منابع مشابه
Monetary Policy Implications of Greater Fiscal Discipline
After nearly a quarter century of large budget deficits—causing the public debt to double from 20 percent to 42 percent as a share of GDP in the industrialized countries—the need for greater fiscal discipline appears to be reaching a consensus. Last spring a balanced budget amendment to the U.S. Constitution passed in the House of Representatives and came close to passing in the Senate—a swing ...
متن کاملCommentary: Monetary Policy Implications of Greater Fiscal Discipline
Discussions of fiscal policy often originate with central banks. This conference is organized by one; the Bank of England was created to help the British government finance its deficit; and it was in the Federal Reserve Bank of Minneapolis’ Quarterly Review that in 1981, Tom Sargent and Neil Wallace published their well-known article “Some Unpleasant Monetarist Arithmetic.” Their basic proposit...
متن کاملCommentary: Monetary Policy Implications of Greater Fiscal Discipline
The risks generally associated with public indebtedness were already clearly identified by Adam Smith. In his principal work, The Wealth of Nations, he wrote: “The practice of funding has gradually enfeebled every state which has adopted it.” To me this does not mean that all public debt has to be called into question, even if influential politicians here in the United States are once again dem...
متن کاملTranslation Studies: Pre-Discipline, Discipline, Interdiscipline, and Post-Discipline
In the West, Translation Studies as a discipline has a very short but lively history. Founded in the early 1970s in the Low Countries—Holland and Belgium—translation studies is a fairly new field. Yet, today some theorists suggest that the discipline is too limited to translated texts and excludes much translation data being generated from other fields of inquiry, including theater, art, archit...
متن کاملEuropean Fiscal Discipline before and after EMU Permanent Weight Loss or Crash Diet?
This paper studies the evolution of European fiscal policies and the attempts at budgetary consolidation through three periods: the pre-Maastricht phase (to 1991); the run up to monetary union (1992-97), and finally the stability pact phase (1998 onwards). Using three separate indicators – the probability of undertaking a consolidation, the degree to which it is sustained, and the probability o...
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ژورنال
عنوان ژورنال: Review of Economic Dynamics
سال: 2017
ISSN: 1094-2025
DOI: 10.1016/j.red.2016.12.001