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Fiscal Policies, Inflation and Capital Formation

Feldstein, Martin S. - 2004

Three ways of averting "excess saving" have been emphasized in both theory and practice. The thrust of the Keynesian prescription was to increase the government deficit to provide demand for the resources that would not otherwise be used for either consumption or investment. In this way,...

Persistent link: https://www.econbiz.de/10014135796

The Fiscal Framework of Monetary Policy

Feldstein, Martin S. - 2021

This paper illustrates the importance of the fiscal framework for monetary analysis by discussing three separate issues. I begin by examining how the fiscal framework changes the macroeconomic equilibrium associated with different steady state rates of money growth. This includes a summary of...

Persistent link: https://www.econbiz.de/10013215386

The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment

Feldstein, Martin S. - 2021

Japan are considered …

Persistent link: https://www.econbiz.de/10013245697

Preventing a National Debt Explosion

Feldstein, Martin S. - 2010

The projected path of the U.S. national debt is the major challenge facing American economic policy. Without changes in tax and spending rules, the national debt will rise from 62 percent of GDP now to more than 100 percent of GDP by the end of the decade and nearly twice that level within 25...

Persistent link: https://www.econbiz.de/10013137028

Flights to safety

Baele, Lieven; Bekaert, Geert; Inghelbrecht, Koen; Wei, Min - 2012

Despite a large and growing theoretical literature on flights to safety, there does not appear to exist an empirical characterization of flight-to-safety (FTS) episodes. Using only data on bond and stock returns, we identify and characterize flight to safety episodes for 23 countries. On...

Persistent link: https://www.econbiz.de/10011590578

Liquidity and Expected Returns : Lessons from Emerging Markets

Bekaert, Geert - 2012

Given the cross-sectional and temporal variation in their liquidity, emerging equity markets provide an ideal setting … to examine the impact of liquidity on expected returns. Our main liquidity measure is a transformation of the proportion … of zero daily firm returns, averaged over the month. We find that our liquidity measures significantly predict future …

Persistent link: https://www.econbiz.de/10012755671

Rethinking the Role of Fiscal Policy

Feldstein, Martin S. - 2010

As recently as two years ago there was a widespread consensus among economists that fiscal policy is not useful as a countercyclical instrument. Now governments in Washington and around the world are developing massive fiscal stimulus packages, supported by a wide range of economists in...

Persistent link: https://www.econbiz.de/10012757930

The Effects of Fiscal Policies When Incomes are Uncertain : a Contradiction to Ricardian Equivalence

Feldstein, Martin S. - 2010

This paper shows that when earnings are uncertain the substitution of deficit finance for tax finance or the introduction of an unfunded social security program will raise consumption even if all bequests reflect intergenerational altruism. Thus, contrary to the theory developed by Barro and a...

Persistent link: https://www.econbiz.de/10012760315

Fiscal Policies, Capital Formation, and Capitalism

Feldstein, Martin S. - 2011

This lecture examines the effects of tax policy and social security retirement benefits on capital accumulation and economic welfare. The paper begins by examining how capital income taxes reduce the real return to savers and then discusses the welfare loss of capital income taxation relative to...

Persistent link: https://www.econbiz.de/10013118689

Economic Problems of Ireland in Europe

Feldstein, Martin S. - 2021

This paper uses the recent controversy between the European Union and the Irish Republic to discuss the more general relation between the European Union, the EMU and the member countries. Despite outstanding economic growth and budget surpluses, Ireland has been criticized by the European...

Persistent link: https://www.econbiz.de/10013249221