Governance Structures and Decision-Making Roles in Inflation Targeting Central Banks
In: IMF Working Paper, p. 1-27
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In: IMF Working Paper, p. 1-27
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In: American economic review, Volume 93, Issue 2, p. 266-270
ISSN: 1944-7981
In: The Economic Journal, Volume 124, Issue 581, p. 1279-1316
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In: The Economic Journal, Volume 124, Issue 581, p. 1279-1316
In: IMF Working Papers, p. 1-27
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In: IMF Working Papers, p. 1-34
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In: IMF Working Paper, p. 1-22
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In: IMF Working Papers v.Working Paper No. 14/107
Potential output estimation plays a crucial role in conducting fiscal policy based on structural balances. Difficulties in estimating potential output could lead to an erroneous policy stance with a consequent impact on growth. This paper analyzes historical data on revisions ofactual and potential growth in the European Union and the implication of these revisions for the measurement of fiscal effort using the cyclically-adjusted primary balance (CAPB). It finds that revisions in output gap estimates were large, at almost 1½ percent of potential GDP on average. Revisions in potential GDP also
In: IMF Working Papers
The Czech Republic has embarked on an ambitious tax reform and expenditure package to bring the deficit sustainably below 3 percent, and intends to reduce the deficit to 1 percent of GDP by 2012. To address the long-term fiscal challenge due to population aging, pension reform proposals are also being considered. In this paper we assess the macroeconomic effects of these measures using the Global Fiscal Model. The tax reform package will achieve a more efficient tax system. If implemented successfully with the intended expenditure savings measures, debt is projected to improve markedly while o
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Working paper
In: IMF Working Paper No. 14/107
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In: IMF Working Papers, p. 1-59
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In: IMF Working Papers, p. 1-63
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In: IMF Working Papers
This paper analyzes the impact of decentralization on overall fiscal performance in the European Union, taking into account fiscal institutional arrangements. We find that spending decentralization has been associated with sizably better fiscal performance, especially when transfer dependency of subnational governments is low. However, subnational fiscal rules do not seem to be associated with better performance
In: IMF Working Paper No. 12/45
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Working paper