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We develop a model to analyze the macroeconomic effects of a scaling-up of aid and assess the implications of different policy responses. The model features key structural characteristics of low-income countries, including varying degrees of public investment efficiency and a learning-by-doing...
Persistent link: https://www.econbiz.de/10013141051
December 2011 was a critical month for the Euro currency credibility within the Euro Zone. This is because for the latest 5 years of economic and financial crisis ardent economic and political debates are still trying to sort out the sequels of this recession. Within this context, this paper...
Persistent link: https://www.econbiz.de/10013113346
Fiscal pressures and sovereign debt concerns around the world are intensifying scrutiny of government finances. Even in …
Persistent link: https://www.econbiz.de/10013113838
Despite its important advantages of efficiency gains, price transparency, monetary stability, easing currency markets pressure on the payments balance, and so on, EMU is anything but a risk-free enterprise. Economic conflict may arise from unfortunate developments regarding the Euro, which may...
Persistent link: https://www.econbiz.de/10013114003
The hesitation of many conventional-wisdom economists to rely more aggressively on fiscal policy measures in order to keep their public finances more or less balanced may have contributed to the persisting current slowdown. We discuss the potential of active fiscal policies in stimulating growth...
Persistent link: https://www.econbiz.de/10013114005
Persistent link: https://www.econbiz.de/10013114597
We quantify the fiscal multipliers in response to the American Recovery and Reinvestment Act (ARRA) of 2009. We extend the benchmark Smets-Wouters (2007) New Keynesian model, allowing for credit-constrained households, the zero lower bound, government capital and distortionary taxation. The...
Persistent link: https://www.econbiz.de/10013114666
The paper models monetary-fiscal interactions in the aftermath of an economic downturn and presence of fiscal stress. It focuses on the strategic aspect of the interaction between the central bank and the government that features both a conflict and a coordination problem in line with Sargent...
Persistent link: https://www.econbiz.de/10013114746
This paper develops the quantitative implications of optimal fiscal policy in a business cycle model. In a stationary equilibrium the ex ante tax rate on capital income is approximately zero. There is an equivalence class of ex post capital income tax rates and bond policies that support a given...
Persistent link: https://www.econbiz.de/10013114944
A lively debate is underway about replacing Canada's 2 percent inflation target with a target for lower inflation or a target for the price level itself when Canada's inflation-control arrangement expires at the end of 2011. Either change could reduce uncertainty about changes in the value of...
Persistent link: https://www.econbiz.de/10013114999