The Economic Consequences Of Government Deficits

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Do Deficits Matter?

Author : Daniel Shaviro
Publisher : University of Chicago Press
ISBN 13 : 9780226751122
Total Pages : 362 pages
Book Rating : 4.7/5 (511 download)

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Book Synopsis Do Deficits Matter? by : Daniel Shaviro

Download or read book Do Deficits Matter? written by Daniel Shaviro and published by University of Chicago Press. This book was released on 1997-05 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do deficits matter? Yes and no, says Daniel Shaviro in this political and economic study. Yes, because fiscal policy affects generational distribution, national saving, and the level of government spending. And no, because the deficit is an inaccurate measure with little economic content. This book provides an invaluable guide for anyone wanting to know exactly what is at stake for Americans in this ongoing debate. "[An] excellent, comprehensive, and illuminating book. Its analysis, deftly integrating considerations of economics, law, politics, and philosophy, brings the issues of 'balanced budgets,' national saving, and intergenerational equity out of the area of religious crusades and into an arena of reason. . . . A magnificent, judicious, and balanced treatment. It should be read and studied not just by specialists in fiscal policy but by all those in the economic and political community."—Robert Eisner, Journal of Economic Literature "Shaviro's history, economics, and political analysis are right on the mark. For all readers."—Library Journal

Expansionary Austerity New International Evidence

Author : Mr.Daniel Leigh
Publisher : International Monetary Fund
ISBN 13 : 1455294691
Total Pages : 41 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Expansionary Austerity New International Evidence by : Mr.Daniel Leigh

Download or read book Expansionary Austerity New International Evidence written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2011-07-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.

The Deficit Myth

Author : Stephanie Kelton
Publisher : PublicAffairs
ISBN 13 : 1541736206
Total Pages : 311 pages
Book Rating : 4.5/5 (417 download)

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Book Synopsis The Deficit Myth by : Stephanie Kelton

Download or read book The Deficit Myth written by Stephanie Kelton and published by PublicAffairs. This book was released on 2020-06-09 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

Austerity

Author : Alberto Alesina
Publisher : Princeton University Press
ISBN 13 : 0691208638
Total Pages : 290 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Austerity by : Alberto Alesina

Download or read book Austerity written by Alberto Alesina and published by Princeton University Press. This book was released on 2020-12 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: A revealing look at austerity measures that succeed—and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. Bringing needed clarity to one of today's most challenging economic issues, three leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt, shows that austerity is not necessarily the kiss of death for political careers as is often believed, and charts a sensible approach based on data analysis rather than ideology.

Global Waves of Debt

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

The Economic Consequences of Government Deficits

Author : L.H. Meyer
Publisher : Springer
ISBN 13 : 9789400966857
Total Pages : 256 pages
Book Rating : 4.9/5 (668 download)

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Book Synopsis The Economic Consequences of Government Deficits by : L.H. Meyer

Download or read book The Economic Consequences of Government Deficits written by L.H. Meyer and published by Springer. This book was released on 2012-03-01 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: On October 29 and 30, 1982, the Center for the Study of American Business and the Institute for Banking and Financial Markets at Washington "The Economic Consequences of University cosponsored a conference on Government Deficits. " This was the sixth annual Economic Policy Con ference sponsored by the Center, and the first it has cosponsored with the Institute. This book contains the papers and comments delivered at that conference. Recent and prospective large federal deficits have prompted a thorough reconsideration of the political sources and economic consequences of government deficits. The papers in Part I focus on the implications of deficits for monetary growth and inflation, and the papers in Part II consider the effect of deficits on interest rates and capital formation. The papers in Part III deal with the political sources and remedies for the explosive growth in government spending and increased reliance on deficits. The papers in Part I by Alan S. Blinder, Professor of Economics at Princeton University, and Preston J. Miller, Assistant Vice President and Research Advisor at the Federal Reserve Bank of Minneapolis, discuss the relation between monetary growth and deficits and present evidence on the of deficits on inflation and output. A deficit is said to be monetized effects vii viii THE ECONOMIC CONSEQUENCES OF GOVERNMENT DEFICITS when the Federal Reserve purchases bonds to aid the Treasury in financing the deficit.

