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Assessment of the impact of fiscal policy on the current account : the twin deficit hypothesis in the case of Macedonian economy

Stojcevska, Vesna; Miteski, Mite - Narodna Banka na Republika Makedonija - 2016

For a small open economy with fixed exchange rate regime, the twin deficit hypothesis is always an interesting and relevant research topic. The aim of this research is to evaluate the effects of the government budget shocks on the current account movement in the case of the Macedonian economy,...

Persistent link: https://www.econbiz.de/10011623579

A Diagnostic on the Greek Fiscal Crisis

Quah, Chee-Heong - 2011

This paper explores primarily the level of international competitiveness of Greece and the degree of fit between the conditions prescribed by the optimal currency areas (OCA) theory with the actual situation in Greece. Given that Greece now shares the same currency with Germany, the de facto...

Persistent link: https://www.econbiz.de/10013119087

The portfolio theory of inflation and policy (in)effectiveness revisited : corroborating evidence

Bossone, Biagio; Cuccia, Andrea - 2020

This study revisits and tests empirically the Portfolio Theory of Inflation (PTI), which analyzes how the effectiveness … (Bossone, The portfolio theory of inflation and policy (in)effectiveness, 2019). The PTI shows that when an economy is heavily … and policies aimed to stimulate output growth dissipate into domestic currency depreciation and higher inflation, with …

Persistent link: https://www.econbiz.de/10012140238

Exchange Rate Misalignments and Crises

Stein, Jerome L.; Paladino, Giovanna - 2021

productivity of the economy. Trends in social consumption/GDP, and in fiscal policy, reflected political regime changes in France …

Persistent link: https://www.econbiz.de/10013320946

Monopsony makes firms not only small but also unproductive : why East Germany has not converged

Bachmann, Ruediger; Bayer, Christian; Stüber, Heiko; … - 2022

adverse consequences for aggregate labor productivity. Using high-quality administrative data from Germany, we document that … data predicts 10 percent lower aggregate labor productivity in East Germany. …

Persistent link: https://www.econbiz.de/10013198922

Debt Cycles, Instability and Fiscal Rules : A Godley-Minsky Model

Dafermos, Yannis - 2015

Wynne Godley and Hyman Minsky were two macroeconomists who ‘saw the crisis coming'. This paper develops a simple macrodynamic model that synthesises some key perspectives of their analytical frameworks. The model incorporates Godley's financial balances approach and postulates that private...

Persistent link: https://www.econbiz.de/10013015786

What modern monetary theory is, and what it is not

Carnevali, Emilio; Fontana, Giuseppe - In: European journal of economics and economic policies : … 20 (2023) 1, pp. 56-66

Modern monetary theory (MMT) has grown in popularity in recent years. Several central bankers have made passing comments about it. However, the publication of two papers by Drumetz/Pfister of the Banque de France in 2021 represents the first attempt at a more systematic assessment of MMT by two...

Persistent link: https://www.econbiz.de/10014433715

Sovereign default and imperfect tax enforcement

Pappadà, Francesco; Zylberberg, Yanos - 2019

We show that, in many countries, tax compliance is volatile and markedly responds to fiscal policy. To explore the consequence of this novel stylized fact, we build a model of sovereign debt with limited commitment and imperfect tax enforcement. Fiscal policy persistently affects the size of the...

Persistent link: https://www.econbiz.de/10012029059

Borrow and adjust : fiscal policy and sectoral adjustment in an open economy

Steigum, Erling; Thøgersen, Øystein - 2001

Should the government run fiscal deficits in response to an adverse external shock that warrants transfer of resources from production of non-traded to traded goods? This paper considers normative fiscal policy implications of sectoral adjustment costs in a two-sector model with overlapping...

Persistent link: https://www.econbiz.de/10011400804

Credibility and bias : the case for implementing both a debt anchor and a balanced budget rule

Castro-Valderrama, Marcela de; Moreno-Arias, Nicolás; … - 2023

Should a government have more than one fiscal rule constraining fiscal aggregates? If so, why? In this paper, we present a dynamic general equilibrium model of a small open economy featuring an incumbent government to assess how and why implementing a budget balance rule and a debt anchor rule...

Persistent link: https://www.econbiz.de/10014290466

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