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This article describes the changes that have taken place in the work of the Budget Office of the central government as a consequence of the transition from the traditional budget process, often referred to as “incremental budgeting”, to top-down budgeting. This transition has taken place in...
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In 2018, Canada's senior ... …
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We extend previous literature on fiscal policy sustainability by introducing non-linear fiscal reaction functions with endogenously estimated state-varying thresholds to capture the behaviour of fiscal policy authorities during "good" and "bad" times. These thresholds vary with the level of...
Persistent link: https://www.econbiz.de/10009792212
In recent years, numerous lawmakers, policy analysts, and scholars have been decrying the many defects of the present U.S. income tax system. Few have attempted to defend our return-based mass income tax. This essay reviews Learning to Love Form 1040, Lawrence Zelenak’s stirring and persuasive...
Persistent link: https://www.econbiz.de/10014139157
According to the theory of efficient markets, economic agents use all available information to form rational expectations. The rational expectations hypothesis asserts that information is scarce, the economic system generally does not waste information, and that expectations depend specifically...
Persistent link: https://www.econbiz.de/10014313444
This note shows that the Italian Mini BOTs proposed in 2019 bore the potential neither to become Italian legal tender nor to practically increase Italian government debt, but to practically cause a mere reduction in taxation and thence in government spending or transfers. Since the Eurozone...
Persistent link: https://www.econbiz.de/10015076228
Each spring, Canada's federal, provincial and territorial legislatures vote budgets that set out their spending and … to voters and taxpayers. Over the last decade, however, Canada's senior governments have overshot their spending targets … expert reader. Our 2013 fiscal accountability survey of Canada's senior governments' evaluates the clarity and adherence to …
Persistent link: https://www.econbiz.de/10013056519
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In theory, the management of public funds by Canada’s senior governments – federal, provincial and territorial … funds functions well in Canada. Comparing the fiscal plans in the budgets delivered by Canada’s federal, provincial and … their budgets. Over the 19 fiscal years since 2000/01, Canada’s senior governments overshot their expense targets by $97 …
Persistent link: https://www.econbiz.de/10013289783