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From Deficits to Debt and Back: Political Incentives under Numerical Fiscal Rules

Buti, Marco; Martins, Joao Nogueira; Turrini, … - C.E.P.R. Discussion Papers - 2006

deficit and debt developments. We develop a simple theoretical model where deficits and two distinct SFA components (one that … could be used to reduce the deficit figures and the other to impact debt figures instead) are determined as a result of a … component related to the purpose to hide deficits rises with the recorded deficit, while the sales of financial assets designed …

Persistent link: https://www.econbiz.de/10005788949

Panel Vector Autoregressive Models: A Survey

Canova, Fabio; Ciccarelli, Matteo - C.E.P.R. Discussion Papers - 2013

This paper provides an overview of the panel VAR models used in macroeconomics and finance. It discusses what are their distinctive features, what they are used for, and how they can be derived from economic theory. It also describes how they are estimated and how shock identification is...

Persistent link: https://www.econbiz.de/10011084384

Error Correction Models, Co-integration and the Internal Model Principle

Salmon, Mark - C.E.P.R. Discussion Papers - 1988

The paper considers the conditions under which a system of dynamic equations will be consistent with some prespecified multivariate equilibrium specification. Connections are also drawn between what is known as 'the internal model principle' in the design of robust linear feedback rules and...

Persistent link: https://www.econbiz.de/10005667069

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

Excesses and Limits of the Public Sector in the Italian Economy. The Ongoing Reform

Schioppa, Padoa; Kostoris, Fiorella - C.E.P.R. Discussion Papers - 1994

This paper provides factual evidence on the extent of public intervention in the Italian economy. It further illustrates the internal contradictions and weaknesses of public action in Italy. New policy proposals to solve old structural problems of the Bel Paese are then discussed. Among them, a...

Persistent link: https://www.econbiz.de/10005498095

Do Migrants Cause Current Account Deficit?

Janunkar, P.N.; Pope, D.; Kapuscinski, C.; Mudd, W.A. - Research School of Economics, College of Business and … - 1995

Persistent link: https://www.econbiz.de/10005032864

Why do governments default, and why don't they default more often?

Buiter, Willem H.; Rahbari, Ebrahim - C.E.P.R. Discussion Papers - 2013

This paper considers the economic and political drivers of sovereign default, focusing on countries rich enough to render sovereign default a ‘won’t pay’ rather than a ‘can’t pay’ phenomenon. Unlike many private contracts, sovereign debt contracts rely almost exclusively on...

Persistent link: https://www.econbiz.de/10011084128

The Impact of Debt Levels and Debt Maturity on Inflation

Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; … - C.E.P.R. Discussion Papers - 2012

In the context of a sticky price DSGE model subject to government expenditure and preference shocks where governments issue only nominal non-contingent bonds we examine the implications for optimal inflation of changes in the level and average maturity of government debt. We analyse these...

Persistent link: https://www.econbiz.de/10011083281

Patching up the Pact: some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic Stability in an Enlarged European Union

Buiter, Willem H.; Grafe, Clemens - C.E.P.R. Discussion Papers - 2002

The paper considers the implications for the EU accession candidates of Central and Eastern Europe of the fiscal-financial constraints imposed by the Stability and Growth Pact and the Maastricht Treaty. Our findings apply also to those current EU members whose initial conditions (e.g....

Persistent link: https://www.econbiz.de/10005792378

Fiscal Rules in India: Are They Effective?

Buiter, Willem H.; Patel, Urjit R. - C.E.P.R. Discussion Papers - 2010

This paper, a chapter in the forthcoming Oxford University Press Handbook of the Indian Economy, edited by Chetan Ghate, considers India’s experience with fiscal (responsibility) rules during the past decade. After reviewing the basic facts concerning public debt and deficits in India, the...

Persistent link: https://www.econbiz.de/10008468524