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Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy

Buiter, Willem H. - 1986

The paper considers the response of a small, open dependent economy to a variety of fiscal and financial shocks as well as the influence of alternative budget balancing rules on the response of the system to such external shocks as a change in the world interest rate. The approach allows for...

Persistent link: https://www.econbiz.de/10012477047

The Case for Open-Market Purchases in a Liquidity Trap

Auerbach, Alan J. - 2003

. Motivated by Japan's recent economic experience, we use a dynamic general-equilibrium model to assess the welfare impact of open …-market operations for an economy in Japan's predicament. We argue Japan can achieve a substantial welfare improvement through large open …

Persistent link: https://www.econbiz.de/10012468884

The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment

Feldstein, Martin - 2002

Japan are considered …

Persistent link: https://www.econbiz.de/10012469506

Tax Policy and Consumer Spending : Evidence from Japanese Fiscal Experiments

Watanabe, Katsunori - 1999

This paper studies the extent to which the impact of tax policy on consumer spending differs between temporary and permanent, as well as anticipated and unanticipated tax changes. To discriminate between them, we use institutional information such as legal distinction between temporary and...

Persistent link: https://www.econbiz.de/10012471538

'Risky Habits' and the Marginal Propensity to Consume Out of Permanent Income, or, How Much Would a Permanent Tax Cut Boost Japanese Consumption?

Carroll, Christopher D. - 2000

stimulating aggregate demand in Japan may be misguided …

Persistent link: https://www.econbiz.de/10012470904

"Tax Sparing" and Direct Investment in Developing Countries

Hines, James R, Jr - 1998

countries with whom Japan has agreements are entitled to claim foreign tax credits for income taxes that they would have paid to … investment patterns reveal that the volume of Japanese FDI located in countries with whom Japan has than what it would have been … whom Japan has agreements. Similar patters appear when with the United Kingdom are used as instruments for Japanese sparing …

Persistent link: https://www.econbiz.de/10012472085

Tax Reforms and Investment : A Cross-Country Comparison

Cummins, Jason G. - 1995

We use firm-level panel data to explore the extent to which fixed investment responds to tax reforms in 14 OECD countries. Previous studies have often found that investment does not respond to changes in the marginal cost of investment. We identify some of the factors responsible for this...

Persistent link: https://www.econbiz.de/10012473645

Fiscal Reform and Government Debt in Japan : A Neoclassical Perspective

Hansen, Gary - 2013

Past government spending in Japan is currently imposing a significant fiscal burden that is reflected in a net debt to …

Persistent link: https://www.econbiz.de/10012459229

Designing Stabilization Policy in a Monetary Union

Cooper, Russell W. - 2000

While the European Monetary Union (EMU) is now a reality, debate among economists nonetheless continues about the design and desirability of monetary unions. Since an essential element of a monetary union is the delegation of monetary power to a single centralized entity, one of the key issues...

Persistent link: https://www.econbiz.de/10012471163

The Business Cycles of Balance-of-Payment Crises : A Revision of Mundellan Framework

Mendoza, Enrique G. - 1999

In his seminal 1960 article Robert Mundell proposed a model of balance-of-payments crises in which confidence in the continuation of a currency peg depended on the observed holdings of central bank foreign reserves. We examine the implications of a reformulation of this view from the perspective...

Persistent link: https://www.econbiz.de/10012471756

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