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Fiscal Stimulus and Fiscal Sustainability
Auerbach, Alan J. - 2017
The Great Recession and the Global Financial Crisis have left many developed countries with low interest rates and high levels of public debt, thus limiting the ability of policymakers to fight the next recession. Whether new fiscal stimulus programs would be jeopardized by these already heavy...
Persistent link: https://www.econbiz.de/10012948076
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The Effects of Social Security Reforms on Retirement Ages and Retirementincomes
Fields, Gary; Mitchell, Olivia S. - 2021
pensions, and Social Security profiles available at alternative retirement ages. Then we examine four specific changes in the … structure of Social Security benefits: raising the normal retirement age, delaying the cost-of-living adjustment, lowering early … retirement benefits, and increasing late retirement payments. Behavioral parameters are estimated using an ordered logit model of …
Persistent link: https://www.econbiz.de/10013242936
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Pension Reform in Germany : The Impact on Retirement Decisions
Börsch-Supan, Axel H.; Berkel, Barbara - 2021
The financing problems beleaguering the public pension system have again shifted the spotlight onto the retirement age …'. Our simulations show that the early-retirement pension adjustment factors introduced by the 1992 pension reform will, in …. This paper examines the impact of various reform options on the actual retirement choices of older workers. The paper …
Persistent link: https://www.econbiz.de/10013249133
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Public Debt Through the Ages
Eichengreen, Barry - 2019
We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes...
Persistent link: https://www.econbiz.de/10012893976
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Excess Savings and Twin Deficits : The Transmission of Fiscal Stimulus in Open Economies
Aggarwal, Rishabh; Auclert, Adrien; Rognlie, Matthew; … - 2022
We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth everywhere. In the short run, a country with a...
Persistent link: https://www.econbiz.de/10014081636
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The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy
Frenkel, Jacob A.; Razin, Assaf - 2021
This paper analyses the effects of fiscal policies on rates of interest and wealth in the world economy. Uncertainty concerning the length of life yields an equilibrium in which private and social rates of discount differ and budget deficits exert real effects. It is shown that a current budget...
Persistent link: https://www.econbiz.de/10013243646
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Fiscal Expansions and Fiscal Adjustments in OECD Countries
Alesina, Alberto F.; Perotti, Roberto - 2021
This paper considers budget expansions and adjustments in OECD countries in the last three decades. Our main results are: i) on average fiscal expansions are the results of increases in expenditures, particularly of transfer programs, while contractions are typically due to tax increases; ii)...
Persistent link: https://www.econbiz.de/10013235877
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Fiscal Rules and Discretion Under Limited Enforcement
Halac, Marina - 2019
We study a fiscal policy model in which the government is present-biased towards public spending. Society chooses a fiscal rule to trade off the benefit of committing the government to not overspend against the benefit of granting it flexibility to react to privately observed shocks to the value...
Persistent link: https://www.econbiz.de/10012894435
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Fiscal Rules and Discretion Under Self-Enforcement
Halac, Marina - 2017
We study a fiscal policy model in which the government is present-biased towards public spending. Society chooses a fiscal rule to trade off the benefit of committing the government to not overspend against the benefit of granting it flexibility to react to privately observed shocks to the value...
Persistent link: https://www.econbiz.de/10012946006
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State Responses to Fiscal Crisis : the Effects of Budgetary Institutionsand Politics
Poterba, James M. - 2021
This paper explores how state fiscal institutions and political circumstances affect the dynamics of state taxes and spending during periods of fiscal stress. The analysis focuses on the late 1980s, when sharp economic downturns in several regions, coupled with increased expenditure demands, led...
Persistent link: https://www.econbiz.de/10013223333