuous? written by Fabio Canova and published by . This book was released on 2005 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We study whether and how fiscal restrictions alter the business cycle features of macrovariables for a sample of 48 US states. We also examine the "typical" transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed"--National Bureau of Economic Research web site.
Author : Mr.Abdul Abiad
Publisher : International Monetary Fund
ISBN 13 : 1484361555
Total Pages : 26 pages
Book Rating : 4.4/5 (843 download)
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.
Author : John H. Wood
Publisher : Routledge
ISBN 13 : 1135970157
Total Pages : 236 pages
Book Rating : 4.1/5 (359 download)
Download or read book A History of Macroeconomic Policy in the United States written by John H. Wood and published by Routledge. This book was released on 2009-01-13 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Keynes asked whether his ‘visionary’ ideas would overcome the interests opposed to change. However, an examination of the histories of monetary and fiscal policies suggests that this is a false distinction. The interests and ideas associated with government policies are seldom opposed. The suspicion that the latter more often follows than confronts the former is supported by the experiences documented in this book. Professor Wood’s new title examines the controlling influences that drive macroeconomic policies in the United States. The book addresses the history of the interests, ideas, and practices of monetary and fiscal policies in the U.S., although it also examines macro-policies in other countries, particularly the UK. Professor Wood argues that economic policies in the United States have been relatively predictable and stable historically, through a detailed examination of conflicts over taxes and monetary policy such as the whiskey rebellion, Magna Carta, the Stamp Act, the Banks of the U.S., and the Federal Reserve. Issues covered also include property, economists’ theories of stabilization, taxes, deficits, and monetary policy.
Author : Richard Hemming
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)
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. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498335160
Total Pages : 73 pages
Book Rating : 4.4/5 (983 download)
Download or read book Fiscal Rules—Anchoring Expectations for Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2009-12-11 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.
Author : Sounman Hong
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (13 download)
Download or read book Fiscal Rules in Recessions written by Sounman Hong and published by . This book was released on 2015 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores the impact of balanced-budget rules on states' fiscal policy outcomes, and tests whether this impact depends on the political and economic environments in light of the American states' experience from 2004 to 2010. The findings suggest that (1) budget rules are more binding in recessions as compared with "normal" times; (2) the impact of the rule depends on the political environment, especially on the party identity of the governor; (3) a divided government influences the rule's impact, particularly when one party controls the governorship and another controls the legislature; and (4) states' responses, as measured by total budget cuts, to unexpected revenue shocks (such as unexpected decreases in tax revenue) tend to be larger than states' responses to unexpected expenditure shocks.
Author : United Nations Association of the United States of America. Economic Policy Council
Publisher : Cambridge, Mass. : Ballinger Publishing Company
ISBN 13 :
Total Pages : 268 pages
Book Rating : 4.:/5 (49 download)
Download or read book The Global Repercussions of U.S. Monetary and Fiscal Policy written by United Nations Association of the United States of America. Economic Policy Council and published by Cambridge, Mass. : Ballinger Publishing Company. This book was released on 1984 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309261961
Total Pages : 230 pages
Book Rating : 4.3/5 (92 download)
Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Author : Ansgar Belke
Publisher :
ISBN 13 : 9783867889599
Total Pages : pages
Book Rating : 4.8/5 (895 download)
Download or read book Uncertainty and Non-linear Macroeconomic Effects of Fiscal Policy in the US written by Ansgar Belke and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether the macroeconomic effects of government spending shocks vary with the level of uncertainty. Using postwar US data and a Self-Exciting Interacted VAR (SEIVAR) model, we find that fiscal spending has positive output effects in tranquil times but is contractionary during uncertain times. The endogenous reaction of macroeconomic uncertainty plays an important role in explaining the non-linear impact of government spending. In contrast to other types of government spending, research and development expenditures reduce uncertainty and have an expansionary effect on output during uncertain times.
Author : Gerald Carlino
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (124 download)
Download or read book Macro Fiscal Policy in Economic Unions : States as Agents written by Gerald Carlino and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Weonho Yang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (862 download)
Download or read book Macroeconomic Effects of Fiscal Policy written by Weonho Yang and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The interest in the use of fiscal policy as an effective economic policy tool has been revived recently, since the global recession of 2008 hit the world. In spite of a large empirical literature, there remains substantial uncertainty about the size and even the direction of the effects of discretionary fiscal policy. This thesis seeks to investigate the macroeconomic effects of discretionary fiscal policy in the short term, highlighting several methodologies for identifying discretionary fiscal policy. In Chapters 2 and 3, we suggest a new instrument based on the narrative approach for identifying exogenous government spending shocks: natural disaster damages and the subsequent government emergency spending. While applying our methodology to the Korean and the U.S data, we find that our instrument is not only powerful but also superior to military build-ups used by most of the literature. The relief expenditure in the wake of natural disaster has several advantages such as the similarity in scope to general government activity and the easy applicability beyond the U.S. compared to military build-ups. In the analysis of Korean fiscal policy, using our narrative method and the Structural Vector Autoregression (SVAR) model, we find that government spending shocks increase GDP, consumption, and real wage, which is in line with the New Keynesian model. We also find that the timing is crucial in identifying government spending shocks due to the anticipation effects of fiscal policy. Furthermore, while analyzing the U.S. fiscal policy both at the state as well as national level, we estimate two kinds of non-defense spending multipliers: federal (1.4~1.7) and state (1.5~2.5), which exceed the defense spending multiplier obtained in the literature using military building-ups. In Chapter 4, in regard to the study of effects of fiscal adjustment, we develop the approach based on changes in cyclically adjusted primary balance (CAPB) by including fluctuations of asset price in the CAPB measure and allowing for individual country heterogeneity in the definition of fiscal adjustment. Using our new CAPB in 20 OECD countries, we find that fiscal adjustments have contractionary effects on economic activity in the short term, which is consistent with the result based on the narrative approach. Nevertheless, our results suggest that fiscal adjustments that rely predominantly on spending cuts are less contractionary than those involving tax increases.
Author : John Merrifield
Publisher :
ISBN 13 : 9781498518093
Total Pages : 0 pages
Book Rating : 4.5/5 (18 download)
Download or read book Can the Debt Growth be Stopped? written by John Merrifield and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can the Debt Growth be Stopped? explores new fiscal rules introduced in OECD countries to determine if new fiscal rules should be enacted in the United States. The centerpiece of the study is analysis of fiscal rules using a dynamic simulation model.
