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FISCAL POLICY
In: The Limits of Fiscal, Monetary, and Trade Policies, S. 35-61
Fiscal Policy
In: Monetary and Fiscal Strategies in the World Economy, S. 18-22
Fiscal Policy
In: Monetary and Fiscal Strategies in the World Economy, S. 35-40
The Swedish Fiscal Policy Framework and Intermediate Fiscal Policy Targets
Sweden is a front-runner in defining intermediate targets for fiscal policy (fiscal rules) as well as in setting up an independent fiscal council to monitor and comment on developments. Swedish public finances are among the most sound in the OECD having been able to consolidate public finances and ensure fiscal sustainability, and they have maintained room for fiscal manoeuvre also during the financial crisis. This paper takes a closer look at the Swedish case as the stepping stone for a more general discussion of how to set intermediate targets for fiscal policy and the role fiscal councils may have in strengthening political accountability and thus ultimately credibility of fiscal policy. The Swedish fiscal framework is compared to the fiscal compact for EU countries, and it is argued that it has a number of desirable features.
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Fiscal policy and consumption
Defence date: 26 March 2007 ; Examining board: Prof. Giancarlo Corsetti, EUI, Supervisor ; Prof. Morten Ravn, EUI ; Dr. Jeffrey Campbell, Federal Reserve Bank of Chicago ; Prof. Roel Beetsma, University of Amsterdam ; There is little doubt that fiscal policy plays an important role in business cycle fluctuations; however, the ability of fiscal policy measure to work as a countercyclical stimulus has recently been questioned (see Taylor, 2000), in light of the efficiency and transparency of monetary policy interventions. Far from postulating a definitive answer to the debate, the objective of this dissertation is to contribute to a better understanding of the transmission mechanism of fiscal policy shocks, through their interaction with the consumption behaviour of private agents. The fundamental contribution of this thesis is the introduction of different forms of households' heterogeneity in the analysis of the effects of government expenditure shocks and tax cuts.
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Common Fiscal Policy
The purpose of this article is to demonstrate that a common fiscal policy, designed to support the euro currency, has some significant drawbacks. The greatest danger is the possibility of leveling the tax burden in all countries. This leveling of the tax is to the disadvantage of countries in Eastern Europe, in principle, countries poorly endowed with capital, that use a lax fiscal policy (Romania, Bulgaria, etc.) to attract foreign investment from rich countries of the European Union. In addition, common fiscal policy can lead to a higher degree of centralization of budgetary expenditures in the European Union.
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The Limits of Fiscal Policy
In: Palgrave Pivot
This book presents alternative macroeconomic perspectives, primarily open economy, on the limitations of discretionary fiscal policy, with a focus on government spending. Following an overview on the post-crisis Keynesian revival and of the macro-foundations needed for subsequent analysis, different perspectives are expounded that highlight the failings of fiscal activism. These perspectives include extended loanable funds analysis, an expenditure-output related model incorporating money and exchange rates, and a dependent economy framework. The approaches are used to examine investment and net export crowding out effects and their implications for national income, and are then adapted to show the macroeconomic impact of different fiscal consolidation measures, revealing that the nature of fiscal repair is critical. A concluding chapter evaluates the nexus between budgetary policy and confidence, summarises the key failings of fiscal activism, and suggests fiscal policy goals.
Essays on fiscal policy
In: van Oudheusden , P 2013 , ' Essays on fiscal policy ' , Doctor of Philosophy , Tilburg University , TIlburg .
This thesis deals with selected topics in fiscal policy. The first part examines the relationship between fiscal decentralization and certain outcomes, one being the amount of trust citizens have in their government, the other being economic efficiency. The second part looks into the challenge of governments to develop fiscal systems, or policy reforms, that generate sufficient revenues to deal with long-run government budget challenges and promote economic growth at the same time.
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Optimal Fiscal Policy
This paper derives and estimates rules for fiscal policy that prescribe the optimal response to changes in unemployment and debt. We combine the reduced form model of the economy from a linear VAR with a non-linear welfare function and obtain analytic solutions for optimal policy. The variables in our reduced form model –growth, unemployment, primary surplus– have a natural rate that cannot be affected by policy. Policy can only reduce fluctuations around these natural rates. Our welfare function contains future GDP and unemployment, the relative weights of which determine the optimal response. The optimal policy rule demands an immediate and large policy response that is procyclical to growth shocks and countercyclical to unemployment shocks. This result holds true when the weight of unemployment in the welfare function is reduced to zero. The rule currently followed by policy makers responds procyclically to both growth and unemployment shocks, and does so much slower than the optimal rule, leading to significant welfare losses.
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