The search for “fiscal indicators” to provide a short-hand (and preferably quantitative) picture of the size, direction, and nature of intergovernmental finance – and, ideally, some guidance for policy designed to improve outcomes – appears to be neverending. “Fiscal balance” and “fiscal sustainability” are, for example, terms commonly heard in discussions of intergovernmental fiscal relations....

The Expansionary Fiscal Contraction (EFC) hypothesis predicts that a major fiscal consolidation leads to an economic expansion under certain circumstances. We test this hypothesis, and the implied non–linear responses of the economy to large and small changes in fiscal policy, using data from the 1983 Danish fiscal reform. We use a structural VAR/event study methodology following Blanchard and ...

Fiscal equalisation aims at enabling decentralized governments to supply similar services at similar tax rates. In order to equalize fiscal disparities, differences in both fiscal capacities and in fiscal needs have to be measured. This paper focuses on the measurement of fiscal capacity in a developing country. The current intergovernmental transfer system in Tanzania does not take differences...

Article history: Received 30 October 2015 Received in revised form 23 March 2016 Accepted 29 April 2016 Available online 3 May 2016 New indices of fiscal rule strength are constructed and, using a dynamic panel econometric model for 27 EU countries over the period 1990–2012, we assess whether national fiscal rules alone help to promote sustainable public finances in the EU or whether they must ...

The COVID-19 pandemic has reinforced the dominance of what Daniela Gabor calls Wall Street Consensus (WSC) as hegemonic approach to sustainable development. Public commitments “green recoveries” and climate resilience, growing fiscal deficits in Global South, new central bank emergency liquidity measures have created more space for WSC policies. We examine key policy tools – infrastructure an a...

For the third quarter, Adobe achieved record revenue of $260.9 million, compared to $222.9 million reported for the third quarter of fiscal 1998 and $245.9 million reported in the second quarter of fiscal 1999. This represents a 20.6% increase in year over year revenue growth when taking into consideration revenue from businesses divested in fiscal 1998. Operating profit for the third quarter w...

This paper, I have focused on the tax side of the fiscal policy to  investigate the past and future behavior of fiscal sustainability in Iran. To do so, I have employed two different forward-looking and backward-looking approaches. First, the backward-looking approach is the fiscal policy rule proposed by Daving & Leeper (2011). Precisely, this rule determines that whether the fiscal policy is ...

This paper examines under what conditions fiscal policy in the form of government spending should contribute to macroeconomic stabilisation. To this end optimal fiscal targeting rules minimising the microfounded social loss are examined in the following settings. Firstly, for the benchmark New Keynesian model, where monetary policy is unconstrained, a neutrality result for fiscal obtains: fisca...

Abstract T his paper is to convince the usage of the nonlinear unit root tests when dealing with a nonlinear model. To do so, the stationary test for variables in a model titles “Fiscal Reaction Function in Iran” has been applied according to both the ordinary and the Nonlinear Dickey-Fuller (NDF) tests. Results show that while variables under investigation are stationary ...