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Perotti, Roberto; Strauch, Rolf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997

finances of its member states. Yet there is no clear definition of sustainability. The economist’s common use of the term …. In this study, we develop a concept of sustainability focusing on the controllability of public finances. In so doing, we … adopt the approach of the Maastricht Treaty, to assume sustainability as long as a country does not violate the double …

Persistent link: https://www.econbiz.de/10005667090

Tax Pot Episodes in OECD Countries

Bruno-Portier, Catherine; Portier, Franck - C.E.P.R. Discussion Papers - 2002

How to use an unexpected increase in tax revenues (tax pots) has been an important issue in most OECD countries in the second half of the 90’s, the question being more precisely what to do with those windfall revenues: decreasing taxes, debt, increasing expenditures? In this paper, we study...

Persistent link: https://www.econbiz.de/10005498059

Indian Public Finance in the 1990s: Challenges and Prospects

Buiter, Willem H.; Patel, U - C.E.P.R. Discussion Papers - 1994

This study updates and extends to the period 1988/9--1992/3 our earlier analysis of the public finances of India. The foreign exchange crisis of early 1991 forced the government to recognize the severity of the fiscal crisis it was facing and led to the implementation of a restrictive fiscal and...

Persistent link: https://www.econbiz.de/10005114352

Some Cross-Country Evidence about Debt, Deficits and the Behaviour of Monetary and Fiscal Authorities

Melitz, Jacques - C.E.P.R. Discussion Papers - 1997

This paper assesses how monetary authorities behave and how they interact. Pooled data for the 15 members of the European Union except Luxembourg and five other OECD countries serves to answer these questions. Three basic conclusions emerge. First, fiscal policy responds to the ratio of public...

Persistent link: https://www.econbiz.de/10005497715

A Gold Standard Isn't Viable Unless Supported by Sufficiently Flexible Monetary and Fiscal Policy

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1986

The paper studies an idealized gold standard in a two-country setting. Unless national policies for domestic credit expansion (dce) are flexible enough to offset the effect of money demand shocks on international gold reserves, the gold standard collapses with certainty in finite time through a...

Persistent link: https://www.econbiz.de/10005497804

Debt and the Effects of Fiscal Policy

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2007

A shift in taxes or in government spending (a ”fiscal shock”) at some point in time puts a constraint on the path of taxes and spending in the future, since the government intertemporal budget constraint will eventually have to be met. This simple fact is surprisingly overlooked in analyses...

Persistent link: https://www.econbiz.de/10005497892

How Large Are the Effects of Tax Changes?

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2009

We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation...

Persistent link: https://www.econbiz.de/10005082536

Long-Term Public Debt and the Fiscal Theory of the Price Level

Bloise, Gaetano; Reichlin, Pietro - C.E.P.R. Discussion Papers - 2006

The fiscal theory of the price level asserts that the price level is determined by the ratio of outstanding public nominal debt into the present value of real primary budget surpluses of the government. We here argue that the logic of the fiscal theory fails when at least part of the public debt...

Persistent link: https://www.econbiz.de/10005123617

`Excessive Deficits': Sense and Nonsense in the Treaty of Maastricht

Buiter, Willem H.; Corsetti, Giancarlo; Roubini, Nouriel - C.E.P.R. Discussion Papers - 1992

disregarded or applied quite loosely in order to avoid the risk of serious fiscal overkill. …

Persistent link: https://www.econbiz.de/10005123755

Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience

Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1995

In earlier work we documented two episodes in which a sharp fiscal consolidation was associated with a surprisingly large expansion in private domestic demand. In this paper we draw on further evidence to investigate if and when fiscal policy changes can have such non-Keynesian effects. In the...

Persistent link: https://www.econbiz.de/10005136472