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Fiscal Policies for Job Creation and Innovation : The Experiences of Us States
Chirinko, Robert S.; Wilson, Daniel J. - 2022
This paper reviews selected fiscal policy initiatives undertaken by US states to encourage job creation and innovation. We begin with a discussion of some general considerations about the design of tax policies summarized in a tax policy design table. Four policies are reviewed: job creation tax...
Persistent link: https://www.econbiz.de/10014264416
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Populists and Fiscal Policy : The Case of Poland
Wysocki, Maciej; Wojcik, Cezary; Freytag, Andreas - 2022
looking at the case of Poland which according to several recent studies has experienced the highest level of populist … rhetorics in recent years. Indeed, when the new populist government took power, between 2015-2019, Poland experienced a major … estimations show that in the period of 2016-2019 fiscal sustainability parameters were the lowest since Poland joined the EU in …
Persistent link: https://www.econbiz.de/10014264454
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Does it Matter When Labor Market Reforms are Implemented? The Role of the Monetary Policy Environment
Lastauskas, Povilas - 2019
Do labor market reforms initiated in periods of loose monetary policy yield different outcomes from those that were introduced in periods when monetary tightening prevailed? Since economic theory usually pays attention to the steady state change and ignores business cycle interactions of...
Persistent link: https://www.econbiz.de/10012861428
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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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The Fiscal Theory of the Price Level with a Bubble
Brunnermeier, Markus K. - 2020
This paper incorporates a bubble term in the standard FTPL equation to explain why countries with persistently negative primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed-form solutions in which idiosyncratic risk on capital returns...
Persistent link: https://www.econbiz.de/10012834354
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The Euro Area Periphery Sovereigns' Fiscal Positions and Unconventional Monetary Policy
Hülsewig, Oliver - 2020
We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy shock. We estimate panel vector autoregressive (VAR) models over the period 2010-2018, and identify the shock by imposing sign restrictions. Our results suggest that the...
Persistent link: https://www.econbiz.de/10012843420
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The Impact of Containment Measures and Monetary and Fiscal Responses on US Financial Markets During the COVID-19 Pandemic
Aikins Abakah, Emmanuel Joel; Caporale, Guglielmo Maria; … - 2021
This paper analyses the effects of containment measures and monetary and fiscal responses on US financial markets during the Covid-19 pandemic. More specifically, it applies fractional integration methods to analyse their impact on the daily S&P500, the US Treasury Bond Index (USTB), the S&P...
Persistent link: https://www.econbiz.de/10013220137
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The Liquidity Channel of Fiscal Policy
Bayer, Christian - 2020
We provide evidence that expansionary fiscal policy lowers the return difference between more and less liquid assets—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice, in which public...
Persistent link: https://www.econbiz.de/10012830353
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Designing the Policy Mix in a Monetary Union
Kempf, Hubert - 2020
This paper studies the design of the policy mix in a monetary union, that is, the institutional arrangement specifying the relationships between the various policymakers present in the union and the extent of their capacity of action. It is assumed that policymakers do not cooperate. Detailing...
Persistent link: https://www.econbiz.de/10012832189
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Redistribution and the Monetary-Fiscal Policy Mix
Bhattarai, Saroj; Lee, Jae Won; Yang, Choongryul - 2021
We show that the effectiveness of redistribution policy in stimulating the economy and improving welfare is directly tied to how much inflation it generates, which in turn hinges on monetary-fiscal adjustments that ultimately finance the transfers. We compare two distinct types of monetaryfiscal...
Persistent link: https://www.econbiz.de/10013314763