The literature on systematic fiscal policy and macroeconomic performance in industrialized countries is large but fragmented. Based on a broad overview of that literature, several patterns emerge. First, the empirical literature points toward strongly anticyclical policy, which consists of...

Las marcadas restricciones constitucionales y legales, provenientes de la Carta Política de 1991, explican en buena medida las serias dificultades que enfrenta Colombia para contener su creciente gasto público, actualmente bordeando el 18% del PIB a nivel del gobierno central. A su vez, su...

En este documento, se describe el comportamiento de la inversión, así como su composición de acuerdo al tipo de activos y a los sectores institucionales; encontrando que efectivamente, se puede establecer una relación, no necesariamente causal, entre la inversión y el crecimiento...

The efficient government finance will increase economic growth and thereby income distribution. This research has been formulated an efficiency theory of production and finance. This research compared the government expenditure patterns into two situations. One, when a government borrows and...

In this paper, we put forward a neo-Kaleckian model of growth and dsitribution. We introduce two different types of public expenditure: government consumption expenditure and public provision of capital; and we study the effects on equilibrium capacity utilisation and growth. Two different cases...

This paper investigates the fiscal pressure from demographic change in relation to the labour marketspace for fifty countries that cover 75% of the world population. The pressure-to-space indicator ranks Poland, Turkey and Greece high. Apart from Turkey and India, developing countries rank low...

We investigate the time varying relation between hours and technology shocks using a structural business cycle model. We propose an RBC model with a Constant Elasticity of Substitution (CES) production function that allows for capital- and labor-augmenting technology shocks. We estimate the...

In the following period, both the fiscal policy and the budgetary policy must be subordinated to the central objective of economic policy set by the Government Programme, for revival of economic growth to achieve the convergence criteria in order to continue and accelerate economic and financial...

This paper investigates how tax changes for different income groups affect aggregate economic activity. I construct a measure of who received (or paid for) tax changes in the postwar period using tax return data from NBER's TAXSIM. I aggregate each tax change by income group and state. Variation...