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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
Persistent link: https://www.econbiz.de/10013024221
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
Canada’s federal, provincial and territorial governments remains uneven. Some governments stand out for the transparency …. Canada’s senior governments raise and spend huge amounts, and have legally unlimited capacity to borrow when their revenues … year. Two decades ago, none of Canada’s senior governments budgeted and reported its revenues, expenses and bottom line on …
Persistent link: https://www.econbiz.de/10013290819
Beyond its damage to Canadians’ health and their economy, COVID-19 strained public finances, and both highlighted and exacerbated gaps in governments’ accountability to legislators and voters.Spending by all senior governments jumped in the 2020/21 fiscal year – up 7 percent on average...
Persistent link: https://www.econbiz.de/10014346618
Canada's federal, provinc ... …
Persistent link: https://www.econbiz.de/10012868509