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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

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

Adopting the Euro in Central Europe; Challenges of the Next Step in European Integration

International Monetary Fund (IMF); International … - 2005

Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...

Persistent link: https://www.econbiz.de/10005767345

Jointly Optimal Monetary and Fiscal Policy Rules Under Borrowing Constraints

Kumhof, Michael; Bi, Huixin - International Monetary Fund (IMF) - 2009

a very low coefficient on inflation, which minimizes real wage volatility. The welfare gains of optimizing the fiscal …

Persistent link: https://www.econbiz.de/10008561090

Simple, Implementable Fiscal Policy Rules

Kumhof, Michael; Laxton, Douglas - International Monetary Fund (IMF) - 2009

This paper analyzes the scope for systematic rules-based fiscal activism in open economies. Relative to a balanced budget rule, automatic stabilizers significantly improve welfare. But they minimize fiscal instrument volatility rather than business cycle volatility. A more aggressively...

Persistent link: https://www.econbiz.de/10004999963

Northern Star; Canada's Path to Economic Prosperity

Klyuev, Vladimir; Mühleisen, Martin; Bayoumi, Tamim - International Monetary Fund (IMF) - 2007

Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account …

Persistent link: https://www.econbiz.de/10011245903

Asymmetric Effects of Government Spending; Does the Level of Real Interest Rates Matter?

Choi, Woon Gyu; Devereux, Michael B. - International Monetary Fund (IMF) - 2005

conducive to short-run growth when real rates are low. It also finds asymmetric effects on interest rates and inflation, and …

Persistent link: https://www.econbiz.de/10005768903

Fiscal Policy in Pakistan Since 1970

International Monetary Fund (IMF); International … - 1992

the inflation tax. Accordingly, continued effort is likely to be needed to attain a fiscal position that is sustainable …

Persistent link: https://www.econbiz.de/10005248177

U.S. Fiscal Policies and Priorities for Long-Run Sustainability

Mühleisen, Martin; Towe, Christopher M. - International Monetary Fund (IMF) - 2004

This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the governmentâ€™s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting...

Persistent link: https://www.econbiz.de/10005824863

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