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Uncertainty about the future preferences of the government may induce policy makers to run excessive budget deficits. As a solution to this problem, economists have proposed to impose a binding debt rule. In this paper we argue that a binding debt rule does not eliminate the distortions due to...
Persistent link: https://www.econbiz.de/10010371104
Whether fiscal policy is sustainable depends on a government's future revenue and expenditure streams, both of which are highly uncertain. In commodity-rich countries, this problem is intensified by unpredictable and volatile commodity prices. We show how spending rules for oil income and...
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In this paper we investigate experimentally the functioning of a wage tax financed unemployment benefit system on the development of the budget deficit, unemployment, and some other indicators of economic performance in an international economy. We find support for the hypothesis that...
Persistent link: https://www.econbiz.de/10011304394
Interest rates on public debt have for several years now fallen short of GDP growth rates in much of the Western world. In his presidential address to the AEA Blanchard argued that this implies that there are no fiscal costs to high debt (Blanchard, 2019).1 In this paper we argue that the safe...
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We analyse the evolving impact of family background on educational attainment using administrative data on 2,417,460 individuals from 1,341,403 families born in the Netherlands between 1966 and 1995. Comparisons between parents and their children reveal intergenerational elasticities between...
Persistent link: https://www.econbiz.de/10014380703
This paper provides new insights on the importance of family background by linking 1.7 million Dutch children's incomes to an exceptionally rich set of family characteristics - including income, wealth, education, occupation, crime, and health. Using a machine learning approach, I show that...
Persistent link: https://www.econbiz.de/10015198645