Similar Search Results

From Deficits to Debt and Back: Political Incentives under Numerical Fiscal Rules

Buti, Marco; Martins, Joao Nogueira; Turrini, … - C.E.P.R. Discussion Papers - 2006

deficit and debt developments. We develop a simple theoretical model where deficits and two distinct SFA components (one that … could be used to reduce the deficit figures and the other to impact debt figures instead) are determined as a result of a … component related to the purpose to hide deficits rises with the recorded deficit, while the sales of financial assets designed …

Persistent link: https://www.econbiz.de/10005788949

Panel Vector Autoregressive Models: A Survey

Canova, Fabio; Ciccarelli, Matteo - C.E.P.R. Discussion Papers - 2013

This paper provides an overview of the panel VAR models used in macroeconomics and finance. It discusses what are their distinctive features, what they are used for, and how they can be derived from economic theory. It also describes how they are estimated and how shock identification is...

Persistent link: https://www.econbiz.de/10011084384

Error Correction Models, Co-integration and the Internal Model Principle

Salmon, Mark - C.E.P.R. Discussion Papers - 1988

The paper considers the conditions under which a system of dynamic equations will be consistent with some prespecified multivariate equilibrium specification. Connections are also drawn between what is known as 'the internal model principle' in the design of robust linear feedback rules and...

Persistent link: https://www.econbiz.de/10005667069

Excesses and Limits of the Public Sector in the Italian Economy. The Ongoing Reform

Schioppa, Padoa; Kostoris, Fiorella - C.E.P.R. Discussion Papers - 1994

This paper provides factual evidence on the extent of public intervention in the Italian economy. It further illustrates the internal contradictions and weaknesses of public action in Italy. New policy proposals to solve old structural problems of the Bel Paese are then discussed. Among them, a...

Persistent link: https://www.econbiz.de/10005498095

Fiscal Rules in India: Are They Effective?

Buiter, Willem H.; Patel, Urjit R. - C.E.P.R. Discussion Papers - 2010

This paper, a chapter in the forthcoming Oxford University Press Handbook of the Indian Economy, edited by Chetan Ghate, considers India’s experience with fiscal (responsibility) rules during the past decade. After reviewing the basic facts concerning public debt and deficits in India, the...

Persistent link: https://www.econbiz.de/10008468524

India's Public Finances: Excessive Budget Deficits, a Government-Abused Financial System and Fiscal Rules

Buiter, Willem H.; Patel, Urjit R. - C.E.P.R. Discussion Papers - 2006

Capital formation is a key driver of the growth of potential output. With continuing widespread capital controls and persistently small inward FDI the volume of capital formation in India is constrained by domestic saving. The national saving rate in India (the sum of the saving rates of...

Persistent link: https://www.econbiz.de/10005123636

Measuring Fiscal Sustainability

Polito, Vito; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2005

We propose an index of the fiscal stance that is convenient for practical use. It is based on a finite time horizon, not on an infinite time horizon like most tests. As it employs VAR analysis it is simple to compute and easily automated. We also show how it is possible to analyse a change of...

Persistent link: https://www.econbiz.de/10005123666

Inflation Implications of Rising Government Debt

Giannitsarou, Chryssi; Scott, Andrew - C.E.P.R. Discussion Papers - 2006

the primary deficit with future values of inflation, interest rates, GDP and narrow money growth and changes in the … primary deficit. This relationship defines a natural measure of fiscal balance and can be used as an accounting identity to … through adjustments in the primary deficit (80-100%), with less substantial roles being played by inflation (0-10%) and GDP …

Persistent link: https://www.econbiz.de/10005497882

The 'Sense and Nonsense of Maastricht' Revisited: What Have We Learnt About Stabilization In EMU?

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2005

Excessive Deficit Procedure turns out to be attending a wake. The reforms of the Pact adopted in March 2005 effectively killed … macroeconomic stability, the case for the supranational imposition, monitoring and enforcement of public debt and deficit rules is …

Persistent link: https://www.econbiz.de/10005498135

Fiscal Sustainability and Demographics - Should We Save or Work More?

Andersen, Torben M - C.E.P.R. Discussion Papers - 2008

Approaching demographic shifts are raising concerns about fiscal sustainability in most OECD countries. A widespread view based on the tax-smoothing idea is that a prior consolidation of public finances is required to cope with the predicted trend deterioration in the primary budget balance....

Persistent link: https://www.econbiz.de/10005504685