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Partisanship and Fiscal Policy in Economic Unions : Evidence from U.S. States

Carlino, Gerald A.; Drautzburg, Thorsten; Inman, Robert P. - National Bureau of Economic Research - 2021

Partisanship of state level politicians affect the impact of federal fiscal policy in the U.S. Using data from close gubernatorial elections, we find partisan differences in the marginal propensity to spend federal transfers since the early 1980's: Republican governors spend less. A New...

Persistent link: https://www.econbiz.de/10012482641

New-Keynesian Economics : An AS-AD View

Benigno, Pierpaolo - 2009

A simple New-Keynesian model is set out with AS-AD graphical analysis. The model is consistent with modern central banking, which targets shortterm nominal interest rates instead of money supply aggregates. This simple framework enables us to analyze the economic impact of productivity or markup...

Persistent link: https://www.econbiz.de/10012463823

Optimal Inflation Targeting under Alternative Fiscal Regimes

Benigno, Pierpaolo - 2006

Standard discussions of flexible inflation targeting as an optimal monetary policy abstract completely from the consequences of monetary policy for the government budget. But at least some of the countries now adopting inflation targeting have substantial difficulty in controlling fiscal...

Persistent link: https://www.econbiz.de/10012466536

Optimal Monetary and Fiscal Policy : A Linear Quadratic Approach

Benigno, Pierpaolo - 2003

We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky and the only available sources of government revenue are distorting taxes. Our linear-quadratic approach allows us to nest both conventional analyses of optimal...

Persistent link: https://www.econbiz.de/10012468792

Fiscal Policies in Open Cities with Firms and Households

Haughwout, Andrew - 2000

With the renewed interest in cities as economic centers comes a need to understand how local public services and local taxes are likely to affect city economic performance. This paper provides an equilibrium model of an open city economy with mobile firms and resident workers. Given household...

Persistent link: https://www.econbiz.de/10012470920

Managing the Public Debt in Fiscal Stabilizations : The Evidence

Missale, Alessandro - 1997

This paper provides evidence on the behavior of public debt managers during fiscal" stabilizations in OECD countries over the last two decades. We find that debt maturity tends to" lengthen the more credible the program, the lower the long-term interest rate and the higher the" volatility of...

Persistent link: https://www.econbiz.de/10012472502

Do Balanced Budget Rules Work? U.S. Experience and Possible Lessons for the EMU

Inman, Robert P. - 1996

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/10012472990

Presidential Leadership and the Reform of Fiscal Policy : Learning from Reagan's Role in TRA 86

Inman, Robert P. - 1993

and a credible veto to force "all-or-nothing" choices between reform and the inefficient status quo. President Reagan …'s role in the passage of the Tax Reform Act of 1986 is detailed in the light of this model; the analysis reveals the role of … executive resources and the importance of the veto strategy to major fiscal reform …

Persistent link: https://www.econbiz.de/10012474556

The Political Economy of Fiscal Policy

Ingberman, Daniel E. - 1987

If there has been a dominant trend in the evolution of the modern industrial societies of this century it has been the growing importance of government in the allocation of social resources. It is important that we appreciate the fundamentally political nature of the formation of government...

Persistent link: https://www.econbiz.de/10012476663

Fiscal Stimulus in Economic Unions : What Role for States?

Carlino, Gerald - 2015

The Great Recession and the subsequent passage of the American Recovery and Reinvestment Act returned fiscal policy, and particularly the importance of state and local governments, to the center stage of macroeconomic policy-making. This paper addresses three questions for the design of...

Persistent link: https://www.econbiz.de/10012456989