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Author | : Mr.Mark Scott Lutz |
Publisher | : International Monetary Fund |
Total Pages | : 13 |
Release | : 1991-09-01 |
Genre | : Business & Economics |
ISBN | : 1451851448 |
Download Fiscal Impulse Book in PDF, ePub and Kindle
The concept of fiscal impulse is defined, discussed, and differentiated from measures that attempt to summarize the macroeconomic effects of fiscal policy. Two methodologies are briefly discussed and their corresponding measures presented for the G-7 countries over the ten-year period ending in 1989. Controversies about the measure are highlighted and potential improvements are also discussed.
Author | : Sheetal K. Chand |
Publisher | : International Monetary Fund |
Total Pages | : 18 |
Release | : 1992-05-01 |
Genre | : Business & Economics |
ISBN | : 1451977530 |
Download Fiscal Impulses and their Fiscal Impact Book in PDF, ePub and Kindle
Fiscal impulse measures are used in the WEO and elsewhere to indicate the changing impact of the budget on the economy. Such measures are intended to provide more accurate indications of whether the budget is becoming more or less expansionary than would just observing moments in the actual budget balance. However, they have been criticized for lacking an analytical rationale. This paper uses a simple framework to show that the fiscal impulse measure can be analytically derived. While this removes one source of criticism, the measure, nevertheless, should be used carefully when making inferences of fiscal impact.
Author | : Sheetal Chand |
Publisher | : |
Total Pages | : 18 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download Fiscal Impulses and Their Fiscal Impact Book in PDF, ePub and Kindle
Fiscal impulse measures are used in the WEO and elsewhere to indicate the changing impact of the budget on the economy. Such measures are intended to provide more accurate indications of whether the budget is becoming more or less expansionary than would just observing moments in the actual budget balance. However, they have been criticized for lacking an analytical rationale. This paper uses a simple framework to show that the fiscal impulse measure can be analytically derived. While this removes one source of criticism, the measure, nevertheless, should be used carefully when making inferences of fiscal impact.
Author | : Mr.C. John McDermott |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 1996-06-01 |
Genre | : Business & Economics |
ISBN | : 1451965958 |
Download An Empirical Analysis of Fiscal Adjustments Book in PDF, ePub and Kindle
This study uses the fiscal expansion and consolidation experiences of the industrial countries over the period 1970 to 1995 to examine the interplay between fiscal adjustments and economic performance. A key finding is that fiscal consolidation need not trigger an economic slowdown. Fiscal consolidation that concentrates on the expenditure side, and especially on transfers and government wages, is more likely to succeed in reducing the public debt ratio than tax-based consolidation. Also, the greater the magnitude of the fiscal consolidation, the more likely it is to succeed in reducing the debt ratio.
Author | : |
Publisher | : |
Total Pages | : 71 |
Release | : 1985 |
Genre | : |
ISBN | : |
Download A Review of the Fiscal Impulse, with Estimates of the Structural Budget Balance Book in PDF, ePub and Kindle
Author | : Alberto Alesina |
Publisher | : University of Chicago Press |
Total Pages | : 596 |
Release | : 2013-06-25 |
Genre | : Business & Economics |
ISBN | : 022601844X |
Download Fiscal Policy after the Financial Crisis Book in PDF, ePub and Kindle
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Author | : Mr.Serhan Cevik |
Publisher | : International Monetary Fund |
Total Pages | : 20 |
Release | : 2019-03-25 |
Genre | : Business & Economics |
ISBN | : 1498305032 |
Download Anchor Me: The Benefits and Challenges of Fiscal Responsibility Book in PDF, ePub and Kindle
This paper discusses the benefits and challenges of implementing a rule-based fiscal responsibility framework, using the Philippines as a case study. It estimates structural measures of the fiscal stance over the period 1980–2016 and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis indicates that discretionary fiscal policy has been procyclical, and the degree of procyclicality has increased in recent years. While the national government’s non-binding ceiling on the overall budget deficit is helpful, it does not constitute an appropriate operational target to guide fiscal policy over the economic cycle and necessarily ensure that the fiscal stance meets the government’s intertemporal budget constraint. To this end, using stochastic simulations, this paper makes the case for a well-designed fiscal responsibility law that enshrines explicit fiscal rules designed for countercyclical policy and long-term debt sustainability, and an independent fiscal council to improve accountability and transparency.
Author | : Carolina Correa-Caro |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 2018-11-28 |
Genre | : Business & Economics |
ISBN | : 1484386973 |
Download Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis Book in PDF, ePub and Kindle
Using financial statement data from the Thomson Reuter’s Worldscope database for 22,333 non-financial firms in 52 advanced and emerging economies, this paper examines how fiscal stimulus (i.e., changes in structural deficit) interacted with sectoral business cycle sensitivity affected corporate profitability during the recovery period of the global financial crisis (GFC). Using cross-sectional analyses, our findings indicate that corporate profitability improved significantly after the GFC fiscal stimulus, especially in manufacturing, utilities and retail sectors. Firm size and leverage are also found to be significant in explaining changes in corporate profitability.
Author | : Mr.Mario I. Bléjer |
Publisher | : International Monetary Fund |
Total Pages | : 404 |
Release | : 1991-09-15 |
Genre | : Business & Economics |
ISBN | : 9781557751928 |
Download How to Measure the Fiscal Deficit Book in PDF, ePub and Kindle
Fiscal policy seeks to equilibrate the public sector's financing needs with the private sector's demand for investment and a sustainable balance of payments. Correct measurement of the public sector's net use of resources is therefore an important prerequisite for managing the macroeconomy. This volume, edited by Mario I. Blejer and Adrienne Cheasty, is organized around four issues: the adequacy of summary measures of the fiscal deficit, conventional and adjusted deficits, coverage (size) of the public sector, and the public sector's intertemporal budget constraint.
Author | : Karim Barhoumi |
Publisher | : International Monetary Fund |
Total Pages | : 45 |
Release | : 2016-03-10 |
Genre | : Business & Economics |
ISBN | : 1513574671 |
Download Stochastic Trends, Debt Sustainability and Fiscal Policy Book in PDF, ePub and Kindle
We study empirically the reaction of fiscal policy to changes in the permanent and transitory components of GDP in a panel of countries. We find evidence that government spending tends to be counter-cyclical conditional on temporary shocks and pro-cyclical conditional on permanent shocks. We also find no evidence that developing countries are systematically different from developed ones in terms of fiscal policy. We present a theory featuring a fiscal reaction function to the output gap and a measure of debt sustainability. The fiscal impulse response to a permanent (temporary) shock to GDP is positive (negative) as the effect on debt sustainability (current output gap) dominates. The results are mostly sensitive to the relative weight of debt sustainability in the fiscal reaction function as well as to the extent of real rigidities in the economy.