Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (excluding Italy). Our results show that fiscal multipliers differ across...

The recent relatively high levels of global oil prices have led to a significant improvement in the public finances of several hydrocarbon-exporting countries. However, despite the increase in fiscal buffers, medium-term risks remain high. Fiscal vulnerabilities have increased as a consequence...

Intro -- Contents -- I. AN OIL STABILIZATION FUND FOR NIGERIA -- A. Introduction and Overview -- B. Views in the Literature -- C. Stabilizing Fiscal Spending -- D. Model Description -- E. Application to Nigeria -- References.

Intro -- Contents -- I. BACKGROUND -- II. A THEORETICAL MODEL OF THE TRADE BALANCE -- A. The Consumer's Problem -- B. The Firm's Problem -- C. The Government's Problem -- D. The Bank's Problem -- E. Import and Export Market Clearing -- F. The Trade Balance -- G. The Exchange Rate -- III. THE...

Intro -- Contents -- I. INTRODUCTION -- II. KEY FEATURES OF THE GLOBAL FISCAL MODEL -- III. CALIBRATING THE MODEL -- IV. THE MACROECONOMIC EFFECTS OF GOVERNMENT DEBT -- V. GOVERNMENT SPENDING SHOCKS AND PRIVATE CONSUMPTION -- VI. TAX DISTORTIONS AND THE BENEFITS OF TAX REFORM -- VII. THE EFFECTS...

Intro -- Contents -- I. INTRODUCTION -- II. MONEY AND PRICES IN THE MIDDLE EAST AND NORTH AFRICA: THE PUZZLE OF THE MISSING INFLATION -- III. AN ALTERNATIVE ANALYTICAL FRAMEWORK: THE FISCAL THEORY OF PRICES -- A. The Underlying Model: Standard Cash-in-Advance -- B. Multiple Equilibria -- IV. THE...

Intro -- Contents -- I. INTRODUCTION -- II. DEBT SUSTAINABILITY ANALYSIS AND RISK -- III. DEBT DYNAMICS AND THE CONDUCT OF FISCAL POLICY -- IV. RISKS TO DEBT SUSTAINABILITY IN FIVE EMERGING MARKET ECONOMIES -- V. CONCLUSION -- Appendix -- REFERENCES.

Intro -- Contents -- I. INTRODUCTION -- II. BACKGROUND -- III. THE MODEL -- A. Households -- B. Firms -- C. Government -- D. Domestic Financial Intermediary -- E. Foreign Creditor -- IV. EQUILIBRIUM CONDITIONS -- V. PARAMETERS -- VI. SIMULATIONS -- A. The Base Case -- B. Application of...