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Day of reckoning : output losses from fiscal stabilizations
Ferraro, Domenico; Peretto, Pietro F. - 2018
We derive the quantitative implications of reducing sustained budget deficits (labeled fiscal stabilizations) in the context of a general equilibrium model of innovation-led growth. In the model, innovation comes from entrant firms creating new products and incumbent firms improving own existing...
Persistent link: https://www.econbiz.de/10012125472
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The dynamics of balanced expansion in monetary economies with sovereign debt
Böhm, Volker - 2018 - Version: September 26, 2018
The paper examines the role of fiscal and monetary policy on the dynamics of monetary expansion in a macroeconomy. Its microeconomic structure defined by producers with neoclassical production functions, heterogeneous OLG consumers, and a stationary fiscal and monetary policy induces a...
Persistent link: https://www.econbiz.de/10011903801
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Austerity, fiscal uncertainty, and economic growth : insights from fiscally weak EU countries
Curatola, Giuliano Antonio; Donadelli, Michael; … - 2015
Recent empirical evidence suggests that during the last years fiscally weak European countries significantly cut their R&D budgets in an effort to reduce their deficit, according to the spirit of the Fiscal Compact. We propose a general equilibrium model that endogenously captures the trade-off...
Persistent link: https://www.econbiz.de/10012061561
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A sustainable Euro area with exit options
Ritzen, Jozef M. M.; Haas, Jasmina - 2016
All explorations of the future of the Euro show serious risks for its survival in the present form. The road map of the Five EU Presidents presented in 2015 is far from sufficient to reduce the risks of the Euro zone falling apart by Brexit type developments or new economic shocks. The EU...
Persistent link: https://www.econbiz.de/10011582732
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Austerity measures amplified crisis in Spain, Portugal, and Italy
Engler, Philipp; Klein, Mathias - In: DIW economic bulletin 7 (2017) 8, pp. 89-93
The fiscal consolidation efforts of Spain, Italy, and Portugal from 2010 to 2014 did not achieve their goal of reducing the debt-to-GDP ratio in any of the three countries. This Economic Bulletin examines why the spending cuts and tax increases, at times drastic, were unsuccessful and...
Persistent link: https://www.econbiz.de/10011607711
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Government deficit shocks and Okun's coefficient volatility : new insights on the austerity versus growth debate
Binh Thai Pham; Sala, Hector - 2019
This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...
Persistent link: https://www.econbiz.de/10012054782
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Fiscal challenges and inclusive growth in ageing societies
Rouzet, Dorothée; Caldera Sánchez, Aida; Renault, … - 2019
This paper was prepared in support of Japan’s G20 Presidency. It takes stock of ongoing and projected population ageing … pensions, health and long-term care under high pressure. The paper provides recommendations on policy responses to address … ageing-related challenges and highlights good practices. A comprehensive approach is needed, tailored to each country …
Persistent link: https://www.econbiz.de/10012136129
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Fiscal policy in times of fiscal stress : or what to do when r > g
Havemann, Roy; Hollander, Hylton - 2022
South Africa runs a primary fiscal deficit and the long-term interest rate on government borrowing, r, is greater than the long-term economic growth rate, g. Without intervention, debt will continue to rise until there is a disorderly fiscal stop. Reforms to raise growth have not materialized,...
Persistent link: https://www.econbiz.de/10013203112
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Pension systems (un)sustainability and fiscal constraints : a comparative analysis
Heer, Burkhard; Polito, Vito; Wickens, Michael R. - 2023
are strikingly different. Most nations have little scope to further finance pensions out of labour income taxation over … run, particularly for rapidly ageing nations, but also entail non-negligible transitional costs. …
Persistent link: https://www.econbiz.de/10014292762
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OECD forecasts during and after the financial crisis : a post mortem
Pain, Nigel; Lewis, Christine; Dang, Thai Thanh; Jin, Yosuke - 2014
This paper assesses the OECD’s projections for GDP growth and inflation during the global financial crisis and recovery, focussing on lessons that can be learned. The projections repeatedly over-estimated growth, failing to anticipate the extent of the slowdown and later the weak pace of the...
Persistent link: https://www.econbiz.de/10010374419