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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

Optimal Taxation in Theory and Practice

Mankiw, N. Gregory - 2009

We highlight and explain eight lessons from optimal tax theory and compare them to the last few decades of OECD tax … policy. As recommended by theory, top marginal income tax rates have declined, marginal income tax schedules have flattened … theory. Moreover, some of theory's more subtle prescriptions, such as taxes that involve personal characteristics, asset …

Persistent link: https://www.econbiz.de/10012463578

The Effects of Fiscal Consolidations : Theory and Evidence

Alesina, Alberto - 2017

We investigate the macroeconomic effects of fiscal consolidations based upon government spending cuts, transfers cuts and tax hikes. We extend a narrative dataset of fiscal consolidations, with details on over 3500 measures for 16 OECD countries. We show that government spending cuts and cuts in...

Persistent link: https://www.econbiz.de/10012455296

Optimal Fiscal Limits

Coate, Stephen - 2014

This paper studies the optimal design of fiscal limits in the context of a simple political economy model. The model features a single politician and a representative voter. The politician is responsible for choosing the level of public spending for the voter but may be biased in favor of...

Persistent link: https://www.econbiz.de/10012458022

Optimal Management of Indexed and Nominal Debt

Barro, Robert J. - 1997

A tax-smoothing objective is used to assess the optimal consumption of public debt with respect to maturity and contingencies. This objective motivates the government to make its debt payout contingent on the levels of public outlay and the tax base. If these contingencies are present, but asset...

Persistent link: https://www.econbiz.de/10012472617

Optimal Tax and Debt Policy with Endogenously Imperfect Creditworthiness

Aizenman, Joshua - 1996

This paper shows that the patterns of optimal tax rates and borrowing in the presence of endogenous borrowing constraints differ considerably from the patterns observed with fully integrated capital markets. We study a developing country characterized by a costly tax collection. Its access to...

Persistent link: https://www.econbiz.de/10012473290

Optimal Taxation and Debt Management without Commitment

Debortoli, Davide - 2018

This paper considers optimal fiscal policy in a deterministic Lucas and Stokey (1983) economy in the absence of government commitment. In every period, the government chooses a labor income tax and issues any unconstrained maturity structure of debt as a function of its outstanding debt...

Persistent link: https://www.econbiz.de/10012453194

Gambling for Redemption and Self-Fulfilling Debt Crises

Conesa, Juan Carlos - 2015

We develop a model for analyzing the sovereign debt crises of 2010-2013 in the Eurozone. The government sets its expenditure-debt policy optimally. The need to sell large quantities of bonds every period leaves the government vulnerable to self-fulfilling crises in which investors, anticipating...

Persistent link: https://www.econbiz.de/10012457642

Fiscal Divergence and Business Cycle Synchronization : Irresponsibility is Idiosyncratic

Darvas, Zsolt - 2005

Using a panel of 21 OECD countries and 40 years of annual data, we find that countries with similar government budget positions tend to have business cycles that fluctuate more closely. That is, fiscal convergence (in the form of persistently similar ratios of government surplus/deficit to GDP)...

Persistent link: https://www.econbiz.de/10012467098

The design of fiscal adjustments

Alesina, Alberto F. - 2012

This paper offers three results. First, in line with the previous literature, we confirm that fiscal adjustments based mostly on the spending side are less likely to be reversed. Second, spending based fiscal adjustments have caused smaller recessions than tax based fiscal adjustments. Finally,...

Persistent link: https://www.econbiz.de/10012460237

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