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Entry and Exit Dynamics of 'Excessive Deficits' in the European Union

Bayar, Ali - CESifo - 1999

The extent of government deficits and debt has been one of the most debated issues in recent years. However, very little has been contributed about their dynamics . Yet, the issue of entering into and exiting from excessive deficits will be critical in the European monetary union since the...

Persistent link: https://www.econbiz.de/10005766305

Should America save for its old age? Population aging, national saving, and fiscal policy

Elmendorf, Douglas W.; Sheiner, Louise M. - Federal Reserve Board (Board of Governors of the … - 2000

optimal saving response depends on the openness of our economy, on how we view the consumption of children, and on the … open economy and world interest rates were fixed at their current level, the desire to smooth consumption as our population … aged would lead us to increase saving today. But the optimal response in a closed economy is much less clear-cut, as slower …

Persistent link: https://www.econbiz.de/10005512979

The timing of stabilizations

Orphanides, Athanasios - Federal Reserve Board (Board of Governors of the … - 1992

Persistent link: https://www.econbiz.de/10005393708

Forecasting exogenous fiscal variables in the United States

Cohen, Darrel; Follette, Glenn - Federal Reserve Board (Board of Governors of the … - 2003

This paper provides an introduction to the practice of forecasting "exogenous" components of federal government taxes and spending-policy actions, for short--in the United States. First, we estimate simple models of defense expenditures that are useful for constructing current-quarter forecasts...

Persistent link: https://www.econbiz.de/10005394215

Fiscal policy in the United States: automatic stabilizers, discretionary fiscal policy actions, and the economy

Follette, Glenn; Lutz, Byron - Federal Reserve Board (Board of Governors of the … - 2010

We examine the effects of the economy on the government budget as well as the effects of the budget on the economy … then examine the response of the economy to the automatic stabilizers using the FRB/US model by comparing the response to …

Persistent link: https://www.econbiz.de/10008643758

State and local finances and the macroeconomy: the high-employment budget and fiscal impetus

Follette, Glenn; Kusko, Andrea; Lutz, Byron - Federal Reserve Board (Board of Governors of the … - 2009

We examine the interplay of the economy and state and local budgets by developing and examining two measures of fiscal …

Persistent link: https://www.econbiz.de/10004965407

Distress in the financial sector and economic activity

Carlson, Mark A.; King, Thomas B.; Lewis, Kurt F. - Federal Reserve Board (Board of Governors of the … - 2009

This paper explores the relationship between the health of the financial sector and the rest of the economy. We develop … the real economy, in particular non-residential investment. The results indicate that our measure has a considerable …

Persistent link: https://www.econbiz.de/10004965410

When are the Effects of Fiscal Policy Uncertainty Large?

Johannsen, Benjamin K. - Federal Reserve Board (Board of Governors of the … - 2014

Using a new-Keynesian model with endogenous capital accumulation, I show that uncertainty about fiscal policy can cause large declines in consumption, investment, and output when the zero lower bound (ZLB) binds, but has modest effects when the monetary authority is not constrained by the ZLB. I...

Persistent link: https://www.econbiz.de/10010784154

Check in the mail or more in the paycheck: does the effectiveness of fiscal stimulus depend on how it is delivered?

Sahm, Claudia R.; Shapiro, Matthew D.; Slemrod, Joel - Federal Reserve Board (Board of Governors of the … - 2010

Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic stimulus payments. In 2009, most working households received the Making Work Pay tax credit in the form of reduced withholding; other households, mainly retirees, received...

Persistent link: https://www.econbiz.de/10008498966

Fiscal Multipliers at the Zero Lower Bound: The Role of Policy Inertia

Hills, Timothy S.; Nakata, Taisuke - Federal Reserve Board (Board of Governors of the … - 2014

multiplier nontrivially when the policy rate is constrained at the zero lower bound (ZLB). In the economy with policy inertia …

Persistent link: https://www.econbiz.de/10011115662