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Economic Growth with Constraints on Tax Revenues and Public Debt : Implications for Fiscal Policy and Cross-Country Differences
Aizenman, Joshua - 2007
This paper evaluates optimal public investment and fiscal policy for countries characterized by limited tax and debt capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process, in countries where distortions and limited...
Persistent link: https://www.econbiz.de/10012777949
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Local determinacy in incomplete-markets models
Hagedorn, Marcus - 2023
Persistent link: https://www.econbiz.de/10014431642
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The failed theory of the price level
Hagedorn, Marcus - 2024
The Fiscal Theory of the Price Level (FTPL) is a promise to obtain price level determinacy even if the nominal interest rate is constant. The idea is that a unique current price level ensures that the present value government budget constraint holds. I establish that this idea hinges on the...
Persistent link: https://www.econbiz.de/10014464269
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The subjective inflation expectations of households and firms : measurement, determinants, and implications
Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022
Persistent link: https://www.econbiz.de/10013269793
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Hitchhiker's Guide to Inflation in Libya
Cevik, Serhan - 2013
This paper presents an empirical investigation of inflation dynamics in Libya over the period 1964–2010, using cointegration and error correction models. While inflation inertia is found to be a key determinant of consumer price inflation, the econometric results indicate that government...
Persistent link: https://www.econbiz.de/10013082860
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Disinflation, External Vulnerability, and Fiscal Intransigence : Some Unpleasant Mundellian Arithmetic
Tanner, Evan - 2017
This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell's (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly...
Persistent link: https://www.econbiz.de/10012955173
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Harnessing Windfall Revenues : Optimal Policies for Resource-Rich Developing Economies
van der Ploeg, Rick - 2009
, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We … show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …
Persistent link: https://www.econbiz.de/10012764524
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Fiscal Policy and Dutch Disease
van der Ploeg, Rick - 2021
In this paper we revisit the Dutch disease paying particular attention to the role of specific factors of production and capital stock dynamics. The main insight is that if the natural resource rich windfall is substantial but not large enough for the country to become a rentier, capital goods...
Persistent link: https://www.econbiz.de/10013316031
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Fiscal Divergence and Current Account Imbalances in Europe
Schnabl, Gunther - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10013086602
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External Adjustment in Oil Exporters : The Role of Fiscal Policy and the Exchange Rate
Behar, Alberto - 2016
After the decline in oil prices, many oil exporters face the need to improve their externalbalances. Special characteristics of oil exporters make the exchange rate an ineffectiveinstrument for this purpose and give fiscal policy a sizeable role. These conclusions aresupported by regression...
Persistent link: https://www.econbiz.de/10012977864