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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

How Does the U.S. Government Finance Fiscal Shocks?

Berndt, Antje - 2010

We develop a method for identifying and quantifying the fiscal channels that help finance government spending shocks …

Persistent link: https://www.econbiz.de/10012462199

States in Fiscal Distress

Inman, Robert P. - 2010

The 2007-2010 recession has imposed significant fiscal hardships on state and local governments. The result has been state deficits and the need to increase state taxes, cut spending, and withdraw funds from state rainy day accounts. The primary cause of state budget "gaps" has been the rise in...

Persistent link: https://www.econbiz.de/10012462569

Politics and Efficiency of Separating Capital and Ordinary Government Budgets

Bassetto, Marco - 2005

government to issue debt to finance capital items only. Many national governments followed this rule in the 18th and 19th …

Persistent link: https://www.econbiz.de/10012467657

The Role of Economic Policy in Social Security Reform : Perspectives from the President's Commission

Cogan, John F. - 2002

Recently we were asked to serve on the President's Commission to Strengthen Social Security (CSSS) along with 14 other members drawn equally from both major political parties. The Commission's charge was to provide recommendations to modernize the Social Security system, restore its fiscal...

Persistent link: https://www.econbiz.de/10012469544

Debt, Deficits and Inflation : An Application to the Public Finances of India

Buiter, Willem H. - 1990

The paper studies the solvency of the Indian public sector and the eventual monetization and inflation implied by stabilization of the debt-GNP ratio without any changes in the primary deficit. The nonstationarity of the discounted public debt suggests that indefinite continuation of the pattern...

Persistent link: https://www.econbiz.de/10012475748

Fiscal Rules and Discretion under Self-Enforcement

Halac, Marina - 2017

Persistent link: https://www.econbiz.de/10012453795

On Fiscal Illusion and Ricardian Equivalence in Local Public Finance

Banzhaf, H. Spencer - 2012

We re-evaluate two forms of fiscal illusion in local public finance: debt illusion and renter illusion. The Ricardian … Equivalence Theorem for local governments suggests the form of finance of a public program (tax or debt finance) has no effects on … hundreds of open space referenda in the U.S. using a variety of finance mechanisms, we find evidence that households do prefer …

Persistent link: https://www.econbiz.de/10012460619

The Fiscal Consequences of Missing an Inflation Target

Andreolli, Michele; Rey, Hélène - National Bureau of Economic Research - 2023

The European Central Bank is unique in setting monetary policy for several sovereign states with heterogeneous debt levels and different maturity structures. The monetary-fiscal nexus is central to the functioning of the euro area. We focus on one particular aspect of that nexus, the effect the...

Persistent link: https://www.econbiz.de/10013537713