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Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies : Ricardian Equivalence, Fiscal Stabilization, and Emu
Masson, Paul R. - 1998
This paper looks at theoretical and empirical issues associated with the operation of fiscal stabilizers within an economy. It argues that such stabilizers operate most effectively at a national, rather than local, level. As differing cycles across regions tend to offset each other for the...
Persistent link: https://www.econbiz.de/10014400666
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Hysteresis and business cycles
Cerra, Valerie; Fatás, Antonio; Saxena, Sweta Chaman - 2020
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...
Persistent link: https://www.econbiz.de/10012251398
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Reforming the Greek pension system
Kangur, Alvar; Kalavrezou, Niki; Kim, Daehaeng - 2021
The Greek pension system has been costly, complex, and distortive, which has contributed to Greece's fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to...
Persistent link: https://www.econbiz.de/10012605604
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Successful transitions from public to private-sector led growth : lessons for Benin
Diallo, Aissatou - 2021
Many Sub-Saharan African (SSA) countries, like Benin, have scaled up public investment during the last decade. Such a strategy contributed to the improvement of infrastructure, but also to a build-up of debt vulnerabilities. Looking forward, the planned fiscal consolidation will result in some...
Persistent link: https://www.econbiz.de/10012795087
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Fiscal consolidation and public wages
Chang, Juin-jen; Lin, Hsieh-Yu; Traum, Nora; Yang, … - 2019
A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the macroeconomic and fiscal effects of public wage reductions. We find that accounting for the type of government spending is crucial for its macroeconomic implications. Although...
Persistent link: https://www.econbiz.de/10012102036
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The rewards of fiscal consolidation : sovereign spreads and confidence effects
David, Antonio C.; Guajardo, Jaime; Yépez, Juan F. - 2019
This paper investigates the effects of fiscal consolidation announcements on sovereign spreads in a panel of 21 emerging market economies during 2000-18. We construct a novel dataset using a global news database to identify the precise announcement date of fiscal consolidation actions. Our...
Persistent link: https://www.econbiz.de/10012102084
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Public investment in Bolivia : prospects and implications
Endegnanew, Yehenew; Birhanu Tessema, Dawit - 2019
Bolivia's 'Patriotic Agenda 2025' sets targets for social and economic development propelled by state-led industrialization under a five-year development plan (2016-2020). Large-scale public investment has aimed to fill infrastructure gaps and raise productivity to ensure sustained medium-term...
Persistent link: https://www.econbiz.de/10012102120
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Political costs of tax-based consolidations
Chen, Chuling; Dabla-Norris, Era; Rappaport, Jay; … - 2019
This paper studies the impact of tax-based consolidations on reelection outcomes. Using a granular database of tax-based consolidations for a panel of 10 OECD countries over the last 40 years, we find that tax reforms are politically costly but some reforms are costlier than others. Measures...
Persistent link: https://www.econbiz.de/10012155198
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Global value chains and productivity : micro evidence from Estonia
Banh, Hang T.; Wingender, Philippe; Gueye, Cheikh - 2020
participation on productivity in Estonia using firm-level data from 2000 to 2016. We find that higher GVC participation at the … are important to raise aggregate productivity and potential growth in Estonia …
Persistent link: https://www.econbiz.de/10012252668
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On the Fast Track to EU Accession : Macroeconomic Effects and Policy Challenges for Estonia
Taube, Günther - 1999
This paper assesses the macroeconomic impact and policy challenges related to Estonia’s prospective accession to the EU …-based illustrative scenario using MULTIMOD. We conclude that the welfare enhancing effects for Estonia of further EU integration are … Estonia’s accession-related adjustment, its fiscal and structural policies should be geared toward mitigating domestic demand …
Persistent link: https://www.econbiz.de/10014400750