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Do Balanced Budget Rules Work? U.S. Experience and Possible Lessons for the Emu
Inman, Robert P. - 2021
The `Excessive Deficit Procedure' of the Maastricht Treaty on Economic and Monetary Union proposes two fiscal convergence conditions for entry and continued membership in the EMU: 1) a country's overall budget deficit for each fiscal year must be equal to or below 3% of GDP, and 2) a country's...
Persistent link: https://www.econbiz.de/10013223574
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Do Budget Rules Work?
Poterba, James M. - 2021
The design of budget rules and institutions, long a neglected area in public finance and macroeconomics, has recently been thrust to center stage by the debate over a balanced budget amendment and other deficit-reduction measures in the United States. This paper describes the existing evidence...
Persistent link: https://www.econbiz.de/10013244374
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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
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External and Public Debt Crises
Arellano, Cristina - 2015
The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state...
Persistent link: https://www.econbiz.de/10013017501
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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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The Political Economy of Budget Deficits
Alesina, Alberto F.; Perotti, Roberto - 2021
This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the...
Persistent link: https://www.econbiz.de/10013243941
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Fiscal Limits in Advanced Economies
Leeper, Eric M. - 2011
Aging populations in advanced economies are placing ever-increasing demands on government spending in the form of old-age benefits. Economies that have promised substantially more benefits than they have made provision to finance are heading into a prolonged era of fiscal stress. Unresolved...
Persistent link: https://www.econbiz.de/10013129132
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The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy
Frenkel, Jacob A.; Razin, Assaf - 2021
model is generalized to a multi-commodity world and the impact of policies are shown to depend on comparison among various …This paper analyses the effects of fiscal policies on rates of interest and wealth in the world economy. Uncertainty … exert real effects. It is shown that a current budget deficit(resulting from a tax cut) raises world rates of interest. On …
Persistent link: https://www.econbiz.de/10013243646
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The Time for Austerity : Estimating the Average Treatment Effect of Fiscal Policy
Jordà, Òscar - 2013
After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...
Persistent link: https://www.econbiz.de/10013076565
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Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy
Favero, Carlo A. - 2011
This paper shows how the richer frequency and variety of fiscal policy shocks available in an international sample can be analyzed recognizing the heterogeneity that exists across different countries. The main conclusion of our empirical analysis is that the question "what is the fiscal policy...
Persistent link: https://www.econbiz.de/10013121730