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Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits
Laxton, Douglas; Muir, Dirk; Kumhof, Michael; Mursula, … - International Monetary Fund (IMF) - 2009
This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary...
Persistent link: https://www.econbiz.de/10008497609
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The Macroeconomic Impact of Healthcare Financing Alternatives; Reform Options forhong Kong Sar
International Monetary Fund (IMF); International … - 2008
With much healthcare publicly funded, Hong Kong's rapidly aging population will significant raise fiscal pressure over coming decades. We ask what the implications are of meeting these costs by public funding, or private funding voluntarily or through mandates. Our simulations suggest that...
Persistent link: https://www.econbiz.de/10005825995
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Impact of Demographic Changes on Inflation and the Macroeconomy
Yoon, Jong-Won; Kim, Jinill; Lee, Jungjin - International Monetary Fund (IMF) - 2014
variables move over time and analyzes how they influence macroeconomic variables such as economic growth, inflation, savings and …
Persistent link: https://www.econbiz.de/10011123847
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Taxes and the Price Level; A Further Examination of the PPP Hypothesis
Kleiman, Ephraim - International Monetary Fund (IMF) - 1993
The effects of taxation on the general price level have traditionally been regarded as reflecting monetary policy, rather than fiscal factors. This view abstracted from the possible endogeneity of monetary expansion with respect to tax hikes, and from the effects which taxation may have on the...
Persistent link: https://www.econbiz.de/10005825768
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Monetary and Fiscal Rules in an Emerging Small Open Economy
Levine, Paul; Pearlman, Joseph; Batini, Nicoletta - International Monetary Fund (IMF) - 2009
a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt … domestic and CPI inflation targeting interest rate rules alongside a 'Structural Surplus Fiscal Rule' as followed recently in … Chile. A comparison with a fixed exchange rate regime is made. We find that domestic inflation targeting is superior to …
Persistent link: https://www.econbiz.de/10005825799
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Financial Stability and Fiscal Crises in a Monetary Union
Jahjah, Samir - International Monetary Fund (IMF) - 2001
help prevent or minimize the risk of fiscal crises and the corresponding risk of central bank financing and inflation. …
Persistent link: https://www.econbiz.de/10005826053
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DSGE Modeling At the Fund; Applications and Further Developments
Botman, Dennis P. J.; Rose, David; Laxton, Douglas; … - International Monetary Fund (IMF) - 2007
Researchers in policymaking institutions have expended significant effort to develop a new generation of macro models with more rigorous microfoundations. This paper provides a summary of the applications of two of these models. The Global Economy Model is a quarterly model that features a large...
Persistent link: https://www.econbiz.de/10005826064
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IMF and the Baltics; A Decade of Cooperation
Knöbl, Adalbert; Haas, Richard D. - International Monetary Fund (IMF) - 2003
The paper is an economic history of the IMF’s involvement in the Baltic states. It describes and analyzes the initial economic stabilization; the period of consolidation and recovery; the effects of the Russian crisis of 1998; and the current growth phases of Lithuania, Latvia, and Estonia. There...
Persistent link: https://www.econbiz.de/10005826127
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Monetary and Fiscal Policy Options for Dealing with External Shocks; Insights from the GIMF for Colombia
Flores, Enrique; Leigh, Daniel; Clements, Benedict J. - International Monetary Fund (IMF) - 2009
results suggest that under Colombia’s inflation targeting regime, which incorporates exchange rate flexibility and a highly …
Persistent link: https://www.econbiz.de/10005826520
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Democratic Accountability, Deficit Bias, and Independent Fiscal Agencies
Debrun, Xavier - International Monetary Fund (IMF) - 2011
Despite growing interest among policymakers, there is no theory of independent fiscal institutions. The emerging literature on "fiscal councils" typically makes informal parallels with the theory of central bank independence, but a very simple formal example shows that such a shortcut is flawed....
Persistent link: https://www.econbiz.de/10009203526