Aging and the Macroeconomy

Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309261961
Total Pages : 230 pages
Book Rating : 4.3/5 (92 download)

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Book Synopsis Aging and the Macroeconomy by : National Research Council

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.

Brookings Papers on Economic Activity: Spring 2017

Author : Janice Eberly
Publisher : Brookings Institution Press
ISBN 13 : 081573252X
Total Pages : 484 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Brookings Papers on Economic Activity: Spring 2017 by : Janice Eberly

Download or read book Brookings Papers on Economic Activity: Spring 2017 written by Janice Eberly and published by Brookings Institution Press. This book was released on 2017-10-10 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.

Public Debt and Growth

Author : Jaejoon Woo
Publisher : International Monetary Fund
ISBN 13 : 145520157X
Total Pages : 49 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Public Debt and Growth by : Jaejoon Woo

Download or read book Public Debt and Growth written by Jaejoon Woo and published by International Monetary Fund. This book was released on 2010-07-01 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.

How Real is the Federal Deficit?

Author : Robert Eisner
Publisher : Simon and Schuster
ISBN 13 : 1439138591
Total Pages : 264 pages
Book Rating : 4.4/5 (391 download)

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Book Synopsis How Real is the Federal Deficit? by : Robert Eisner

Download or read book How Real is the Federal Deficit? written by Robert Eisner and published by Simon and Schuster. This book was released on 2010-05-11 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eisner argues that the federal deficit as currently measured is inaccurate and misleading. When inflation is properly accounted for, he points out, a dramatically different picture of the deficit occurs. In light of these new deficit figures, Eisner challenges current eco nomic theory and interpretations of our recent past. He finds that the deficit has not been as large as recently measured and that efforts to reduce the deficit may do more harm than good. This book will spark serious debate among economists and policymakers. The clarity of its arguments and strength of its evidence are convincing. Strongly recommended for academic and large public libraries. Richard C. Schim ing, Economics Dept., Mankato State Univ., Minn. Copyright 1986 Reed Business Information, Inc.

Why are Stabilizations Delayed?

Author : Alesina, Alberto
Publisher : London, Ont. : University of Western Ontario, Political Economy Research Group
ISBN 13 : 9780771412288
Total Pages : 0 pages
Book Rating : 4.4/5 (122 download)

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Book Synopsis Why are Stabilizations Delayed? by : Alesina, Alberto

Download or read book Why are Stabilizations Delayed? written by Alesina, Alberto and published by London, Ont. : University of Western Ontario, Political Economy Research Group. This book was released on 1990 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Blueprint for America

Author : George P. Shultz
Publisher : Hoover Press
ISBN 13 : 0817919961
Total Pages : 198 pages
Book Rating : 4.8/5 (179 download)

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Book Synopsis Blueprint for America by : George P. Shultz

Download or read book Blueprint for America written by George P. Shultz and published by Hoover Press. This book was released on 2016-08-01 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: The American ability to inspire—which we call exceptionalism—is not automatic. It takes continued efforts to be realized in a changing world. In this book, scholars at the Hoover Institution—professors, thinkers, and practitioners of global renown in their respective fields—offer a series of accessible policy ideas for civic, economic, and security architecture that would shore up the long-term foundations of American strengths. Blueprint for America takes a beyond-the-Beltway look at the basic policies that should be prioritized by the next president and Congress. Economists Michael Boskin, John Cogan, John Cochrane, and John Taylor address questions of entitlement reform, deficits, monetary reform, national debt, and regulatory and tax reform. Scott Atlas draws on his experience in the practice of medicine to tackle the Affordable Care Act and propose incentive-based health care reforms. Cochrane returns to reframe the hot-button political discourses on immigration and international trade. Eric Hanushek addresses the current performance--and reform--of K–12 education. Retired admiral James Ellis, retired general Jim Mattis, and Kori Schake offer their visions of how to restore America's national security through proactive and realistic agenda setting. Ellis follows with a rethink of energy security strategy in an era of abundance and James Goodby expounds on the country's practice of diplomacy in a time of turbulent transition. George Shultz draws from his experiences in government, industry, and academia to lead off each section with a range of clear-eyed observations on spending, human resources, foreign policy, and, in conclusion, the art of governance. The spirit of Blueprint for America is positive and grounded in first principles, offering ideas, diagnoses, solutions, and road maps for the long view.

