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Sustainability of Public Debt and Budget Deficit: Panel cointegration analysis for the European Union Member countries
Prohl, Silika; Schneider, Friedrich G. - 2006
In this study, we analyse the sustainability of fiscal policy of EU member countries within the panel cointegration and …
Persistent link: https://www.econbiz.de/10010294496
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A cross-country database of fiscal space
Kose, M. Ayhan; Kurlat, Sergio; Ohnsorge, Franziska; … - 2017
period 1990-2016, and includes 28 indicators of fiscal space grouped into four categories: debt sustainability, balance sheet …
Persistent link: https://www.econbiz.de/10012060231
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Fiscal policy in a Stock-Flow Consistent (SFC) model
Godley, Wynne; Lavoie, Marc - 2007
This paper deploys a simple stock-flow consistent (SFC) model in order to examine various contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal stance is not set in the appropriate fashionthat is, at a well-defined level and growth ratethen full...
Persistent link: https://www.econbiz.de/10010266538
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Policy uncertainty and aggregate fluctuations
Mumtaz, Haroon; Surico, Paolo - 2013
changes, (iii) public debt sustainability and (iv) monetary policy. Following a one standard deviation shock, uncertainty … about debt sustainability has the largest and most significant impact on real activity, with negative effects on output … by debt sustainability. Our results are based on a new empirical framework that allows the volatility of identified …
Persistent link: https://www.econbiz.de/10010368163
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Japanese growth and stagnation: A Keynesian perspective
Nakatani, Takeshi; Skott, Peter - 2006
combination produces a structural liquidity trap and threatens the sustainability of attempts to ensure near full employment …
Persistent link: https://www.econbiz.de/10010287845
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Public Debt and Functional Finance in an OLG Model with Imperfect Competition
Skott, Peter; Ryoo, Soon - 2012
This paper examines the role of fiscal policy in the long run. We show that (i) dynamic inefficiency may be empirically relevant in a modified Diamond OLG model with imperfect competition, (ii) fiscal policy may be needed to avoid inefficiency (if investment adjusts passively to saving) and...
Persistent link: https://www.econbiz.de/10010457015
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Symmetrische Regeln und asymmetrisches Handeln in der Geld- und Finanzpolitik
Hoffmann, Andreas; Schnabl, Gunther - 2011
die Rückkehr zu symmetrischen Regeln in der Geld- und Finanzpolitik gefordert. …
Persistent link: https://www.econbiz.de/10010305985
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Budget Institutions and Fiscal Performance in Latin America
Hausmann, Ricardo; Alesina, Alberto; Hommes, Rudolf; … - 1998
In this paper detailed information on the budget institutions of Latin American countries is collected. These institutions are classified on a hierarchical/collegial scale, as a function of the existence of constraints on the deficit and voting rules.
Persistent link: https://www.econbiz.de/10010326949
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Fiscal Sustainability in Emerging Market Countries with an Application to Ecuador
Alvarado, Carlos Díaz; Izquierdo, Alejandro; Panizza, Ugo - 2004
This paper surveys the recent literature on fiscal sustainability, with particular emphasis on emerging market … discusses how probabilistic models can help to evaluate fiscal sustainability in an uncertain environment. Based on this … impact of shocks to current account financing on sustainability. …
Persistent link: https://www.econbiz.de/10010327194
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The fiscal theory of the price level in a world of low interest rates
Bassetto, Marco; Cui, Wei - 2017
A central equation for the fiscal theory of the price level (FTPL) is the government budget constraint (or "government valuation equation"), which equates the real value of government debt to the present value of fiscal surpluses. In the past decade, the governments of most developed economies...
Persistent link: https://www.econbiz.de/10012030330