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Separation of Powers and the Budget Process

Grossman, Gene M. - 2006

We study budget formation in a model featuring separation of powers. In our model, the legislature designs a budget bill that can include a cap on total spending and earmarked allocations to designated public projects. Each project provides random benefits to one of many interest groups. The...

Persistent link: https://www.econbiz.de/10012466333

The Impact of Inflation on Budgetary Discipline

Aizenman, Joshua - 1995

This paper investigates budgetary rules for an economy characterized by inflation and volatile relative prices. We view the budgetary process as a limited contingencies contract between the treasury and the ministers. The budgetary process allows a minister, whose realized real budget falls...

Persistent link: https://www.econbiz.de/10012473531

Measuring U.S. Fiscal Capacity using Discounted Cash Flow Analysis

Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; … - National Bureau of Economic Research - 2022

We use discounted cash flow analysis to measure a country's fiscal capacity. Crucially, the discount rate applied to projected cash flows includes a GDP risk premium. We apply our valuation method to the CBO's projections for the U.S. federal government's deficit between 2022 and 2051 and debt...

Persistent link: https://www.econbiz.de/10013190996

Local Government Budgeting : The Econometric Comparison of Political and Bureaucratic Models

Feldstein, Martin - 1977

The current paper presents a method of deciding the question of whether any given stage in the budget process is an example of the "political" or the "bureaucratic" model. We then use it to study local government spending on education. The basis for our method is the important difference between...

Persistent link: https://www.econbiz.de/10012478928

Australian Government Balance Sheet Management

Au-Yeung, Wilson - 2006

Based on this framework, we find that a Future Fund portfolio that included (amongst other potential investments) domestic nominal securities and equities of selected countries would reduce overall balance sheet risk

Persistent link: https://www.econbiz.de/10012466348

Budget Institutions and Fiscal Performance in Latin America

Alesina, Alberto - 1996

In this paper we collect detailed information on the budget institutions of Latin American countries. We classify these institutions on a `hierarchical'/'collegial' scale, as a function of their transparency and the existence of legislative constraints on the deficit. We then show that...

Persistent link: https://www.econbiz.de/10012473262

The Household Fallacy

Farmer, Roger - 2018

We refer to the idea that government must 'tighten its belt' as a necessary policy response to higher indebtedness as the household fallacy. We provide a reason to be skeptical of this claim that holds even if the economy always operates at full employment and all markets clear. Our argument...

Persistent link: https://www.econbiz.de/10012453321

Altruism, Fertility, and the Value of Children : Health Policy Evaluation and Intergenerational Welfare

Birchenall, Javier A. - 2007

This paper accounts for the value of children and future generations in the evaluation of health policies. This is achieved through the incorporation of altruism and fertility in "value of life" type of framework. We are able to express adults' willingness to pay for changes in child mortality...

Persistent link: https://www.econbiz.de/10012465820

The Fallacy of the Fiscal Theory of the Price Level

Buiter, Willem H. - 1999

or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …

Persistent link: https://www.econbiz.de/10012471482

Fiscal Deficits, Exchange Rate Crises and Inflation

van Wijnbergen, Sweder - 1987

The analysis focuses on the government budget constraint and the resolution of inconsistent implications of different policy instruments under that constraint. We show how, under floating exchange rates, external shocks or internal structural reforms may cause jumps in inflation and the exchange...

Persistent link: https://www.econbiz.de/10012476939

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