Consensual Budgetary and Fiscal Policy of BRICS

Future fiscal and budgetary shocks

We study here the effects of future tax and budgetary shocks on present levels of economic activity and real interest rates in a nonmonetary and possibly non-Ricardian economy. The paper first takes up an (unanticipated) temporary tax cut to be effective on a given future date—a delayed “debt bomb.” The sudden prospect of this future-dated shock causes at once a drop in the (unit) value placed ...

Setting Discretionary Fiscal Policy within the Limits of Budgetary Institutions: Evidence from American State Governments

ACKNOWLEDGEMENTS The dissertation process is a journey with enjoyment and frustration. Without assistance and support from many, the completion of this dissertation would be impossible. I would like to take this opportunity to acknowledge my gratitude to them. I am very grateful to my committee members for their guidance and assistance. Dr. Robert J. Eger provided me with good advice regarding ...

Commentary: Fiscal Policy and the Fiscal Position

As economics has developed, a number of different fiscal principles have been suggested. Perhaps the oldest principle was that the Government should balance its books. This principle was adopted by the 1979 Conservative Government but they delivered a budget in balance or in surplus only in 1988/89 and 1989/90. The same principle has been adopted in the Stability and Growth Pact, albeit with an...

Budgetary Institutions and Expenditure Outcomes Binding Governments to Fiscal Performance

On the Inequality Effects of Fiscal Policy

increasing concern with income distribution effects rather than growth effects of government activities has prompted numerous incidence analysis of government tax and expenditure behavior, in this paper, the extent of government contributions to changes in income inequality is analyzed for the Iranian economy. Some major findings of this research is that income distribution in urban areas was m...