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Japan's Lost Decade : Lessons for Other Economies

Yoshino, Naoyuki - 2015

Japan has suffered from sluggish economic growth and recession since the 1990s, a phenomenon dubbed "Japan's Lost Decade." The People's Republic of China, many countries in the eurozone, and the United States may face similar problems in future and they have been concerned by Japan's long-term...

Persistent link: https://www.econbiz.de/10013024361

Partial Fiscal Decentralization and Sub-National Government Fiscal Discipline : Empirical Evidence from OECD Countries

Asatryan, Zareh - 2015

Recent theoretical research suggests that financing sub-national governments' expenditure out of own revenue sources is …

Persistent link: https://www.econbiz.de/10013024369

The Flexible System of Global Models – FSGM

Andrle, Michal - 2015

The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on...

Persistent link: https://www.econbiz.de/10013024429

Pressing the Indian Growth Accelerator : Policy Imperatives

Mohan, Rakesh - 2015

India's real GDP growth slipped substantially after the North Atlantic financial crisis. Return to a sustained high growth trajectory is feasible but it will need much more focused attention to the revival of manufacturing and to the acceleration of investment in transport and infrastructure....

Persistent link: https://www.econbiz.de/10013024439

Inference Based on SVARs Identified with Sign and Zero Restrictions : Theory and Applications

Arias, Jonas - 2015

Are optimism shocks an important source of business cycle fluctuations? Are deficit-financed tax cuts better than deficit-financed spending to increase output? These questions have been previously studied using structural vector autoregressions (SVAR) identified with sign and zero restrictions...

Persistent link: https://www.econbiz.de/10013026111

Comparing Fiscal Multipliers Across Models and Countries in Europe

Kilponen, Juha - 2015

permanent shocks to government expenditures and different taxes. We investigate how the baseline multipliers change when …

Persistent link: https://www.econbiz.de/10013026620

When Does Inter-Jurisdictional Competition Engender a 'Race to the Bottom?' A Meta-Regression Analysis

Costa-Font, Joan - 2015

A growing literature documents the existence of strategic political reactions to public expenditure between rival … jurisdictions. These interactions can potentially create a downward expenditure spiral (‘race to the bottom') or a rising … expenditure spiral (‘race to the top'). However, in the course of identifying the existence of such interactions and ascertaining …

Persistent link: https://www.econbiz.de/10013026688

Expenditure Rules : Effective Tools for Sound Fiscal Policy?

Cordes, Till - 2015

This paper provides new evidence on the effectiveness of expenditure rules. The analysis is based on a unique dataset … covering all countries with national and supranational fiscal rules, including 33 expenditure rules, between 1985 and 2013. It … compliance with rules and of the potential role of expenditure rules, in particular regarding long-term sustainability. Second …

Persistent link: https://www.econbiz.de/10013026921

It's Not All Fiscal : Effects of Income, Fiscal Policy, and Wealth on Private Consumption

Jaramillo Echeverri, Laura - 2015

We attempt to disentangle income and wealth effects on consumption by disaggregating both the different types of income and wealth. We estimate a consumption function for a panel of quarterly data for 14 advanced economies spanning 1998 to 2012, using an error correction specification. We find a...

Persistent link: https://www.econbiz.de/10013021438

Post-Keynesian Economics – A User's Guide

Hart, Neil - 2015

This paper provides a brief introduction to post-Keynesian economics. Post-Keynesians are sceptical of the usefulness of the equilibrium method, and favour an approach based on path-determined models with, due to the influence of uncertainty on economic decisions, an important role assigned to...

Persistent link: https://www.econbiz.de/10013021720