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Measuring Aspects of Fiscal and Financial Policy

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1984

The paper develops a forward-looking comprehensive accounting framework for the public sector. By integrating the public sector budget constraint forward in time the government's present value budget constraint (PVBC) is obtained. In addition to the familiar financial assets and liabilities,...

Persistent link: https://www.econbiz.de/10005789062

National Insolvency: A Test of the US Intertemporal Budget Constraint

Uctum, Merih; Wickens, Michael R. - C.E.P.R. Discussion Papers - 1990

If a nation fails to satisfy its intertemporal budget constraint (IBC) then, like a government or a household, either it will become insolvent or it can consume more of its income. The main purpose of this paper is to establish necessary and sufficient conditions for a nation to satisfy its IBC,...

Persistent link: https://www.econbiz.de/10005666888

Financing Budget Deficits by Seigniorage and Implicit Taxation: The Cases of Spain and Portugal

Repullo, Rafael - C.E.P.R. Discussion Papers - 1991

This paper evaluates the contribution of seigniorage and implicit taxation of financial intermediation to the financing of the budget deficits in Spain and Portugal during the 1980s. The paper starts with a simple partial equilibrium model of the banking sector, which is used to derive two sets...

Persistent link: https://www.econbiz.de/10005791722

Macroeconomic Policies in the OECD and LDC External Adjustment

McKibbin, Warwick; Sachs, Jeffrey - C.E.P.R. Discussion Papers - 1985

In this paper, the authors describe a simulation model for analyzing the effects of macroeconomic policies in the OECD on global macroeconomic equilibrium. Particular attention is paid to the effects on developing countries of alternative mixes of monetary and fiscal policies in the OECD. Though...

Persistent link: https://www.econbiz.de/10005281352

Happiness and the Human Development Index: Australia is NOT a Paradox

Leigh, Andrew; Wolfers, Justin - C.E.P.R. Discussion Papers - 2006

In 'Happiness and the Human Development Index: The Paradox of Australia,' Blanchflower and Oswald (2005) observe an … apparent puzzle: they claim that Australia ranks highly in the Human Development Index (HDI), but relatively poorly in … happiness. However, when we compare their happiness data with the HDI, Australia appears happier, not sadder, than its HDI score …

Persistent link: https://www.econbiz.de/10005136466

Distributional Impact of Commodity Price Shocks: Australia over a Century

Bhattacharyya, Sambit; Williamson, Jeffrey G - C.E.P.R. Discussion Papers - 2013

. Using a GARCH model, we find that Australia experienced more volatility than many commodity exporting poor countries between …

Persistent link: https://www.econbiz.de/10011084231

Fiscal targets. A guide to forecasters?

Paredes-Lodeiro, Joan; Pérez, Javier J; … - C.E.P.R. Discussion Papers - 2015

Should rational agents take into consideration government policy announcements? A skilled agent (an econometrician) could set up a model to combine the following two pieces of information in order to anticipate the future course of fiscal policy in real-time: (i) the ex-ante path of policy as...

Persistent link: https://www.econbiz.de/10011272708

Sovereign Debt and Structural Reforms

Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015

Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under limited commitment. The government of a sovereign country which has fallen into a recession of an uncertain duration issues one-period debt and can renege on its obligations by...

Persistent link: https://www.econbiz.de/10011276380

Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt

Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015

This paper uses a New Keynesian framework to study the coordination of fiscal and monetary policies, in response to an inflation shock when the policymaker acts with commitment. We first show that, in the simplest New Keynesian model, fiscal policy plays no part in the optimal policy response,...

Persistent link: https://www.econbiz.de/10011276383

Optimal Monetary and Fiscal Policy in an Economy with Inflation Persistence

Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015

This paper studies a simple New-Keynesian model of fiscal and monetary policy coordination when the policymaker acts under commitment. With a New Keynesian Phillips curve it is optimal to control inflation only through the use of monetary policy. But, when price-setters use a Steinsson (2003)...

Persistent link: https://www.econbiz.de/10011276384

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