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From Stabilization to Growth
Dornbusch, Rudiger - 2010
The 1980s were a lost decade for Latin America, will the 1990s also be lost? For some countries stabilization has not even started. In other countries the stabilization accomplishments remain tentative and vulnerable. And even those countries that have established firmly a new path for their...
Persistent link: https://www.econbiz.de/10014074566
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Institutions vs. Policies : A Tale of Two Islands
Henry, Peter Blair - 2010
for explaining differences in their subsequent economic development. Barbados and Jamaica provide a striking counter … 1960 to 2002, Barbados' GDP per capita grew roughly three times as fast as Jamaica's. Consequently, the income gap between … Barbados and Jamaica is now almost five times larger than at the time of independence. Since their property rights and legal …
Persistent link: https://www.econbiz.de/10012758058
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Did the Stimulus Stimulate? Real Time Estimates of the Effects of the American Recovery and Reinvestment Act
Feyrer, James - 2011
We use state and county level variation to examine the impact of the American Recovery and Reinvestment Act on employment. A cross state analysis suggests that one additional job was created by each $170,000 in stimulus spending. Time series analysis at the state level suggests a smaller...
Persistent link: https://www.econbiz.de/10013130558
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De Facto Fiscal Space and Fiscal Stimulus : Definition and Assessment
Aizenman, Joshua - 2010
We define the notion of a 'de facto fiscal space' of a country as the inverse of the tax-years it would take to repay the public debt. Specifically, we measure the outstanding public debt relative to the de facto tax base, where the latter measures the realized tax collection, averaged across...
Persistent link: https://www.econbiz.de/10013135878
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Automatic Stabilizers and Economic Crisis : Us vs. Europe
Dolls, Mathias - 2010
This paper analyzes the effectiveness of the tax and transfer systems in the European Union and the US to act as an automatic stabilizer in the current economic crisis. We find that automatic stabilizers absorb 38 per cent of a proportional income shock in the EU, compared to 32 per cent in the...
Persistent link: https://www.econbiz.de/10013139144
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Check in the Mail or More in the Paycheck : Does the Effectiveness of Fiscal Stimulus Depend on How it is Delivered?
Sahm, Claudia - 2010
Recent fiscal policies, including the 2008 stimulus payments and the 2009 Making Work Pay tax credit, aimed to increase household spending. This paper quantifies the spending response to these policies and examines differences in spending by whether the stimulus was delivered as a one-time...
Persistent link: https://www.econbiz.de/10013139740
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Financial Sector Ups and Downs and the Real Sector : Up by the Stairs, Down by the Parachute
Aizenman, Joshua - 2011
We examine how financial expansion and contraction cycles affect the broader economy through their impact on real economic sectors in a panel of countries over 1960-2005. Periods of accelerated growth of the financial sector are more likely to be followed by abrupt financial contractions than...
Persistent link: https://www.econbiz.de/10013119340
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Fiscal Stimulus and Distortionary Taxation
Drautzburg, Thorsten - 2011
We quantify the fiscal multipliers in response to the American Recovery and Reinvestment Act (ARRA) of 2009. We extend the benchmark Smets-Wouters (2007) New Keynesian model, allowing for credit-constrained households, the zero lower bound, government capital and distortionary taxation. The...
Persistent link: https://www.econbiz.de/10013123984
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An Exploration of Optimal Stabilization Policy
Mankiw, N. Gregory - 2011
This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in the short run and flexible in the long run. Policy is evaluated by how well it raises the...
Persistent link: https://www.econbiz.de/10013124860
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Multilateral Economic Cooperation and the International Transmission of Fiscal Policy
Corsetti, Giancarlo - 2013
During the global financial crisis 2007-2009 fiscal policy was widely used as a stabilization tool. Policymakers allowed a large build-up of public debt resulting from both automatic and discretionary expansionary measures. At the same time, calls for policy coordination stressed that...
Persistent link: https://www.econbiz.de/10013091899