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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

Tight Money-Tight Credit : Coordination Failure in the Conduct of Monetary and Financial Policies

Carrillo, Julio A. - 2017

Violations of Tinbergen rule and strategic interaction undermine monetary and financial policies in a New Keynesian model with the Bernanke-Gertler accelerator. Welfare costs of risk shocks are large because of efficiency losses and income effects of costly monitoring, but they are larger under...

Persistent link: https://www.econbiz.de/10012963176

Macroprudential Policy : Promise and Challenges

Mendoza, Enrique G. - 2016

Macroprudential policy holds the promise of becoming a powerful tool for preventing financial crises. Financial amplification in response to domestic shocks or global spillovers and pecuniary externalities caused by Fisherian collateral constraints provide a sound theoretical foundation for this...

Persistent link: https://www.econbiz.de/10012978515

Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies

Ghosh, Atish R. - 2011

How high can public debt rise without compromising fiscal solvency? We answer this question using a stochastic ability-to-pay model of sovereign default in which risk-neutral investors lend to a government that displays "fiscal fatigue," because its ability to increase primary balances cannot...

Persistent link: https://www.econbiz.de/10013130260

How Big (Small?) are Fiscal Multipliers?

Ilzetzki, Ethan - 2010

find that (i) the output effect of an increase in government consumption is larger in industrial than in developing …

Persistent link: https://www.econbiz.de/10013136746

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

International Evidence on Fiscal Solvency : Is Fiscal Policy "Responsible"?

Mendoza, Enrique G. - 2007

This paper looks at fiscal solvency and public debt sustainability in both emerging market and advanced countries. Evidence of fiscal solvency, in the form of a robust positive conditional relationship between public debt and the primary fiscal balance, is established in both groups of...

Persistent link: https://www.econbiz.de/10012777454

Fiscal Policy and Macroeconomic Uncertainty in Developing Countries : The Tale of the Tormented Insurer

Mendoza, Enrique G. - 2007

expenditure and debt plans given shocks to output and revenues, and private agents make optimal consumption and asset accumulation … dwarf conventional estimates of negligible benefits of risk sharing and consumption smoothing …

Persistent link: https://www.econbiz.de/10012778262