Some Fiscal Implications of Monetary Policy
نویسندگان
چکیده
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
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 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...
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Our framework combines features of two distinguished traditions in economics: a public finance tradition and a more recent tradition of business cycle theory. The public finance tradition we follow stems from Ramsey (1927), who considers the problem of choosing an optimal tax structure when only distorting taxes are available. The business cycle tradition we follow stems from Kydland and Presco...
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Both monetary and fiscal instruments have been continuously and rather systematically used in Swedish stabilization policy during the entire postwar period. The policy has relied mainly on rather conventional "Keynesian" tools of fiscal and monetary policy: variations in public spending and taxation, interest rate variations, and attempts to influence the supply of credit and money. It may be o...
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ژورنال
عنوان ژورنال: Bulletin of Economic Research
سال: 2003
ISSN: 0307-3378,1467-8586
DOI: 10.1111/1467-8586.00160