Understanding Similarities & Differences Between Accrual & Cash Deficits

Author : United States. Government Accountability Office
Publisher : DIANE Publishing
ISBN 13 : 9781422311691
Total Pages : 46 pages
Book Rating : 4.3/5 (116 download)

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Book Synopsis Understanding Similarities & Differences Between Accrual & Cash Deficits by : United States. Government Accountability Office

Download or read book Understanding Similarities & Differences Between Accrual & Cash Deficits written by United States. Government Accountability Office and published by DIANE Publishing. This book was released on 2006 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Volatility Machine

Author : Michael Pettis
Publisher : Oxford University Press, USA
ISBN 13 : 9780195143300
Total Pages : 272 pages
Book Rating : 4.1/5 (433 download)

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Book Synopsis The Volatility Machine by : Michael Pettis

Download or read book The Volatility Machine written by Michael Pettis and published by Oxford University Press, USA. This book was released on 2001 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture. Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years.

The Macroeconomic Effects of Public Investment

Author : Mr.Abdul Abiad
Publisher : International Monetary Fund
ISBN 13 : 1484361555
Total Pages : 26 pages
Book Rating : 4.4/5 (843 download)

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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.

The Economic Consequences of Government Deficits

Author : L.H. Meyer
Publisher : Springer Science & Business Media
ISBN 13 : 9400966849
Total Pages : 243 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis The Economic Consequences of Government Deficits by : L.H. Meyer

Download or read book The Economic Consequences of Government Deficits written by L.H. Meyer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: On October 29 and 30, 1982, the Center for the Study of American Business and the Institute for Banking and Financial Markets at Washington "The Economic Consequences of University cosponsored a conference on Government Deficits. " This was the sixth annual Economic Policy Con ference sponsored by the Center, and the first it has cosponsored with the Institute. This book contains the papers and comments delivered at that conference. Recent and prospective large federal deficits have prompted a thorough reconsideration of the political sources and economic consequences of government deficits. The papers in Part I focus on the implications of deficits for monetary growth and inflation, and the papers in Part II consider the effect of deficits on interest rates and capital formation. The papers in Part III deal with the political sources and remedies for the explosive growth in government spending and increased reliance on deficits. The papers in Part I by Alan S. Blinder, Professor of Economics at Princeton University, and Preston J. Miller, Assistant Vice President and Research Advisor at the Federal Reserve Bank of Minneapolis, discuss the relation between monetary growth and deficits and present evidence on the of deficits on inflation and output. A deficit is said to be monetized effects vii viii THE ECONOMIC CONSEQUENCES OF GOVERNMENT DEFICITS when the Federal Reserve purchases bonds to aid the Treasury in financing the deficit.

NBER Macroeconomics Annual 2004

Author : Mark Gertler
Publisher : Mit Press
ISBN 13 : 9780262072632
Total Pages : 489 pages
Book Rating : 4.0/5 (726 download)

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Book Synopsis NBER Macroeconomics Annual 2004 by : Mark Gertler

Download or read book NBER Macroeconomics Annual 2004 written by Mark Gertler and published by Mit Press. This book was released on 2005 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers addressed to a broad audience of public policymakers as well as to the academic community. Each paper is followed by comments and discussion to give a more complete context for the views expressed. The 2004 edition features a range of papers aimed at providing coherent and informative answers to such important questions as the effect of federal government debt on interest rates; the stochastic dimension of the American economy; the role of technology as a source of economic fluctuations; and the interaction of capital flows, fiscal policy, and monetary policies in developing countries, emerging markets, and OECD countries.