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What Determines Government Spending Multipliers?

Corsetti, Giancarlo; Meier, André; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...

Persistent link: https://www.econbiz.de/10011083665

`Excessive Deficits': Sense and Nonsense in the Treaty of Maastricht

Buiter, Willem H.; Corsetti, Giancarlo; Roubini, Nouriel - C.E.P.R. Discussion Papers - 1992

In this paper we evaluate internationally agreed limits on public sector debt and deficits, such as those agreed by the EC countries in the Treaty of Maastricht as preconditions for membership in a monetary union. These fiscal convergence criteria require that general government budget deficits...

Persistent link: https://www.econbiz.de/10005123755

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

This paper revisits the paper 'Excessive deficits: sense and nonsense in the Treaty of Maastricht', co-authored with Giancarlo Corsetti and Nouriel Roubini and published during 2003 in Economic Policy. The first section of the paper addresses the problem that the exchange rate and inflation...

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

Economic Burden or Benefit? A Positive View of Old Age

Thane, Pat - C.E.P.R. Discussion Papers - 1987

In the current debate about the ageing of British and other societies the changing age structure is seen in almost entirely negative terms. This paper argues for a less pessimistic approach. The transition to an older population will be gradual enough to allow us time to plan. The overall...

Persistent link: https://www.econbiz.de/10005662408

The Portfolio Effect of Pension Reforms

Bottazzi, Renata; Jappelli, Tullio; Padula, Mario - C.E.P.R. Discussion Papers - 2009

We estimate the portfolio effect of changes in social security wealth exploiting a decade of Italian pension reforms as … elicits expectations of retirement outcomes, thus allowing us to measure the expected social security wealth and to assess to … responded to the cut in pension benefits mostly by increasing real estate wealth, and that the response is stronger among …

Persistent link: https://www.econbiz.de/10004973973

Cyclical and Structural Deficits on the Road to Accession: Fiscal Rules for an Enlarged European Union

Coricelli, Fabrizio; Ercolani, Valerio - C.E.P.R. Discussion Papers - 2002

The Paper is one of the first attempts to compute cyclical and structural deficits for a set of countries candidate to accession to the EU. Three main results are derived: first, the high deficits observed in candidate countries in recent years have a structural nature. Second, the fiscal stance...

Persistent link: https://www.econbiz.de/10005123632

One Money, but Many Fiscal Policies in Europe: What Are the Consequences?

Uhlig, Harald - C.E.P.R. Discussion Papers - 2002

This Paper outlines some issues regarding the interaction of independent fiscal authorities and one central bank in the European monetary union. It points out the possibilities for coordination failures, ranging everywhere from potentially excessive deficits and free-riding problems to...

Persistent link: https://www.econbiz.de/10005656196

FISCAL POLICY AND THE CURRENT ACCOUNT: HISTORICAL, THEORETICAL AND POLICY PERSPECTIVES, AND "TWIN DEFICIT" AND THE AUSTRALIAN MODELS COMMENTS ON A CONFERENCE.

NGUYEN, D.T.; PAGAN, A. - Research School of Economics, College of Business and … - 1990

Persistent link: https://www.econbiz.de/10004977290

Public Finance in Models of Economic Growth

Barro, Robert J.; Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1992

The recent literature on endogenous economic growth allows for the effects of fiscal policy on long-term growth. If the social rate of return on investment exceeds the private return, tax policies that encourage investment can raise the growth rate and levels of utility. An excess of the social...

Persistent link: https://www.econbiz.de/10005136740

Inflation Implications of Rising Government Debt

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

The intertemporal budget constraint of the government implies a relationship between a ratio of current liabilities to 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...

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

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