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How Do Laffer Curves Differ Across Countries?
Uhlig, Harald; Trabandt, Mathias - National Bureau of Economic Research (NBER) - 2012
We seek to understand how Laffer curves differ across countries in the US and the EU-14, thereby providing insights into fiscal limits for government spending and the service of sovereign debt. As an application, we analyze the consequences for the permanent sustainability of current debt...
Persistent link: https://www.econbiz.de/10009652855
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Sovereign Debt Risk Premia and Fiscal Policy in Sweden
Leeper, Eric; Bi, Huixin - National Bureau of Economic Research (NBER) - 2010
fiscal debate around the world: what are the tradeoffs between short-run stabilization and long-run sustainability when the …
Persistent link: https://www.econbiz.de/10008619296
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Russia's Fiscal Gap
Kotlikoff, Laurence; Goryunov, Eugene; Kazakova, Maria; … - National Bureau of Economic Research (NBER) - 2013
Every country faces what economists call an intertemporal (across time) budget constraint, which requires that its government's future expenditures, including the servicing of its outstanding official debt, be covered by its government's future receipts when measured in present value. The...
Persistent link: https://www.econbiz.de/10010951462
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Will China Eat Our Lunch or Take Us Out to Dinner? Simulating the Transition Paths of the U.S., EU, Japan, and China
Fehr, Hans; Kotlikoff, Laurence; Jokisch, Sabine - National Bureau of Economic Research (NBER) - 2005
that tax hikes needed to pay benefits along the developed world's demographic transition would lead to capital shortage … countries. If this continues to be the case, the model's long run looks much brighter. China eventually becomes the world …'s saver and, thereby, the developed world's savoir with respect to its long-run supply of capital and long-run general …
Persistent link: https://www.econbiz.de/10005084642
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Future Rent-Seeking and Current Public Savings
Caballero, Ricardo J; Yared, Pierre - National Bureau of Economic Research (NBER) - 2008
The conventional wisdom is that politicians' rent-seeking motives increase public debt and deficits. This is because myopic politicians face political risk and prefer to extract political rents as early as possible. An implication of this argument is that governments will under-save during a...
Persistent link: https://www.econbiz.de/10005714069
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The True Cost of Social Security
Kotlikoff, Laurence; Blocker, Alexander W.; Ross, Stephen A. - National Bureau of Economic Research (NBER) - 2008
Implicit government obligations represent the lion's share of government liabilities in the U.S. and many other countries. Yet these liabilities are rarely measured, let alone properly adjusted for their risk. This paper shows, by example, how modern asset pricing can be used to value implicit...
Persistent link: https://www.econbiz.de/10005714168
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Inflating the Beast: Political Incentives Under Uncertainty
Caballero, Ricardo J; Yared, Pierre - National Bureau of Economic Research (NBER) - 2008
seems that the world has much to celebrate, as most emerging market economies -- often suspect of having weak political …
Persistent link: https://www.econbiz.de/10005830463
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The Excess Burden of Government Indecision
Gomes, Francisco; Kotlikoff, Laurence; Viceira, Luis M. - National Bureau of Economic Research (NBER) - 2007
Governments are known for procrastinating when it comes to resolving painful policy problems. Whatever the political motives for waiting to decide, procrastination distorts economic decisions relative to what would arise with early policy resolution. In so doing, it engenders excess burden. This...
Persistent link: https://www.econbiz.de/10005775168
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Was This Time Different? Fiscal Policy in Commodity Republics
Cespedes, Luis Felipe; Velasco, Andrés - National Bureau of Economic Research (NBER) - 2013
We revisit the issue of fiscal procyclicality in commodity-rich nations -commodity republics in the nomenclature of this paper. Since commodity prices are plausibly a main driver of fiscal policy outcomes in these countries, we focus on the behavior of fiscal variables across the commodity...
Persistent link: https://www.econbiz.de/10010969315
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Debt Overhangs: Past and Present
Reinhart, Carmen; Rogoff, Kenneth S; Reinhart, Vincent R. - National Bureau of Economic Research (NBER) - 2012
episodes we identify, 20 lasted more than a decade. Five of the six shorter episodes were immediately after World Wars I and II …
Persistent link: https://www.econbiz.de/10011227915