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Macroeconomic effects of a government overdraft on its central bank account

Khemraj, Tarron - 2024

, allowing for the auctioning of Treasury bills to create the liquidity reflux necessary to refill the account. This paper …

Persistent link: https://www.econbiz.de/10014531238

When is fiscal adjustment an illusion?

Easterly, William - 1999

Persistent link: https://www.econbiz.de/10001419578

The reform of fiscal systems in developing and emerging market economies : a federalism perspective

Boadway, Robin W.; Roberts, Sandra; Shah, Anwar - 1994

Persistent link: https://www.econbiz.de/10000143421

Political models of macroeconomic policy and fiscal reform

Alesina, Alberto - 1992

Persistent link: https://www.econbiz.de/10000138682

Fiscal reform to benefit state and local governments : the modern money theory approach

Wray, L. Randall - 2019

This paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money of account, and issues currency in that money of account cannot face a financial constraint. It can make all payments...

Persistent link: https://www.econbiz.de/10012102465

Has Japan been following Modern Money Theory without recognizing it? : no! and yes

Wray, L. Randall; Nersisyan, Yeva - 2021

Modern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits … really spend tax revenue or borrow in their own currency-with Japan serving as an example of a country that does not face … financial budget constraints as normally defined. In this paper we evaluate whether Japan is the poster child of MMT and argue …

Persistent link: https://www.econbiz.de/10012432238

Modern Money Theory on fiscal and monetary policies : empirics, theory and policymaking

Tymoigne, Éric - 2024

Drumetz and Pfister (2021) make several claims about the inadequacy and fallacies of Modern Money Theory (MMT) and conclude that MMT is nothing more than a political manifesto; there are no theoretical and empirical foundations behind it. This paper addresses this last point by focusing on the...

Persistent link: https://www.econbiz.de/10015135050

Fiscal and monetary policy in an SFC model of the Italian economy

Zezza, Francesco - 2024

Following the Great Financial Crisis of 2008-9, there has been a shift in mainstream economic policy modeling toward "realism," with dynamic stochastic general equilibrium (DSGE) models partly diverging from the representative agent framework, and large-scale, New-Keynesian structural models...

Persistent link: https://www.econbiz.de/10015135052

Modern Money Theory and interrelations between the treasury and the central bank : the case of the United States

Tymoigne, Éric - 2014

One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency,...

Persistent link: https://www.econbiz.de/10010251586

Economic policy in India : for economic stimulus, or for austerity and volatility?

Sen, Sunanda; DasGupta, Zico - 2014

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Persistent link: https://www.econbiz.de/10010385761