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Uncertain Duration of Reform : Dynamic Implications

Calvo, Guillermo A. - 1997

We develop a framework to study the effects of policies of uncertain duration on consumption dynamics under both complete and incomplete markets. We focus on the dynamic implications of market incompleteness, specifically on the lack of state-contingent bonds. Two policies are considered: pure...

Persistent link: https://www.econbiz.de/10012472899

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

Appropriate Fiscal Policy Over the Business Cycle : Proper Stimulus Policies Can Work

Graves, Philip E. - 2010

Persistent link: https://www.econbiz.de/10013139182

Tax Base Variability and Procyclical Fiscal Policy

Talvi, Ernesto - 2000

Based on a sample of 56 countries, we find that while fiscal policy in the G-7 countries appears to be broadly consistent with Barro's tax smoothing proposition, in developing countries government spending and taxes are highly procyclical (i.e., government spending rises and taxes fall during...

Persistent link: https://www.econbiz.de/10012471277

The Euro Area Government Spending Multiplier in Demand- and Supply-Driven Recessions

di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel; … - 2022

We estimate government spending multipliers in demand- and supply-driven recessions for the Euro Area. Multipliers in a moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between multipliers being non-zero with very high...

Persistent link: https://www.econbiz.de/10013292507

Successful Adjustment in a Multi-Sectoral Economy

Aizenman, Joshua - 1987

This study analyzes the adjustment to a fiscal reform in a dependent economy. It evaluates the economic factors that … credibility of the fiscal reform. It is shown that the absence of credibility may have major consequences on the adjustment …, because it will depress the magnitude of the private investment associated with the fiscal reform …

Persistent link: https://www.econbiz.de/10012476867

Expected Fiscal Policy and the Recession of 1982

Branson, William H. - 1985

The Economic Recovery Tax Act of 1981 had one aspect that is unusually useful for economic analysis. It provided an example of a clear-cut announcement of future policy actions at specified dates.This provides an opportunity to apply recent advances in the analysis of expectations dynamics to...

Persistent link: https://www.econbiz.de/10012477293

Effects of Fiscal Policy on Credit Markets

Auerbach, Alan J. - 2020

Credit markets typically freeze in recessions: access to credit declines and the cost of credit increases. A conventional policy response is to rely on monetary tools to saturate financial markets with liquidity. Given limited space for monetary policy in the current economic conditions, we...

Persistent link: https://www.econbiz.de/10012479179

The Monetary and Fiscal History of Brazil, 1960-2016

Ayres, Joao - 2019

Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994. This last period coincided with severe balance of...

Persistent link: https://www.econbiz.de/10012479377

The Monetary and Fiscal History of Bolivia, 1960–2017

Kehoe, Timothy J. - 2019

After the economic reforms that followed the National Revolution of the 1950s, Bolivia seemed positioned for sustained growth. Indeed, it achieved unprecedented growth from 1960 to 1977. The rapid accumulation of debt due to persistent deficits and a fixed exchange rate policy during the 1970s...

Persistent link: https://www.econbiz.de/10012479478

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