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Policy mix and debt sustainability : evidence from fiscal policy rules
Claeys, Peter - 2005
This paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of...
Persistent link: https://www.econbiz.de/10010261142
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Taxation, corruption and the exchange rate regime
Hefeker, Carsten - 2009
The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...
Persistent link: https://www.econbiz.de/10010264571
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Japan's Low Inflation Conundrum
Mayer, Thomas; Schnabl, Gunther - 2022
The paper analyses the reasons for Japan's persistently low inflation since the bursting of the Japanese bubble economy … (low inflation conundrum). It is shown that Japan experienced a structural break from a high-growth period with relatively … creation in Japan's post-bubble period. With the price level being assumed to be dependent on both goods with free market …
Persistent link: https://www.econbiz.de/10013353433
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Monetary policy and redistribution: What can or cannot be neutralized with Mirrleesian taxes
Gahvari, Firouz; Micheletto, Luca - 2012
This paper develops an overlapping-generations model with heterogeneous agents in terms of earning ability and cash-in-advance constraint. It shows that tax policy cannot fully replicate or neutralize the redistributive implications of monetary policy. While who gets the extra money becomes...
Persistent link: https://www.econbiz.de/10010280805
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Term limits: do they really affect fiscal policy choices?
Dalle Nogare, Chiara; Ricciuti, Roberto - 2008
According to reputational models of political economy, a term limit may change the behavior of a chief executive because he does not have to stand for election. We test this hypothesis in a sample of 52 countries over the period 1977-2000, using government spending, social and welfare spending...
Persistent link: https://www.econbiz.de/10010264291
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Productive government expenditure and economic growth
Irmen, Andreas; Kuehnel, Johanna - 2008
We provide a comprehensive survey of the recent literature on the link between productive government expenditure and economic growth. Starting with the seminal paper of Robert Barro (1990) we show that an understanding of the core results of the ensuing contributions can be gained from the study...
Persistent link: https://www.econbiz.de/10010264372
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Economic, political and institutional determinants of budget deficits in the European Union
Bayar, Ali; Smeets, Bram - 2009
Using an extended data set of EU countries ranging from 1971-2006 and relevant econometric methods, we investigate the economic, political, and institutional determinants of government deficits in the EU. The results show a strong opportunistic behaviour of policymakers which leads to political...
Persistent link: https://www.econbiz.de/10010264607
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Political stability and fiscal policy : time series evidence for the Swiss federal level since 1849
Feld, Lars P.; Schaltegger, Christoph A. - 2009
This paper explores the role of political stability on fiscal policy choices in a time-series analysis over 158 years on the Swiss federal level. We argue that the fiscal-commons problem of public finances is affected by the time-horizon of a finance minister. Arguably, the incentives for an...
Persistent link: https://www.econbiz.de/10010266053
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Appropriate fiscal policy over the business cycle: Proper stimulus policies can work
Graves, Philip E. - 2010
Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...
Persistent link: https://www.econbiz.de/10010270872
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The impact of fiscal policy on profits
Katsimi, Margarita; Sarantides, Vassilis - 2009
This paper investigates the impact of fiscal policy on profits using panel data for 19 high-income OECD countries during the period 1975-1999. We estimate a profit equation in which profits depend on a set of fiscal variables. Our empirical method is based on a consistent treatment of the...
Persistent link: https://www.econbiz.de/10010274386