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Is it is or is it Ain't my Obligation? Regional Debt in Monetary Unions
Cooper, Russell - 2004
This paper studies the implications of the circulation of interest bearing regional debt in a monetary union. Does the circulation of this debt have the same monetary implications as the printing of money by a central government? Or are the obligations of this debt simply backed by future...
Persistent link: https://www.econbiz.de/10012468454
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Fiscal Stimulus and Distortionary Taxation
Drautzburg, Thorsten - 2011
modestly negative long-run multipliers around -0.42. The multiplier is sensitive to the fraction of transfers given to credit …
Persistent link: https://www.econbiz.de/10012461546
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De facto Fiscal Space and Fiscal Stimulus : Definition and Assessment
Aizenman, Joshua - 2010
We define the notion of a 'de facto fiscal space' of a country as the inverse of the tax-years it would take to repay the public debt. Specifically, we measure the outstanding public debt relative to the de facto tax base, where the latter measures the realized tax collection, averaged across...
Persistent link: https://www.econbiz.de/10012462118
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How Big (Small?) are Fiscal Multipliers?
Ilzetzki, Ethan - 2010
countries, (ii) the fiscal multiplier is relatively large in economies operating under predetermined exchange rates but is zero …
Persistent link: https://www.econbiz.de/10012462178
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The Permanent Effects of Fiscal Consolidations
Fatás, Antonio - 2016
The global financial crisis has permanently lowered the path of GDP in all advanced economies. At the same time, and in response to rising government debt levels, many of these countries have been engaging in fiscal consolidations that have had a negative impact on growth rates. We empirically...
Persistent link: https://www.econbiz.de/10012456303
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Finite Lifetimes, Borrowing Constraints, and Short-Run Fiscal Policy
Hubbard, R. Glenn - 1987
Recent developments in public finance in the analysis of dynamic government debt policies have emphasized effects on the distribution of real resources across generations. At the same time, macroeconomists have emphasized the importance of the length of the time horizon over which agents...
Persistent link: https://www.econbiz.de/10012476911
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Fiscal Policy in Debt Constrained Economies
Aguiar, Mark A. - 2011
We study optimal fiscal policy in a small open economy (SOE) with sovereign and private default risk. The SOE's government uses linear taxation to fund exogenous expenditures and uses public debt to inter-temporally allocate tax distortions. We characterize a class of environments in which the...
Persistent link: https://www.econbiz.de/10012461202
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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
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Fiscal Multipliers in Japan
Auerbach, Alan J. - 2014
In this paper, we estimate government purchase multipliers for Japan, following the approach used previously for a … a sample period extending from 1960 to 2012, estimates for Japan are quite consistent with those previously estimated … Japan make the dating of recessions a challenge …
Persistent link: https://www.econbiz.de/10012458753
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The Deteriorating Fiscal Situation and an Aging Population
Dekle, Robert - 2002
Japan's deteriorating fiscal situation has attracted international attention. I assess what current Japanese government … how Japan got into this current fiscal mess, and then perform an analysis of some debt dynamics. With unchanged fiscal … policies, Japan's public debt will rise to between 260% and 380% of GDP in 2030, and to between 700% and 1300% in 2040 …
Persistent link: https://www.econbiz.de/10012469336