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State Responses to Fiscal Crisis : The Effects of Budgetary Institutionsand Politics

Poterba, James M. - 1993

This paper explores how state fiscal institutions and political circumstances affect the dynamics of state taxes and spending during periods of fiscal stress. The analysis focuses on the late 1980s, when sharp economic downturns in several regions, coupled with increased expenditure demands, led...

Persistent link: https://www.econbiz.de/10012474582

The Political Economy of Budget Deficits

Alesina, Alberto - 1994

This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the...

Persistent link: https://www.econbiz.de/10012474299

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

Debt and Deficits : Fiscal Analysis with Stationary Ratios

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

government's fiscal position. In the US since World War II, we find that the primary surplus-GDP ratio and the government debt …

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

Notes on "A Code for Fiscal Stability"

Buiter, Willem H. - 1998

This note comments on two central issues for fiscal policy design in the UK, highlighted in the recent Code for Fiscal Stability' proposed by the new Labour government. The first concerns the merits of the so-called golden rule of public sector investment' -- the proposition that, over the...

Persistent link: https://www.econbiz.de/10012472285

Fiscal Deficits and Relative Prices in a Growing World Economy

Obstfeld, Maurice - 1988

channel for the communication of fiscal policy shocks to world interest rates, to private saving decisions, and, ultimately …

Persistent link: https://www.econbiz.de/10012476335

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 … exert real effects. It is shown that a current budget deficit(resulting from a tax cut) raises world rates of interest. On … transmission. In the long run, a higher steady-state value of government debt raises the steady-state world rate of interest but …

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

Fiscal Limits in Advanced Economies

Leeper, Eric M. - 2011

Aging populations in advanced economies are placing ever-increasing demands on government spending in the form of old-age benefits. Economies that have promised substantially more benefits than they have made provision to finance are heading into a prolonged era of fiscal stress. Unresolved...

Persistent link: https://www.econbiz.de/10012461838

The Time for Austerity : Estimating the Average Treatment Effect of Fiscal Policy

Jordà, Òscar - 2013

After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...

Persistent link: https://www.econbiz.de/10012459247

Consequences of Constitutions

Persson, Torsten - 2003

The paper presents empirical findings regarding the economic policy consequences of constitutional arrangements, in three different dimensions. First, the data are consistent with several theoretical predictions about the consequences of electoral rules and forms of government for fiscal policy...

Persistent link: https://www.econbiz.de/10012468524

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