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Fiscal Sustainability and Monetary Versus Fiscal Dominance : Evidence From Brazil, 1991-2000
Tanner, Evan - 2002
Under a monetary dominant (MD) regime, the primary surplus adjusts to limit debt growth, permitting monetary policy to be conducted independently of fiscal financing requirements. In Brazil, some evidence favors an MD regime for 1995–97, but not for the decade of the 1990s as a whole. While...
Persistent link: https://www.econbiz.de/10014399808
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Improving Surveillance Across the Cemac Region
Iossifov, Plamen - 2009
sustainability. This consistency is important within a monetary union because fiscal policy is the primary instrument through which …
Persistent link: https://www.econbiz.de/10014401840
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Macroeconomic and financial policies for climate change mitigation : a review of the literature
Krogstrup, Signe; Oman, William - 2019
Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The...
Persistent link: https://www.econbiz.de/10012103638
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Assessing Dutch fiscal and debt sustainability
Carton, Benjamin; Fouejieu, Armand - 2020
debt sustainability over the next decade, taking into account alternative recovery scenarios and associated fiscal … persistent economic effects of the pandemic, risks to the Dutch fiscal and debt sustainability would remain contained …
Persistent link: https://www.econbiz.de/10012485963
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Back to the future : fiscal rules for regaining sustainability in Belize
Cevik, Serhan - 2019
This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation … debt sustainability. It recommends integrating such rules into a well-designed fiscal responsibility law and establishing …
Persistent link: https://www.econbiz.de/10012154706
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Riding the storm : fiscal sustainability in the Caribbean
Cevik, Serhan; Nanda, Vibha - 2020
Fiscal sustainability remains a paramount challenge for small economies with high debt and greater vulnerability to … climate change. This paper applies the model-based sustainability test for fiscal policy in a panel of 16 Caribbean countries … fiscal policy response is not adequate to ensure sustainability at higher levels of debt. We also find that the fiscal stance …
Persistent link: https://www.econbiz.de/10012170127
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A medium-scale DSGE model for the integrated policy framework
Adrian, Tobias; Gaspar, Vítor; Vitek, Francis - 2022
This paper jointly analyzes the optimal conduct of monetary policy, foreign exchange intervention, fiscal policy, macroprudential policy, and capital flow management. This policy analysis is based on an estimated medium-scale dynamic stochastic general equilibrium (DSGE) model of the world...
Persistent link: https://www.econbiz.de/10013170322
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Fiscal dominance in Sub-Saharan Africa revisited
Hooley, John; Nguyen, Lam; Saito, Mika; Towfighian, … - 2021
This paper explores the causes and consequences of fiscal dominance over monetary policy in Sub-Saharan Africa (SSA). Fiscal dominance has always been a pressing problem as it can contribute to inflation and macroeconomic instability, and increasingly so as fiscal deficits and public debt are...
Persistent link: https://www.econbiz.de/10012517915
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What do we talk about when we talk about output gaps?
Barkema, Jelle; Gudmundsson, Tryggvi; Mrkaic, Mico - 2020
Estimates of output gaps continue to play a key role in assessments of the stance of business cycles. This paper uses three approaches to examine the historical record of output gap measurements and their use in surveillance within the IMF. Firstly, the historical record of global output gap...
Persistent link: https://www.econbiz.de/10012392643
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How loose, how tight? : a measure of monetary and fiscal stance for the euro area
Batini, Nicoletta; Cantelmo, Alessandro; Melina, Giovanni; … - 2020
This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the...
Persistent link: https://www.econbiz.de/10012251959