This paper provides evidence in support of the hypothesis that fiscal policy is largely anticipated and its effects depend on the extent to which policy is able to affect expectations. Based on a set of 2-country Bayesian VAR models between major European economies, we find that a surprise stim...
State-dependent distributions of fiscal limits are simulated based on macroeconomic uncertainty and fiscal policy specifications. The analysis shows that expected future revenue plays an important role in the low fiscal limits of developing countries, relative to those of developed countries. External debt...
We study the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level. First, we estimate the impact of COVIDGourinchas, Pierre-OlivierKalemli-zcan, ebnemPenciakova, VeronikaSander, Nick...
We study the quantitative implications of fiscal policy decisions in an heterogeneous agent model with incomplete markets, and where equity and government debt are not perfect substitutes. This set-up allows us to study the impact of the decisions on macroeconomic activity, cross-sectional wealth dist...
The meaning of FISCAL POLICY is the financial policy of a government particularly as regards the budget and the method and timing of borrowings and especially in relation to central-bank credit policy.
aFiscal policy is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy. It is the sister strategy to monetary policy through which a central bank influences a nation's money supply. These two policies are used in various combi...
We extend the topical literature on the cyclical behavior of fiscal policy in developing countries subject to terms of trade cycles by applying the interactive fixed effects model that allow for unobserved time-varying heterogeneity in the impact of fundamentals. Based on a sample of 20 sub-Saharan...
FISCAL‐POLICY THEORY IN AN INTERREGIONAL ECONOMY: GENERAL INTERREGIONAL MULTIPLIERS AND THEIR APPLICATION J Airov - 《Papers in Regional Science》 被引量: 0发表: 1967年 INPUT‐OUTPUT AND ECONOMIC BASE MULTIPLIERS: LOOKING BACKWARD AND FORWARD* Examines the measurement of the economic base and the ...
for example. To meet its future obligations as adebtor, the government must eventually increase tax receipts, cut spending, borrow additional funds or print more dollars. Not all economists agree on the net effect of expansionary fiscal policy on the budget in thelong run. In theshort run, ei...
The current economic global crisis has thrown fiscal policy onto the center stage. However, the current crisis episode has not produced any change regarding the standing role and function of fiscal policy in developed and developing market economies that has dominated the economics profession for decad...