Deflation And Fiscal Deficits
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Deflation And Fiscal Deficits
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Author : Yoshikiyo Sakai
language : en
Publisher: Springer Nature
Release Date : 2024-04-09
Deflation And Fiscal Deficits written by Yoshikiyo Sakai and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-04-09 with Business & Economics categories.
In this study on the Japanese economy, the author focuses on three problems related to economic policy and presents their answers. The author analyzes (i) what mechanisms exist for fiscal policy and the price level, (ii) whether the MMT proposition that public deficits increase people’s wealth and savings fits into the standard macro model, and (iii) whether Blanchard's assertion that fiscal deficits are net wealth in the US economy can be applied to Japanese economy as well. The propositions of Sims’ FTPL, Kelton's MMT, Japan's Ricardian type argument, and the non-Ricardian type of government by Blanchard have been understood as independent economic perceptions, but they will be theoretically shown as a coherent story. Namely, this study presents a macroeconomic framework that includes the financial sector and derives Sims’ proposition that “fiscal policy can be the sole determinant of the price level.” It also shows that MMT's claim that "budget deficits increase our wealth and collective savings" can inevitably hold within this framework. Furthermore, it presents a model that consistently explains that public debt leads to financial collapse but contributes to economic welfare.
The Purchasing Power Of Money
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Author : Irving Fisher
language : en
Publisher: Cosimo, Inc.
Release Date : 2007-11-01
The Purchasing Power Of Money written by Irving Fisher and has been published by Cosimo, Inc. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
Perhaps America's first celebrated economist, Irving Fisher-for whom the Fisher equation, the Fisher hypothesis, and the Fisher separation theorem are named-staked an early claim to fame with his revival, in this 1912 book, of the "quantity theory of money." An important work of 20th-century economics, this work explores: the circulation of money against goods the various circulating media the mystery of circulating credit how a rise in prices generates a further rise influence of foreign trade on the quantity of money the problem of monetary reform and much more. American economist IRVING FISHER (1867-1947) was professor of political economy at Yale University. Among his many books are Mathematical Investigations in the Theory of Value and Prices (1892), The Rate of Interest (1907), Why Is the Dollar Shrinking? A Study in the High Cost of Living (1914), and Booms and Depressions (1932).
Debt Innovations And Deflation
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Author : J. Patrick Raines
language : en
Publisher: Edward Elgar Publishing
Release Date : 2008-08-29
Debt Innovations And Deflation written by J. Patrick Raines and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-29 with Business & Economics categories.
Analyzes the deflation theories of Thorstein Veblen, Irving Fisher, Joseph A Schumpeter, and Hyman Minsky. In so doing, this work develops a paradigm for understanding the phenomenon of deflation. It also provides a re-examination of the literature and theories of deflation.
Deflation And Public Finances
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Author : Mr.Nicolas End
language : en
Publisher: International Monetary Fund
Release Date : 2015-07-28
Deflation And Public Finances written by Mr.Nicolas End and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-28 with Business & Economics categories.
This paper examines the impact of deflation on fiscal aggregates. With deflation relatively rare in modern history, it relies mostly on the historical records, using a dataset panel covering 150 years and 21 advanced economies. Empirical evidence shows that deflation affects public finances mostly through increases in public debt ratios, reflecting a worsening in interest rate–growth differentials. On average, a mild rate of deflation increases public debt ratios by almost 2 percent of GDP a year, this impact being larger during recessionary deflations. Using a simulation model that accounts for composition effects and price expectations, we also find that, for European countries, a 2 percentage point deflationary shock in both 2015 and 2016 would lead to a deterioration in the primary balance of as much as 1 percent of GDP by 2019.
Financial Markets And Financial Crises
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Author : R. Glenn Hubbard
language : en
Publisher: University of Chicago Press
Release Date : 1991-08-13
Financial Markets And Financial Crises written by R. Glenn Hubbard and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-08-13 with Business & Economics categories.
Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
Deflation
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Author : Chris Farrell
language : en
Publisher: Harper Collins
Release Date : 2004-05
Deflation written by Chris Farrell and has been published by Harper Collins this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-05 with Business & Economics categories.
