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Tax Pot Episodes in OECD Countries
Bruno-Portier, Catherine; Portier, Franck - C.E.P.R. Discussion Papers - 2002
, increasing expenditures? In this paper, we study such tax pot episodes in OECD countries over the last 40 years. To that end, we … revenues, as it is generally better for future growth and debt level to use the money to reduce expenditures and taxes. …
Persistent link: https://www.econbiz.de/10005498059
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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
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Russian Fiscal Federalism: Impact of Political and Fiscal (De)centralization
Alexeev, Michael; Weber, Shlomo - C.E.P.R. Discussion Papers - 2013
and expenditure and management responsibilities of different levels of government. While the creation of federal districts … evaluating the response of regional government’s expenditures to changes in the size of the GRP (gross regional product) and to … changes in the region’s tax collections. While the results related to regional shares of tax revenues and expenditures are …
Persistent link: https://www.econbiz.de/10011084505
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Public Debt and Redistribution with Borrowing Constraints
Bilbiie, Florin Ovidiu; Monacelli, Tommaso; Perotti, Roberto - C.E.P.R. Discussion Papers - 2012
In an economy with financial imperfections, Ricardian equivalence holds when prices are flexible and the steady-state distribution of consumption is uniform, or labor is inelastic. With different steady-state consumption levels, Ricardian equivalence fails, but tax cuts, somewhat paradoxically,...
Persistent link: https://www.econbiz.de/10011084445
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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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Risk Sharing and Moral Hazard with a Stability Pact
Beetsma, Roel; Jensen, Henrik - C.E.P.R. Discussion Papers - 1999
We show how a stability pact based on deficit sanctions eliminates the exacerbation of debt accumulation that may arise from monetary unification. Moreover, by making sanctions contingent upon the economic situation of countries, the stability pact provides for risk sharing. Differences in...
Persistent link: https://www.econbiz.de/10005504345
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Rotten Parents and Disciplined Children: A Politico-Economic Theory of Public Expenditure and Debt
Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2012
This paper proposes a dynamic politico-economic theory of fiscal policy in a world comprising a set of small open economies, whose driving force is the intergenerational conflict over debt, taxes, and public goods. Subsequent generations of voters choose fiscal policy through repeated elections....
Persistent link: https://www.econbiz.de/10011083405
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Indian Public Finance in the 1990s: Challenges and Prospects
Buiter, Willem H.; Patel, U - C.E.P.R. Discussion Papers - 1994
direct and indirect tax bases and improving tax administration, collection and enforcement. On the expenditure side … expenditure cuts, the overwhelming majority of the public sector enterprises should be privatized and cut off from further …
Persistent link: https://www.econbiz.de/10005114352
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Sustainability of Public Finances
Perotti, Roberto; Strauch, Rolf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997
A central tenet of the Maastricht Treaty is that a successful European Monetary Union requires sustainable public finances of its member states. Yet there is no clear definition of sustainability. The economist’s common use of the term builds on the concept of an intertemporal budget...
Persistent link: https://www.econbiz.de/10005667090
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Beyond The Design Of Monetary Policy Alone: Fiscal Commitment, Macro Coordination, And Structural Adjustment
Begg, David - C.E.P.R. Discussion Papers - 2000
Analysis of the design of institutions to counteract failures of monetary commitment has largely proceeded in a vacuum. It has ignored similar commitment problems in fiscal policy and in structural adjustment; and it has ignored coordination problems between monetary and fiscal policy. Optimal...
Persistent link: https://www.econbiz.de/10005791822