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Appropriate fiscal policy over the business cycle: Proper stimulus policies can work

Graves, Philip E. - 2010

Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...

Persistent link: https://www.econbiz.de/10010270872

Budget surpluses and social security reform: US fiscal policy issues in 1998

Walliser, Jan - In: Intereconomics 33 (1998) 6, pp. 294-298

Persistent link: https://www.econbiz.de/10010270911

Does anticipation of government spending matter? The role of (non-)defense spending

Tenhofen, Jörn; Wolff, Guntram B. - 2010

We investigate the effects of government expenditure on private consumption when the private sector anticipates the fiscal shocks. In order to capture anticipation of fiscal policy, we develop a new method based on a structural vector autoregression (SVAR). By simulating data from a theoretical...

Persistent link: https://www.econbiz.de/10010271589

An estimated fiscal Taylor rule for the postwar United States

Reicher, Christopher Phillip - 2011

This paper documents the systematic response of postwar U.S. fiscal policy to fiscal imbalances and the business cycle using a multivariate Fiscal Taylor Rule. Adjustments to taxes and purchases both account for a large portion of the fiscal response to debt, while authorities seem reluctant to...

Persistent link: https://www.econbiz.de/10010274430

What should fiscal councils do?

Calmfors, Lars; Wren-Lewis, Simon - 2011

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/10010274971

Fiscal Taylor rules in the postwar United States

Reicher, Christopher Phillip - 2009

Recent research and events have brought fiscal policy back into the spotlight. Fiscal Taylor rules and error correction models have represented two different ways of quantifying the feedbacks from fiscal and economic conditions to fiscal policy decisions. This paper synthesizes these two ideas,...

Persistent link: https://www.econbiz.de/10010276372

Expectations, monetary policy, and labor markets: lessons from the Great Depression

Reicher, Christopher Phillip - 2009

This paper estimates a series of shocks to hit the US economy during the Great Depression, using a New Keynesian model with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the cyclical behavior of employment, while an increase in...

Persistent link: https://www.econbiz.de/10010276373

How to redesign the fiscal regime of the eurozone: An alternative take on lessons from US and eurozone experiences

Bibow, Jörg - 2019

This Working Paper examines options for the design of a workable fiscal union for the euro area. It provides a comparative study of fiscal institutions in the US and euro area in order to supply lessons from the operation of the US fiscal regime that could inform the design of the, hitherto...

Persistent link: https://www.econbiz.de/10014565910

Deutsche Wirtschaft noch in der Defensive: Aber erste Anzeichen für ein Ende des Abschwungs

Drygalla, Andrej; Exß, Franziska; Heinisch, Katja; … - In: Konjunktur aktuell 12 (2024) 2, pp. 34-90

Seit Beginn des vergangenen Jahres expandiert die Weltwirtschaft in moderatem Tempo. Allerdings gerät in den USA das … nur für die USA hat zu einem Wiederanstieg der Kapitalmarktzinsen geführt. Dagegen hat die chinesische Wirtschaftspolitik … durch die recht hohen Zinsniveaus und eine in den fortgeschrittenen Volkswirtschaften zumeist eher restriktive Finanzpolitik …

Persistent link: https://www.econbiz.de/10014583755

Identifying fiscal shocks and policy regimes in OECD countries

Arcangelis, Giuseppe de; Lamartina, Serena - 2003

The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a SVAR model some fiscal policy regimes, i.e. a u0094set of rulesu0094 for the implementation of fiscal policies. Second, we identify the fiscal policy shocks related to different...

Persistent link: https://www.econbiz.de/10009635887