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A Role Model for the Conduct of Fiscal Policy? Experiences from Sweden

Flodén, Martin - C.E.P.R. Discussion Papers - 2012

. The recovery was however quick. GDP growth was around four percent in 1994-1995, and budget deficits had been eliminated … by 1998. Growth remained high in the subsequent decade, and the government debt ratio was reduced by almost 50 percent of … strong growth on export markets was a key ingredient in the Swedish recovery. Implementing fiscal austerity would have been …

Persistent link: https://www.econbiz.de/10011084359

Subjective Welfare, Isolation and Relative Consumption

Fafchamps, Marcel; Shilpi, Forhad - C.E.P.R. Discussion Papers - 2006

The recent literature has shown that subjective welfare depends on relative income. Attempts to test this relationship in poor countries have yielded conflicting results, suggesting that the relationship is not universal or only applies above a certain income level. We revisit the issue using...

Persistent link: https://www.econbiz.de/10005792353

Isolation and Subjective Welfare

Fafchamps, Marcel; Shilpi, Forhad - C.E.P.R. Discussion Papers - 2006

Using detailed geographical and household survey data from Nepal, this article investigates the relationship between isolation and subjective welfare. This is achieved by examining how distance to markets and proximity to large urban centers affect responses to questions about income and...

Persistent link: https://www.econbiz.de/10005123751

Subjective Well-Being, Income, Economic Development and Growth

Sacks, Daniel W.; Stevenson, Betsey; Wolfers, Justin - C.E.P.R. Discussion Papers - 2010

-being. Finally, studying changes in satisfaction over time, we find that as countries experience economic growth, their citizens …’ life satisfaction typically grows, and that those countries experiencing more rapid economic growth also tend to experience … more rapid growth in life satisfaction. These results together suggest that measured subjective well-being grows hand in …

Persistent link: https://www.econbiz.de/10008684672

Macroeconomic Fluctuations and the Timing of Labour Market Reforms

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2002

In this Paper, I analyse the pros and cons of implementing structural reforms of the labour market in booms versus recessions, in light of considerations of social efficiency, political viability, and macroeconomic fine-tuning. While the optimal timing of a reform depends on the relative...

Persistent link: https://www.econbiz.de/10005504569

Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003

E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic … stability, and some risks associated with operational independence of the central bank. The relevance of the second issue is not …

Persistent link: https://www.econbiz.de/10005662197

Performance of Inflation Targeting Based on Constant Interest Rate Projections

Honkapohja, Seppo; Mitra, Kaushik - C.E.P.R. Discussion Papers - 2003

Monetary policy is sometimes formulated in terms of a target level of inflation, a fixed time horizon and a constant interest rate that is anticipated to achieve the target at the specified horizon. These requirements lead to constant interest rate (CIR) instrument rules. Using the standard New...

Persistent link: https://www.econbiz.de/10005791491

Cyclicality of Fiscal Policy: Permanent and Transitory Shocks

Strawczynski, Michel; Zeira, Joseph - C.E.P.R. Discussion Papers - 2009

This paper examines the optimal reaction of fiscal policy to permanent and transitory shocks to output in a model of tax and public consumption smoothing. The model predicts that optimal reaction of public expenditures and deficits to transitory shocks should be countercyclical, while optimal...

Persistent link: https://www.econbiz.de/10005791927

Patching up the Pact: some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic Stability in an Enlarged European Union

Buiter, Willem H.; Grafe, Clemens - C.E.P.R. Discussion Papers - 2002

-financial constraints imposed by the Stability and Growth Pact and the Maastricht Treaty. Our findings apply also to those current EU … characteristics (e.g. demographic structure, growth potential, Balassa-Samuelson equilibrium real exchange rate appreciation) differ …

Persistent link: https://www.econbiz.de/10005792378

Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2000

Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...

Persistent link: https://www.econbiz.de/10005124252