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The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy

Frenkel, Jacob A. - 1984

This paper analyses the effects of fiscal policies on rates of interest and wealth in the world economy. Uncertainty concerning the length of life yields an equilibrium in which private and social rates of discount differ and budget deficits exert real effects. It is shown that a current budget...

Persistent link: https://www.econbiz.de/10012477559

Debt and Deficits : Fiscal Analysis with Stationary Ratios

Campbell, John Y.; Gao, Can; Martin, Ian - National Bureau of Economic Research - 2023

-debt ratio and the government expenditure-debt ratio are also nonstationary but their difference, the primary surplus-debt ratio … adjustment to tax and expenditure shocks occurs primarily through mean-reversion in tax and expenditure growth, with a negligible …

Persistent link: https://www.econbiz.de/10014287325

Fiscal Deficits, Public Debt and Government Solvency : Evidence from OECD Countries

Corsetti, Giancarlo - 1991

This paper discusses different empirical tests of public sector solvency and applies them to a sample of 18 OCED countries. Provided that the government solvency constraint need to be imposed, these tests develop from the idea of verifying whether the intertemporal budget constraint of the...

Persistent link: https://www.econbiz.de/10012475358

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 stimulate the aggregate expenditure above its predicted mean. We …

Persistent link: https://www.econbiz.de/10012462868

Public Debt Through the Ages

Eichengreen, Barry - 2019

We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes...

Persistent link: https://www.econbiz.de/10012479450

Can Public Sector Wage Bills Be Reduced?

Cahuc, Pïerre - 2012

This paper analyzes the relation between public wage bills and public deficits in the OECD countries from 1995 to 2009. The paper shows that fiscal drift episodes, characterized by simultaneous increases in the GDP shares of public wage bills and budget deficits, are more frequent during booms...

Persistent link: https://www.econbiz.de/10012460778

Can Monetary Policy Create Fiscal Capacity?

Elenev, Vadim; Landvoigt, Tim; Shultz, Patrick J.; … - National Bureau of Economic Research - 2021

Governments around the world have gone on a massive fiscal expansion in response to the Covid crisis, increasing government debt to levels not seen in 75 years. How will this debt be repaid? What role do conventional and unconventional monetary policy play? We investigate debt sustainability in...

Persistent link: https://www.econbiz.de/10012616577

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

On Public Spending and Economic Unions

Broner, Fernando - 2020

We analyze the conduct of fiscal policy in a financially integrated union in the presence of financial frictions. Frictions create a wedge between the return to investment and the union interest rate. This leads to an over-spending externality. While the social cost of spending is the return to...

Persistent link: https://www.econbiz.de/10012481134

How Big (Small?) are Fiscal Multipliers?

Ilzetzki, Ethan - 2010

expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime …, openness to trade, and public indebtedness. Based on a novel quarterly dataset of government expenditure in 44 countries, we …

Persistent link: https://www.econbiz.de/10012462178

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