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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

The Electoral Consequences of Large Fiscal Adjustments

Alesina, Alberto F. - 2011

The conventional wisdom regarding the political consequences of large reductions of budget deficits is that they are very costly for the governments which implement them: they are punished by voters at the following elections. In the present paper, instead, we find no evidence that governments...

Persistent link: https://www.econbiz.de/10013117557

The Design of Fiscal Adjustments

Alesina, Alberto F. - 2012

This paper offers three results. First, in line with the previous literature, we confirm that fiscal adjustments based mostly on the spending side are less likely to be reversed. Second, spending based fiscal adjustments have caused smaller recessions than tax based fiscal adjustments. Finally,...

Persistent link: https://www.econbiz.de/10013100133

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

Russia's Fiscal Gap

Goryunov, Eugene - 2013

Every country faces what economists call an intertemporal (across time) budget constraint, which requires that its government's future expenditures, including the servicing of its outstanding official debt, be covered by its government's future receipts when measured in present value. The...

Persistent link: https://www.econbiz.de/10013073203

Large Changes in Fiscal Policy : Taxes Versus Spending

Alesina, Alberto F. - 2010

We examine the evidence on episodes of large stances in fiscal policy, both in cases of fiscal stimuli and in that of fiscal adjustments in OECD countries from 1970 to 2007. Fiscal stimuli based upon tax cuts are more likely to increase growth than those based upon spending increases. As for...

Persistent link: https://www.econbiz.de/10013150446

Demographics, Fiscal Policy, and U.S. Saving in the 1980s and Beyond

Auerbach, Alan J. - 2010

This paper focuses on U.S. saving, demographics, and fiscal policy. We use data from the Consumer Expenditure Surveys of the 1980s to consider the effect of demographic change on past and future U.S. saving rates. Our findings indicate that demographic change may significantly alter the U.S....

Persistent link: https://www.econbiz.de/10012760152

The Political Economy of Government Debt

Alesina, Alberto F. - 2015

This paper critically reviews the literature which explains why and under which circumstances governments accumulate more debt than it would be consistent with optimal fiscal policy. We also discuss numerical rules or institutional designs which might lead to a moderation of these distortions

Persistent link: https://www.econbiz.de/10013009903

What Do We Know About the Effects of Austerity?

Alesina, Alberto F. - 2018

This paper summarizes the results of a large recent literature on multi year fiscal plans for deficit reduction (austerity). The key results are that deficit reduction policies based upon spending cuts are much less costly in terms of short run output losses than tax based adjustments. On...

Persistent link: https://www.econbiz.de/10012929010