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Romania; Request for a Stand-By Arrangement
International Monetary Fund (IMF); International … - 2013
This paper discusses Romania’s Request for a Stand-By Arrangement (SBA). Since the 2008 global financial crisis, Romania has made significant progress in reducing macroeconomic imbalances and rebuilding fiscal and financial buffers. However, Romania remains vulnerable to external shocks,...
Persistent link: https://www.econbiz.de/10011245005
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Was Anna Schwartz right? : the role of government size and the exchange rate regime for macroeconomic stability
Wegmueller, Philipp - 2014
I contribute to the resurging debate on the reform of the international monetary system by asking: How does the size of the public sector under different exchange rate regimes affect macroeconomic stability and welfare? In response to a meeting of the Bretton Woods Commission in 1993, renowned...
Persistent link: https://www.econbiz.de/10010402224
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When is Monetary Policy All we Need?
Wren-Lewis, Simon; Eser, Fabian - Department of Economics, Oxford University - 2009
.  Secondly, the optimal neutrality of government spending is robust to the issuance of public debt.  In the presence of debt …
Persistent link: https://www.econbiz.de/10004999238
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Unexpected consequences of Ricardian expectations
Schlicht, Ekkehart - 2013
. This divergence from the Ricardian equivalence thesis is traced to the omission of interest payments on public debt as part …
Persistent link: https://www.econbiz.de/10010441506
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Unexpected consequences of Ricardian expectations : Erratum
Schlicht, Ekkehard - 2013
Persistent link: https://www.econbiz.de/10010350222
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The debt trap: A two-compartment train wreck… and how to avoid it
Artzrouni, Marc; Tramontana, Fabio - In: Journal of Policy Modeling 36 (2014) 2, pp. 241-256
We explore sustainable paths out of a debt trap with a highly stylized two-sector differential equations model for the … correlation of 0.996. The solutions provide detailed “escape conditions” from the debt trap. A primary surplus is required. Then a … government can escape its debt trap either through sustained annual monetary outflows from society to the government (taxation …
Persistent link: https://www.econbiz.de/10011051507
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Managing pessimistic expectations and fiscal policy
Karantounias, Anastasios G. - In: Theoretical Economics 8 (2013) 1
motive for expectation management that aims towards the manipulation of equilibrium prices of government debt in a favorable …
Persistent link: https://www.econbiz.de/10009650593
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Social discounting and incentive compatible fiscal policy
Reis, Catarina - In: Journal of Economic Theory 147 (2012) 6, pp. 2469-2482
This paper considers a representative agent model of linear capital and labor income taxation in which the government cannot commit ex-ante to a sequence of policies for the future. In this setup, if the government is more impatient than the households, the capital income tax will be positive in...
Persistent link: https://www.econbiz.de/10010594315
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Managing pessimistic expectations and fiscal policy
Karantounias, Anastasios G. - In: Theoretical Economics 8 (2013) 1, pp. 193-231
motive for expectation management that aims towards the manipulation of equilibrium prices of government debt in a favorable …
Persistent link: https://www.econbiz.de/10011599480
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An Empirical Investigation of the Strategic Use of Debt
Pettersson, Per - 1999
In this paper I test two models of strategic debt behavior. The general idea is that if a government anticipates the … possibility of defeat in the next election it will try to use the debt strategically in order to influence the policy of its … successor. Previous empirical studies have either rejected the strategic explanation of debt or have not been able to isolate …
Persistent link: https://www.econbiz.de/10010321712