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Managing and Harnessing Volatile Oil Windfalls

Van Den Bremer, Ton; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2012

Three funds are necessary to manage an oil windfall: intergenerational, liquidity and investment funds. The optimal liquidity fund is bigger if the windfall lasts longer and oil price volatility, prudence and the GDP share of oil rents are high and productivity growth is low. We apply our theory...

Persistent link: https://www.econbiz.de/10011084534

A Common Pool Theory of Deficit Bias Correction

Krogstrup, Signe; Wyplosz, Charles - C.E.P.R. Discussion Papers - 2006

The budget deficit bias is modeled as the result of a domestic common pool problem and of an international externality. Along with Piguvian taxes, a number of policy measures are examined and welfare-ranked: deficit ceilings, golden rules and delegation. In general, the combination of delegation...

Persistent link: https://www.econbiz.de/10005666494

The world’s oldest fiscal watchdog: CPB’s analyses foster consensus on economic policy

Bos, Frits; Teulings, Coen N - C.E.P.R. Discussion Papers - 2012

The sovereign debt problems in European countries have increased the interest in fiscal watchdogs. This paper discusses the world’s oldest fiscal watchdog, CPB Netherlands Bureau for Economic Policy Analysis (CPB). CPB was founded directly after World War II. It has built a reputation of...

Persistent link: https://www.econbiz.de/10011083741

Wars, Redistribution and Civilian Federal Expenditures in the US over the Twentieth Century

Beetsma, Roel; Cukierman, Alex; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2005

down, when the share of defence expenditures goes up. But taxes go down less and transfers go up more per unit change in … defence expenditures when those expenditures go down at the war’s conclusion than the amounts by which taxes go up and … transfers go down during the buildup in defence expenditures at the beginning of the war effort. There is no evidence of such …

Persistent link: https://www.econbiz.de/10005114428

From First-Release to Ex-Post Fiscal Data: Exploring the Sources of Revision Errors in the EU

Beetsma, Roel; Bluhm, Benjamin; Giuliodori, Massimo; … - C.E.P.R. Discussion Papers - 2011

This paper explores the determinants of deviations of ex-post budget outcomes from first-release outcomes published towards the end of the year of budget implementation. The predictive content of the first-release outcomes is important, because these figures are an input for the next budget and...

Persistent link: https://www.econbiz.de/10009643509

Fifty Years of Fiscal Planning and Implementation in the Netherlands

Beetsma, Roel; Giuliodori, Massimo; Walschot, Mark; … - C.E.P.R. Discussion Papers - 2010

Using real-time data from the annual budget over the period 1958-2009, we explore the planning and realization of fiscal policy in the Netherlands. Our key findings are the following. First, planned surpluses are on average unbiased, although they are overoptimistic during the first half of the...

Persistent link: https://www.econbiz.de/10008466356

The Political Economy of Public Investment

Beetsma, Roel; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2007

The political distortions in public investment projects are investigated within the context of a bipartisan political economy framework. The role of scrapping and modifying projects of previous governments receives special attention. The party in government has an incentive to overspend on large...

Persistent link: https://www.econbiz.de/10005788968

Debt and Deficit Ceilings, and Sustainability of Fiscal Policies: An Intertemporal Analysis

Uctum, Merih; Wickens, Michael R. - C.E.P.R. Discussion Papers - 1997

This paper examines the consequences for the sustainability of fiscal policy of imposing restrictive ceilings on deficits and debt. Our theoretical framework is a generalization of the government intertemporal budget constraint which allows for time-varying interest rates, endogenous primary...

Persistent link: https://www.econbiz.de/10005791703

Fiscal Policy in Europe: The Past and Future of EMU Rules from the Perspective of Musgrave and Buchanan

Buti, Marco; Sapir, André - C.E.P.R. Discussion Papers - 2006

During the ‘Golden Age’ that lasted until the mid-1970s, Europe witnessed a "public finance" phase, when the three sides of Musgrave’s triangle - allocative efficiency, redistribution and cyclical stabilisation - seemed to reinforce one another. EMU's fiscal rules - embodied in the...

Persistent link: https://www.econbiz.de/10005791965

Seigniorage

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2007

Governments through the ages have appropriated real resources through the monopoly of the ‘coinage’. In modern fiat money economies, the monopoly of the issue of legal tender is generally assigned to an agency of the state, the Central Bank, which may have varying degrees of operational and...

Persistent link: https://www.econbiz.de/10005792048

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