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A model-based fiscal Taylor rule and a toolkit to assess the fiscal stance
Fournier, Jean-Marc; Lieberknecht, Philipp - 2020
This paper presents a model-based fiscal Taylor rule and a toolkit to assess the fiscal stance, defined as the change in the structural primary balance. This is built on the normative buffer-stock model of the government (Fournier, 2019) which includes key channels like hysteresis,...
Persistent link: https://www.econbiz.de/10012177607
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Assessing Chile's pension system : challenges and reform options
Evans, Christopher; Pienknagura, Samuel - 2021
Persistent link: https://www.econbiz.de/10012796753
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Fiscal rules and fiscal councils : recent trends and performance during the COVID-19 pandemic
Davoodi, Hamid; Elger, Paul; Fotiou, Alexandra; … - 2022
Adoption of fiscal rules and fiscal councils continued to increase globally over the last decades based on two new global datasets. During the pandemic, fiscal frameworks were put to test. The widespread use of escape clauses was one of the novelties in this crisis, which helped provide policy...
Persistent link: https://www.econbiz.de/10013170563
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Japan's public sector balance sheet
Koshima, Yugo - 2019
interest rates. The Fiscal Investment and Loan Fund (FILF) channeled all postal deposits and pension savings to financing of … public sector borrowing. After the FILF refrom in 2000, however, the Post Bank and pension funds shifted their assets to the … public debt management. In the future, population aging is expected to add more pressures on the PSBS, which already saw a …
Persistent link: https://www.econbiz.de/10012153796
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A buffer-stock model for the government : balancing stability and sustainability
Fournier, Jean-Marc - 2019
A fiscal reaction function to debt and the cycle is built on a buffer-stock model for the government. This model inspired by the buffer-stock model of the consumer (Deaton 1991; Carroll 1997) includes a debt limit instead of the Intertemporal Budget Constraint (IBC). The IBC is weak (Bohn, 2007), a...
Persistent link: https://www.econbiz.de/10012102151
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Trust what you hear : policy communication, expectations, and fiscal credibility
End, Nicolas; Hong, Gee Hee - 2022
How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy announcements anchor expectations, based on the...
Persistent link: https://www.econbiz.de/10013170265
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Do fiscal rules cause better fiscal balances? : a new instrumental variable strategy
Caselli, Francesca; Reynaud, Julien - 2019
This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142 countries over the period 1985-2015. Our instrumental variable strategy exploits the geographical diffusion of fiscal rules across countries. The intuition is that reforms in neighboring countries may...
Persistent link: https://www.econbiz.de/10012009457
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Assessing Fiscal Sustainability in Theory and Practice
Chalk, Nigel Andrew - 2000
The main purpose of this paper is to provide an overview of approaches to assessing fiscal sustainability. It summarizes the general analytical background, focusing on the present value budget constraint, which is the benchmark against which solvency is determined, tests of sustainability...
Persistent link: https://www.econbiz.de/10014399921
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Economic activity, fiscal space and types of COVID-19 containment
Hosny, Amr; Pallara, Kevin - 2022
This paper argues that the type of COVID-19 containment measures affects the trade-offs between infection cases, economic activity and sovereign risk. Using local projection methods and a year and a half of high-frequency daily data covering 44 advanced and emerging economies, we find that smart...
Persistent link: https://www.econbiz.de/10013170528
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Fiscal policy challenges for Latin America during the next stages of the pandemic : the need for a fiscal pact
Cárdenas S., Mauricio; Ricci, Luca Antonio; Roldós, … - 2021
The fiscal policy response to the COVID-19 shock in most LAC countries was much larger than during the GFC, suggesting fiscal space was not as tight as expected. We argue that it is feasible and desirable, though not without risks, to embark in a more gradual consolidation path than currently...
Persistent link: https://www.econbiz.de/10012518923