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Federal Budget Rules : The Us Experience
Auerbach, Alan J. - 2010
fiscal discipline on the political process of budget determination. The federal government has operated under a series of … budget control regimes that have been complex in nature and of debatable impact. Much of the complexity of these federal … budget regimes relates to the structure of the U.S. federal government. The controversy over the impact of different regimes …
Persistent link: https://www.econbiz.de/10012758451
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Intertemporal Distortions in the Second Best
Albanesi, Stefania - 2010
This paper studies the long run properties of intertemporal distortions in a broad class of second best economies. Our unified framework encompasses and extends many well known models, such as variants of the Ramsey taxation model with aggregate or idiosyncratic risk, and economies with...
Persistent link: https://www.econbiz.de/10012759663
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Inflation Implications of Rising Government Debt
Giannitsarou, Chryssi - 2010
The intertemporal budget constraint of the government implies a relationship between a ratio of current liabilities to …
Persistent link: https://www.econbiz.de/10012760575
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Separation of Powers and the Budget Process
Grossman, Gene M. - 2010
We study budget formation in a model featuring separation of powers. In our model, the legislature designs a budget … serves broad interests, while a binding budget cap arises when the executive%u2019s constituency is more narrow than that of …
Persistent link: https://www.econbiz.de/10012761271
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Australian Government Balance Sheet Management
Au-Yeung, Wilson - 2010
reduce the risk to government finances from macroeconomic shocks that permanently affect the budget.Based on this framework …
Persistent link: https://www.econbiz.de/10012761284
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Future Rent-Seeking and Current Public Savings
Caballero, Ricardo J. - 2008
The conventional wisdom is that politicians' rent-seeking motives increase public debt and deficits. This is because myopic politicians face political risk and prefer to extract political rents as early as possible. An implication of this argument is that governments will under-save during a...
Persistent link: https://www.econbiz.de/10012769645
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Tax Expenditure Estimation and Reporting : A Critical Review
Altshuler, Rosanne - 2008
expenditure budget …
Persistent link: https://www.econbiz.de/10012770582
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The Household Fallacy
Farmer, Roger E. A. - 2018
We refer to the idea that government must 'tighten its belt' as a necessary policy response to higher indebtedness as the household fallacy. We provide a reason to be skeptical of this claim that holds even if the economy always operates at full employment and all markets clear. Our argument...
Persistent link: https://www.econbiz.de/10012925293
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Fiscal Challenges in Multilayered Unions : An Overview and Case Study
Aizenman, Joshua - 2014
This paper reviews recent research dealing with fiscal discipline and revisit the issues of fiscal control in federal systems, focusing on selective case studies covering the 2000s, before and after the Global Financial Crisis (GFC). We start by contrasting the recent fiscal history of...
Persistent link: https://www.econbiz.de/10013045653
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Implications of Medicaid Financing Reform for State Government Budgets
Clemens, Jeffrey P. - 2017
' balanced budget requirements imply that such changes would, if not phased in gradually, require significant budgetary …
Persistent link: https://www.econbiz.de/10012944646