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Fiscal Stimulus and Distortionary Taxation

Uhlig, Harald; Drautzburg, Thorsten - National Bureau of Economic Research (NBER) - 2011

We quantify the fiscal multipliers in response to the American Recovery and Reinvestment Act (ARRA) of 2009. We extend the benchmark Smets-Wouters (2007) New Keynesian model, allowing for credit-constrained households, the zero lower bound, government capital and distortionary taxation. The...

Persistent link: https://www.econbiz.de/10009652842

Japanese Government Debt and Sustainability of Fiscal Policy

Doi, Takero; Hoshi, Takeo; Okimoto, Tatsuyoshi - National Bureau of Economic Research (NBER) - 2011

We construct quarterly series of the revenues, expenditures, and debt outstanding for Japan from 1980 to 2010, and analyze the sustainability of the fiscal policy. We pursue three approaches to examine the sustainability. First, we calculate the minimum tax rate that stabilizes the debt to GDP...

Persistent link: https://www.econbiz.de/10009251531

Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies

Ghosh, Atish; Mendoza, Enrique G.; Ostry, Jonathan David; … - National Bureau of Economic Research (NBER) - 2011

How high can public debt rise without compromising fiscal solvency? We answer this question using a stochastic ability-to-pay model of sovereign default in which risk-neutral investors lend to a government that displays "fiscal fatigue," because its ability to increase primary balances cannot...

Persistent link: https://www.econbiz.de/10008836371

The U.S. Fiscal Problem: Where We Are, How We Got Here and Where We're Going

Auerbach, Alan - National Bureau of Economic Research (NBER) - 1994

This paper deals with several issues regarding the causes and implications of recent and projected U.S. federal budget … the federal budget well into surplus; there is no single explanation for these large and systematic forecasting errors. 2 …. The budget rules that legislators have developed to control deficits, including those now in effect, are ill-designed for …

Persistent link: https://www.econbiz.de/10005829920

Sovereign Default Risk and Banks in a Monetary Union

Uhlig, Harald - National Bureau of Economic Research (NBER) - 2013

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...

Persistent link: https://www.econbiz.de/10010951167

American Fiscal Policy in the 1990's

Grossman, Herschel I. - National Bureau of Economic Research (NBER) - 1995

This essay analyzes current fiscal policy in the United States within an historical context. The objective is to clarify why recent developments in the United States are troubling, but also to understand why the United States, in contrast to other countries such as Italy, has so far avoided the...

Persistent link: https://www.econbiz.de/10005720412

Two Tales of Adjustment: East Asian Lessons for European Growth

Chari, Anusha; Henry, Peter Blair - National Bureau of Economic Research (NBER) - 2014

Paths into the Asian Crisis of 1997-98 and the recent global financial crisis were similar, but the roads out could not be more different. Common wisdom has it that on impact Asia endured fiscal austerity imposed by the IMF whereas the IMF recommended stimulus in the case of the advanced nations...

Persistent link: https://www.econbiz.de/10010796692

Learning From the Doers: Developing Country Lessons for Advanced Economy Growth

Chari, Anusha; Henry, Peter Blair - National Bureau of Economic Research (NBER) - 2014

embracing discipline--sustained commitment to a pragmatic and flexible growth strategy. Three illustrations of discipline …

Persistent link: https://www.econbiz.de/10010950775

Modern Macroeconomics in Practice: How Theory is Shaping Policy

Kehoe, Patrick J.; Chari, Varadarajan - National Bureau of Economic Research (NBER) - 2006

Theoretical advances in macroeconomics made in the last three decades have had a major influence on macroeconomic policy analysis. Moreover, over the last several decades, the United States and other countries have undertaken a variety of policy changes that are precisely what macroeconomic...

Persistent link: https://www.econbiz.de/10005089123

Did the 2008 Tax Rebates Stimulate Spending?

Shapiro, Matthew D.; Slemrod, Joel - National Bureau of Economic Research (NBER) - 2009

Only one-fifth of respondents to a rider on the University of Michigan Survey Research Center's Monthly Survey said that the 2008 tax rebates would lead them to mostly increase spending. Almost half said the rebate would mostly lead them to pay off debt, while about a third saying it would lead...

Persistent link: https://www.econbiz.de/10005085256