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The Dynamics of Exclusion and Fiscal Conservatism
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 1994
This paper studies the impact of income inequality on fiscal conservatism when an increase in inequality affects the bottom portion of income distribution. It is argued that, contrary to what is generally assumed in the economic literature, inequality will then be associated with less, rather...
Persistent link: https://www.econbiz.de/10005136638
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The Distributional Consequences of Russia's Transition
Doyle, Christopher - C.E.P.R. Discussion Papers - 1993
rise in income inequality. Poverty has increased sharply with an estimated 18.5% of the population on incomes below the …
Persistent link: https://www.econbiz.de/10005498039
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Openness, Inequality and Poverty: Endowments Matter
de Melo, Jaime; Gourdon, Julien; Maystre, Nicolas - C.E.P.R. Discussion Papers - 2006
Using tariffs as a measure of openness, this paper finds consistent evidence that the conditional effects of trade liberalization on inequality are correlated with relative factor endowments. Trade liberalization is associated with increases in inequality in countries well-endowed in highly...
Persistent link: https://www.econbiz.de/10005114466
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Structural Adjustment, Macroeconomic Adjustment and Poverty: A Methodology for Analysis
Kanbur, Ravi - C.E.P.R. Discussion Papers - 1986
estimates of the impact of adjustment on poverty using household income and expenditure surveys currently available in LDCs. It … proposes the use of decomposable poverty indices as a tractable vehicle for calculating the impact of adjustment on overall … poverty. This framework does require, however, reasonably disaggregated data on income distribution. …
Persistent link: https://www.econbiz.de/10005661633
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Fiscal targets. A guide to forecasters?
Paredes-Lodeiro, Joan; Pérez, Javier J; … - C.E.P.R. Discussion Papers - 2015
Should rational agents take into consideration government policy announcements? A skilled agent (an econometrician) could set up a model to combine the following two pieces of information in order to anticipate the future course of fiscal policy in real-time: (i) the ex-ante path of policy as...
Persistent link: https://www.econbiz.de/10011272708
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Sovereign Debt and Structural Reforms
Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015
Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under limited commitment. The government of a sovereign country which has fallen into a recession of an uncertain duration issues one-period debt and can renege on its obligations by...
Persistent link: https://www.econbiz.de/10011276380
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Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt
Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015
This paper uses a New Keynesian framework to study the coordination of fiscal and monetary policies, in response to an inflation shock when the policymaker acts with commitment. We first show that, in the simplest New Keynesian model, fiscal policy plays no part in the optimal policy response,...
Persistent link: https://www.econbiz.de/10011276383
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Optimal Monetary and Fiscal Policy in an Economy with Inflation Persistence
Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015
This paper studies a simple New-Keynesian model of fiscal and monetary policy coordination when the policymaker acts under commitment. With a New Keynesian Phillips curve it is optimal to control inflation only through the use of monetary policy. But, when price-setters use a Steinsson (2003)...
Persistent link: https://www.econbiz.de/10011276384
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Stimulus versus Austerity: The Asymmetric Government Spending Multiplier
Barnichon, Régis; Matthes, Christian - C.E.P.R. Discussion Papers - 2015
Despite intense scrutiny estimates of the government spending multiplier remain highly uncertain with values ranging from 0.5 to 2. While a fiscal consolidation is generally assumed to have the same (mirror-image) effect as a fiscal expansion, we show that relaxing this assumption is crucial to...
Persistent link: https://www.econbiz.de/10011276385
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How Large Are the Effects of Tax Changes?
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2009
We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation...
Persistent link: https://www.econbiz.de/10005082536