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The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory,...
Persistent link: https://www.econbiz.de/10013128042
The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory,...
Persistent link: https://www.econbiz.de/10009011182
This paper uses the SVAR methodology to investigate the effects of public investment on growth, and more specifically, the effects of the introduction of a golden rule of public finance. We extend the existing literature by estimating a model of the British economy that takes into account long...
Persistent link: https://www.econbiz.de/10014049809
We test for fiscal policy sustainability in the UK for the period 1955-2006. We find evidence of sustainability with three structural breaks, respectively occurring in the early 1970s, early 1980s and late 1990s. UK fiscal policy has been sustainable throughout the sample period except from...
Persistent link: https://www.econbiz.de/10008933001
Persistent link: https://www.econbiz.de/10013501910
We propose a model with some of the main demographic, economic and institutional factors usually considered to matter in the transition to modern growth. We apply our theory to England over the period 1530-1860. We use the model to measure the impact of mortality, population density and...
Persistent link: https://www.econbiz.de/10014224948
This paper considers the likely development of aggregate living standards in the United Kingdom over the course of this century and some of the risks to this outlook. It argues that even under relatively cautious assumptions about technological progress and capital accumulation, aggregate living...
Persistent link: https://www.econbiz.de/10014105744
In this paper, I extend the Barro–Becker model of endogenous fertility to incorporate specific fiscal policies and use it to study the effects of the fiscal policy changes following WWII on fertility in the United States. The US government went through large changes in fiscal policy after the...
Persistent link: https://www.econbiz.de/10012962769
Demographic shifts, such as population ageing, have been suggested as possible explanations for the past decade's low inflation. We exploit cross-country variation in a long panel to identify age structure effects in inflation, controlling for standard monetary factors. A robust relationship...
Persistent link: https://www.econbiz.de/10012919693
Demographic shifts, such as population ageing, have been suggested as possible explanations for the recent decade-long spell of low inflation. We identify age structure effects on inflation from cross-country variation in a panel of 22 countries from 1870 to 2016 that includes standard monetary...
Persistent link: https://www.econbiz.de/10012922082