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The currently available empirical evidence shows remarkable differences between various estimates of the effects on U.S. output of an exogenous shift in Federal tax liabilities. Shocks identified via the narrative method imply a multiplier of about three over an horizon of three years. Tax...
Persistent link: https://www.econbiz.de/10008468626
Monetary policy and fiscal policy are connected in various ways. This is why the adoption of the Euro as a common European currency has been accompanied by the setup of the European Union's Stability and Growth Pact, a framework for the coordination of the EU countries' fiscal policies. In this...
Persistent link: https://www.econbiz.de/10010296578
In this paper, the author considers sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the "good equilibrium" is the only stable equilibrium under some quite general assumptions,...
Persistent link: https://www.econbiz.de/10011371997
Monetary policy and fiscal policy are connected in various ways. This is why the adoption of the Euro as a common European currency has been accompanied by the setup of the European Union's Stability and Growth Pact, a framework for the coordination of the EU countries' fiscal policies. In this...
Persistent link: https://www.econbiz.de/10008534183
This contribution is highlighted the quite striking paradox between the dominant discourse over the last twenty years or so, calling on the State to reduce its role, and the stability or even inertia of the major macroeconomic aggregates (public spending to GDP, tax burden), the permanent budget...
Persistent link: https://www.econbiz.de/10005395073
This paper investigates the interplay between discretionary fiscal policy and inflation in the euro area, emphasizing the role of public debt levels in modulating this relationship. It explores how fiscal expansions or contractions influence inflationary pressures, particularly under varying...
Persistent link: https://www.econbiz.de/10015178622
Most studies on the relationship between public debt and economic growth implicitly assume homogeneous debt effects across their samples. We - in accordance with recent literature - challenge this view and state that there likely is a great deal of cross-country heterogeneity in that...
Persistent link: https://www.econbiz.de/10011436881
Japan’s gross government debt of 226% of GDP in 2018 is the highest ever recorded in the OECD area, and places the economy at risk. The government now aims to achieve a primary surplus by FY 2025. Additional fiscal consolidation, based on a detailed plan covering specific spending cuts and tax...
Persistent link: https://www.econbiz.de/10012111109
Persistent link: https://www.econbiz.de/10015333755
Persistent link: https://www.econbiz.de/10014325399