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This paper studies price stability and debt sustainability when the real rate exceeds trend growth (r g) in a New Keynesian model with endogenous technology growth through R&D. Endogenous growth constitutes a self-financing mechanism for deficits which backs debt and attenuates fiscal...
Persistent link: https://www.econbiz.de/10015130300
This paper studies price stability and debt sustainability when the real rate exceeds trend growth (r g) in a New Keynesian model with endogenous technology growth through R&D. Under debt-stabilizing ("passive") fiscal policy the Taylor principle is not sufficient for determinacy. Instead,...
Persistent link: https://www.econbiz.de/10014457581
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This paper analyzes the procyclicality of fiscal policy on the tax and spending sides in a sample of 116 developing countries between 2000 and 2016. About 20 percent of the countries in the sample switched from procyclical to countercyclical policy stance. In Sub-Saharan Africa, 30 of 39...
Persistent link: https://www.econbiz.de/10012865086
Calculations based on the intertemporal government budget constraint can be only indicative regarding an economy's fiscal sustainability. Sovereign interest rates, growth rates, as well as primary fiscal balances are all endogenous variables that are jointly determined. This rationalizes the use...
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Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained …
Persistent link: https://www.econbiz.de/10012795769
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