Fiscal rules, discretionary fiscal policy and macroeconomic stability: an empirical assessment for OECD countries
نویسندگان
چکیده
منابع مشابه
Fiscal Transparency and Fiscal Policy Outcomes in Oecd Countries
It is widely believed and often argued that budget process transparency has large, positive effects on fiscal performance. However, the evidence linking transparency and fiscal policy outcomes is far from compelling. We modify the "debt as precommitment" model of Alesina and Tabellini (1990) by allowing for budget inertia and reputational costs. These modest changes produce an equilibrium level...
متن کاملReassessing Discretionary Fiscal Policy
n 1992, President Bush proposed legislation intended to speed up the recovery from the 1990-91 recession. Congress rejected this proposal for countercyclical fiscal policy stimulus. In early 1993 President Clinton proposed his own stimulus package, but Congress rejected this proposal too. Many reasons were given for deciding against these two discretionary fiscal policy proposals, but perhaps t...
متن کاملFiscal Policy, Macroeconomic Stability and Finite Horizons
In this paper we analyse the stabilisation properties of distortionary taxes in a New Keynesian model with overlapping generations of finitely-lived consumers. In this framework, government debt is part of net wealth and this adds a number of interesting channels through which fiscal policy could affect output and inflation. Output volatility, in presence of technology shocks, is not substantia...
متن کاملEffects of discretionary fiscal policy: new empirical evidence for Germany
This paper analyses the effects of discretionary fiscal policy by presenting new empirical evidence for Germany within a structural vector autoregression (SVAR) framework. Following Blanchard and Perotti (2002), the SVAR model is identified by applying institutional information. We find no compelling evidence for the effectiveness of discretionary fiscal policy. Cutting taxes does not tend to s...
متن کاملIdentifying Endogenous Fiscal Policy Rules for Macroeconomic Models
4 Non-technical summary 5
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Applied Economics
سال: 2009
ISSN: 0003-6846,1466-4283
DOI: 10.1080/00036840701367556