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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

Generational Policy

Kotlikoff, Laurence J. - 2021

Generational policy is a fundamental aspect of a nation's fiscal affairs. The policy involves redistributing resources across generations and allocating to particular generations the burden of paying the government's bills. This chapter of the second edition of The Handbook of Public Economics...

Persistent link: https://www.econbiz.de/10013231998

The Impact on Consumption and Saving of Current and Future Fiscal Policies

Carman, Katherine Grace; Gokhale, Jagadeesh; Kotlikoff, … - 2021

alternative fiscal policies on current consumption and saving. Studies to date have examined the response of current consumption … consumption smoothing is actually feasible. ESPlanner's saving and life insurance recommendations generate the smoothest possible … survival-state contingent lifetime consumption path for the household without putting it into debt. Such consumption smoothing …

Persistent link: https://www.econbiz.de/10013218544

Post Covid-19 Exit Strategies and Emerging Markets Economic Challenges

Aizenman, Joshua; Ito, Hiro - 2021

We outline two divergent exit strategies of the U.S. from the post COVID-19 debt-overhang, and analyze their implications on Emerging Markets and global stability. The first strategy is the U.S. aiming at returning to the 2019, pre-COVID mode of loose fiscal policy and accommodating monetary...

Persistent link: https://www.econbiz.de/10013225833

Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone : COVID-19 Dominance During January - June 2020

Jinjarak, Yothin - 2020

This case study compares the importance of prevailing market factors against that of COVID-19 dynamics and policy responses in explaining the evolution of Eurozone (EZ) sovereign spreads during the first half of 2020. Focusing on daily Eurozone CDS spreads, we adopt a multi-stage econometric...

Persistent link: https://www.econbiz.de/10012829783

Net Fiscal Stimulus During the Great Recession

Aizenman, Joshua - 2011

expansion of the consolidated government consumption and investment of the 28 countries in sample. Contrary to historical …

Persistent link: https://www.econbiz.de/10013130261

De Facto Fiscal Space and Fiscal Stimulus : Definition and Assessment

Aizenman, Joshua - 2010

We define the notion of a 'de facto fiscal space' of a country as the inverse of the tax-years it would take to repay the public debt. Specifically, we measure the outstanding public debt relative to the de facto tax base, where the latter measures the realized tax collection, averaged across...

Persistent link: https://www.econbiz.de/10013135878

Financial Sector Ups and Downs and the Real Sector : Up by the Stairs, Down by the Parachute

Aizenman, Joshua - 2011

We examine how financial expansion and contraction cycles affect the broader economy through their impact on real economic sectors in a panel of countries over 1960-2005. Periods of accelerated growth of the financial sector are more likely to be followed by abrupt financial contractions than...

Persistent link: https://www.econbiz.de/10013119340

The Fiscal Stimulus of 2009-10 : Trade Openness, Fiscal Space and Exchange Rate Adjustment

Aizenman, Joshua - 2011

This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...

Persistent link: https://www.econbiz.de/10013120288

Game Over : Simulating Unsustainable Fiscal Policy

Evans, Richard W. - 2014

Fiscal sustainability is one of the most pressing policy issues of our time. Yet it remains difficult to quantify. Official debt is plagued with a number of measurement difficulties since its measurement reflects the choice of words, not policies. And forming the fiscal gap-the imbalance in the...

Persistent link: https://www.econbiz.de/10013064889