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On the ease of overstating the fiscal stimulus in the US, 2008-9
Aizenman, Joshua - 2010
This note shows that the aggregate fiscal expenditure stimulus in the United States, properly adjusted for the declining fiscal expenditure of the fifty states, was close to zero in 2009. While the Federal government stimulus prevented a net decline in aggregate fiscal expenditure, it did not...
Persistent link: https://www.econbiz.de/10012462868
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Fiscal Rules and Discretion in a World Economy
Halac, Marina - 2015
uncoordinated rules. If governments' present bias is small, coordinated rules are tighter than uncoordinated rules: individual … countries do not internalize the redistributive effect of interest rates. However, if the bias is large, coordinated rules are …
Persistent link: https://www.econbiz.de/10012457176
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Fiscal Rules and Discretion under Persistent Shocks
Halac, Marina - 2012
government has time-inconsistent preferences with a present-bias towards public spending. The government chooses a fiscal rule to …
Persistent link: https://www.econbiz.de/10012460115
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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/10012479419
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Net Fiscal Stimulus During the Great Recession
Aizenman, Joshua - 2011
find that the USA net fiscal stimulus was modest relative to peers, despite it being the epicenter of the crisis, and … having access to relatively cheap funding of its twin deficits. The USA is ranked at the bottom third in terms of the rate of …
Persistent link: https://www.econbiz.de/10012461878
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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/10012453795