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Do Balanced Budget Rules Work? U.S. Experience and Possible Lessons for the EMU
Inman, Robert P. - 1996
The `Excessive Deficit Procedure' of the Maastricht Treaty on Economic and Monetary Union proposes two fiscal convergence conditions for entry and continued membership in the EMU: 1) a country's overall budget deficit for each fiscal year must be equal to or below 3% of GDP, and 2) a country's...
Persistent link: https://www.econbiz.de/10012472990
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Do Budget Rules Work?
Poterba, James M. - 1996
The design of budget rules and institutions, long a neglected area in public finance and macroeconomics, has recently been thrust to center stage by the debate over a balanced budget amendment and other deficit-reduction measures in the United States. This paper describes the existing evidence...
Persistent link: https://www.econbiz.de/10012473306
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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
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Excess Savings and Twin Deficits : The Transmission of Fiscal Stimulus in Open Economies
Aggarwal, Rishabh; Auclert, Adrien; Rognlie, Matthew; … - National Bureau of Economic Research - 2022
We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world … economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth … are consistent with the evolution of the world's balance of payments since the beginning of the Covid pandemic …
Persistent link: https://www.econbiz.de/10013334403
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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
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External and Public Debt Crises
Arellano, Cristina - 2015
The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state...
Persistent link: https://www.econbiz.de/10012457212
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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
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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
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Fiscal Histories
Cochrane, John H. - National Bureau of Economic Research - 2022
The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of real primary surpluses. Monetary policy remains important. The central bank can set an interest rate target, which determines the path of expected inflation, while news about the...
Persistent link: https://www.econbiz.de/10013361983
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The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy
Frenkel, Jacob A. - 1984
model is generalized to a multi-commodity world and the impact of policies are shown to depend on comparison among various …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 …
Persistent link: https://www.econbiz.de/10012477559