Deflation is one of the most feared terms in economics. It immediately conjures visions of abandoned farms and idle factories, streams of unemployed workers standing in breadlines. So when Federal Reserve Board Chairman Alan Greenspan started talking openly in 2003 about his fears of deflation, it sent waves of shock through the business press and the public. Many feared that the United States was entering a period of prolonged slump after a pronounced boom, much like Japan experienced throughout the 1990s. Others worried that a sustained fall in prices would have a cataclysmic impact on our nation's overhang of consumer debt. Yet another camp blamed low-wage manufacturing countries like China and high-volume retailers like Wal-Mart for becoming the engines of relentless deflation. In this important new book, Chris Farrell explains that deflation need not presage a collapse. In the process he gives a new way of looking at our economic and our financial futures. More than an introduction to the subject, Farrell points out that deflation has always been a fundamental aspect of the business cycle. For much of the 20th century, deflation had vanished from the economic scene, but its return is no cause for panic. Instead, properly understood, deflation presents opportunities and pitfalls in equal measure for businesses, corporations, the government, and our national economy.
Public Debts Nuts Bolts And Worries
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Author :
language : en
Publisher: CEPR
Release Date : 2011
Public Debts Nuts Bolts And Worries written by and has been published by CEPR this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Debts, Public categories.
"The importance of fiscal discipline for developed countries has long been ignored or minimized, because they seem able to borrow and to keep borrowing for decades. The crisis has shown that discipline may be slow to assert itself, but has acutely painful consequences when it does. This 13th Geneva Report on the World Economy is devoted to fiscal policy reforms in the US, Europe and Japan. It offers a common political-economy framework to diagnose the need for fiscal consolidation and proposes institutional solutions rooted in that diagnosis. It includes a detailed analysis of how we got to the current situation, as well as a look at the very long run, when demographic factors already in place will sharpen an already degraded situation. The political-economy framework presents the common pool interpretation of the deficit bias, the widespread tendency of demographic governments to spend more than they can collect in taxes. It arises because those who benefit from public spending are not the same as those who pay taxes. The former ask for more spending, the latter ask for less taxation, and governments need to please voters to be (re)elected. The policy response must address these fundamental characteristics of advanced democracies by adopting institutions and rules that lessen the common pool problem. Because electoral systems differ widely from one country to another, leading to different forms of common pool effects, no single institutional arrangement is best suited everywhere. This report links political systems to forms of institutional arrangements. At this juncture, when the sovereign debt crisis is acute in the Euro-zone, menacing in the US and potentially festering in Japan, the report argues that fiscal stabilization is easier the faster the economy is growing. It also advances suggestions on how to make debts sustainable through growth-enhancing measures."--Page 4 of cover
Japan S Bubble Deflation And Long Term Stagnation
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Author : Kōichi Hamada
language : en
Publisher: MIT Press
Release Date : 2011
Japan S Bubble Deflation And Long Term Stagnation written by Kōichi Hamada and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
New perspectives on Japan's "lost decade" viewed in the context of recent financial turmoil.
Deflation
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Author : Richard C. K. Burdekin
language : en
Publisher: Cambridge University Press
Release Date : 2004-09-06
Deflation written by Richard C. K. Burdekin and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-06 with Business & Economics categories.
This book was originally published in 2004. Fears of deflation seemed nothing more than a relic of the Great Depression. However, beginning in the 1990s, persistently falling consumer prices have emerged in Japan, China and elsewhere. Deflation is also a distinct possibility in some of the major European area economies, especially Germany, and emerged as a concern of the US Federal Reserve in 2003. Deflation may be worse than inflation not only because the real burden of debt rises but also because firms would confront rising real wages in a world where nominal wage rigidity prevails. This volume explores some key themes regarding deflation including: (i) how economic agents and policy makers have responded to deflation, (ii) the links between monetary policy, goods price movements, and asset price movements, (iii) the impact of deflation under different monetary policy and exchange rate regimes, and (iv) stock market reactions to deflation.
In The Wake Of The Crisis
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Author : Olivier Blanchard
language : en
Publisher: MIT Press
Release Date : 2012-02-24
In The Wake Of The Crisis written by Olivier Blanchard and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-24 with Business & Economics categories.
Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner