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Was This Time Different? Fiscal Policy in Commodity Republics
Cespedes, Luis Felipe; Velasco, Andrés - National Bureau of Economic Research (NBER) - 2013
We revisit the issue of fiscal procyclicality in commodity-rich nations -commodity republics in the nomenclature of this paper. Since commodity prices are plausibly a main driver of fiscal policy outcomes in these countries, we focus on the behavior of fiscal variables across the commodity...
Persistent link: https://www.econbiz.de/10010969315
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How Do Laffer Curves Differ Across Countries?
Uhlig, Harald; Trabandt, Mathias - National Bureau of Economic Research (NBER) - 2012
We seek to understand how Laffer curves differ across countries in the US and the EU-14, thereby providing insights into fiscal limits for government spending and the service of sovereign debt. As an application, we analyze the consequences for the permanent sustainability of current debt...
Persistent link: https://www.econbiz.de/10009652855
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Debt Overhangs: Past and Present
Reinhart, Carmen; Rogoff, Kenneth S; Reinhart, Vincent R. - National Bureau of Economic Research (NBER) - 2012
We identify the major public debt overhang episodes in the advanced economies since the early 1800s, characterized by public debt to GDP levels exceeding 90% for at least five years. Consistent with Reinhart and Rogoff (2010) and other more recent research, we find that public debt overhang...
Persistent link: https://www.econbiz.de/10011227915
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Fiscal Reform and Government Debt in Japan: A Neoclassical Perspective
Hansen, Gary; Imrohoroglu, Selo - National Bureau of Economic Research (NBER) - 2013
output ratio near 150 percent. In addition, the aging of Japanese society implies that public expenditures and transfers … to measure the size of this burden in the form of additional taxes required to finance these projected expenditures and … expenditures. Using a distorting tax such as the consumption tax or the labor income tax requires either tax to rise to …
Persistent link: https://www.econbiz.de/10010692202
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Capital Taxation and Ownership when Markets are Incomplete
Farhi, Emmanuel - National Bureau of Economic Research (NBER) - 2007
This paper analyzes the theoretical and quantitative implications of optimal capital taxation in the neoclassical growth model with aggregate shocks and incomplete markets. The model features a representative-agent economy with proportional taxes on labor and capital. I first consider the case...
Persistent link: https://www.econbiz.de/10005829854
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International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?
Mendoza, Enrique G.; Ostry, Jonathan David - National Bureau of Economic Research (NBER) - 2007
This paper looks at fiscal solvency and public debt sustainability in both emerging market and advanced countries. Evidence of fiscal solvency, in the form of a robust positive conditional relationship between public debt and the primary fiscal balance, is established in both groups of...
Persistent link: https://www.econbiz.de/10005089255
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Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - National Bureau of Economic Research (NBER) - 2014
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore cross-country spillovers of tax...
Persistent link: https://www.econbiz.de/10010821936
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Sovereign Debt Risk Premia and Fiscal Policy in Sweden
Leeper, Eric; Bi, Huixin - National Bureau of Economic Research (NBER) - 2010
This paper takes a step toward providing a general equilibrium framework within which to study the nub of the current fiscal debate around the world: what are the tradeoffs between short-run stabilization and long-run sustainability when the perceived riskiness of government debt depends, in...
Persistent link: https://www.econbiz.de/10008619296
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What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package
Taylor, John B.; Cogan, John F. - National Bureau of Economic Research (NBER) - 2010
consumption expenditures and infrastructure spending as many had predicted from such a large package. A consideration of the …
Persistent link: https://www.econbiz.de/10008685008
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Do Oil Windfalls Improve Living Standards? Evidence from Brazil
Caselli, Francesco; Michaels, Guy - National Bureau of Economic Research (NBER) - 2009
We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP...
Persistent link: https://www.econbiz.de/10008610984