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Many observers argue that the world has changed after the latest financial crisis. If that is the case, monetary policy and the process informing it will have to be reconsidered and 'learned' anew by all stakeholders. Perhaps, a new Taylor rule will emerge. A 'Taylor rule' is predicated upon two...
Persistent link: https://www.econbiz.de/10012009325
Inspired by the current Polish economic restructuring program, this paper attempts to develop a general income support scheme that could serve as a model to alleviate poverty in developed economies in the transitional phase. The proposed scheme has the advantage that no part of the poor...
Persistent link: https://www.econbiz.de/10014396456
This paper reviews the developments in the social safety net system of Albania since the beginning of its economic adjustment program in mid-1992 through the third quarter of 1995. It shows that the social safety net system was quickly reformed, and that this allowed Albanian authorities to...
Persistent link: https://www.econbiz.de/10014398029
This paper argues that the brunt of the reform-induced increase in Polish social expenditures has been borne by social insurance arrangements (mainly pensions and unemployment compensation) rather than by social assistance schemes targeted to the poor or more temporary social safety net schemes....
Persistent link: https://www.econbiz.de/10014398129
In the USSR in 1990, social security reforms led to the imposition of a uniform system of benefits in a large and demographically diverse country. This required inter-regional transfers, which are now no longer feasible with the demise of the USSR. Relatively high contribution rates also pose a...
Persistent link: https://www.econbiz.de/10014398729
The paper surveys the major economic, financial, and administrative issues that confront social security systems in Latin America. The larger systems have contributed substantially to public sector financial disequilibria. Expenditures of the younger systems with more limited coverage could...
Persistent link: https://www.econbiz.de/10014396279
Mexico's fiscal response to the pandemic has been modest compared to its peers, reflecting the authorities' desire to not issue new debt for spending. This approach, however, risks a more severe recession and a weaker economic recovery, with further costs in the future. Balancing the need for...
Persistent link: https://www.econbiz.de/10012392060
Anchoring of inflation expectations is of paramount importance for central banks' ability to deliver stable inflation and minimize price dispersion. Relying on daily interest rates and inflation forecasts from major financial institutions in the United States, we calculate monetary policy...
Persistent link: https://www.econbiz.de/10012392613
News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the structural shocks to which economic agents react. Using tax policies as a leading...
Persistent link: https://www.econbiz.de/10009618558
documents of the following years to understand the evolution of fiscal forecast errors. Our findings suggest that: (i) for most … terms of drivers, we show that forecast errors for the fiscal balance-to-GDP ratio are positively correlated with GDP growth … and terms of trade changes and negatively with GDP deflator surprises; (iv) forecast errors for public debt-to-GDP ratios …
Persistent link: https://www.econbiz.de/10012612338