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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

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

Public versus Private Risk Sharing

Krueger, Dirk - 2009

Can public insurance through redistributive income taxation improve the allocation of risk in an economy in which private risk sharing is limited? The answer depends crucially on the fundamental friction that limits private risk sharing in the first place. If risk sharing is incomplete because...

Persistent link: https://www.econbiz.de/10012463067

Intertemporal Distortions in the Second best

Albanesi, Stefania - 2007

This paper studies the long run properties of intertemporal distortions in a broad class of second best economies. Our unified framework encompasses and extends many well known models, such as variants of the Ramsey taxation model with aggregate or idiosyncratic risk, and economies with...

Persistent link: https://www.econbiz.de/10012465010

Reforming Budgetary Language

Bradford, David F. - 2001

In the context of several examples of problems associated with present budgetary conventions, I revisit Musgrave's conceptual division of the government's program into Allocation, Distribution and Stabilization Branch subbudgets. I suggest progress towards Musgrave's ideal of a more informative...

Persistent link: https://www.econbiz.de/10012470218

Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs

Anderson, James E. - 1997

Government budget balance forces the endogenous use of distortionary tax instruments" when an exogenous reform is implemented. The aggregate efficiency of such reforms is based" on comparisons of simple summary measures of the Marginal Cost of Funds of the various tariff" or quota changes with...

Persistent link: https://www.econbiz.de/10012472633

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

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