Expansionary Austerity New International Evidence
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Expansionary Austerity New International Evidence
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Author : Mr.Daniel Leigh
language : en
Publisher: International Monetary Fund
Release Date : 2011-07-01
Expansionary Austerity New International Evidence written by Mr.Daniel Leigh 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 2011-07-01 with Business & Economics categories.
This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.
Austerity
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Author : Alberto Alesina
language : en
Publisher: Princeton University Press
Release Date : 2020-12
Austerity written by Alberto Alesina and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12 with Business & Economics categories.
A revealing look at austerity measures that succeed—and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. Bringing needed clarity to one of today's most challenging economic issues, three leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt, shows that austerity is not necessarily the kiss of death for political careers as is often believed, and charts a sensible approach based on data analysis rather than ideology.
Fiscal Adjustments In Oecd Countries
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Author : Mr.Alberto Alesina
language : en
Publisher: International Monetary Fund
Release Date : 1996-07-01
Fiscal Adjustments In Oecd Countries written by Mr.Alberto Alesina 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 1996-07-01 with Business & Economics categories.
This paper studies how the composition of fiscal adjustments influences their likelihood of “success”, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill have a better chance of being successful and are expansionary. On the contrary fiscal adjustments which rely primarily on tax increases and cuts in public investment tend not to last and are contractionary. We discuss alterative explanations for these findings by studying both a full sample of OECD countries and by focusing on three case studies: Denmark, Ireland and Italy.
The Predator State
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Author : James Galbraith
language : en
Publisher: Simon and Schuster
Release Date : 2008-08-05
The Predator State written by James Galbraith and has been published by Simon and Schuster this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-05 with Business & Economics categories.
A progressive economist challenges popular conservative-minded economic practices, in a scathing critique of Reagan-Bush policies that contends that the political right is misrepresenting the consequences of free-market and free-trade ideals. 50,000 first printing.
Austerity
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Author : Mark Blyth
language : en
Publisher: Oxford University Press
Release Date : 2013-03-27
Austerity written by Mark Blyth and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-27 with Political Science categories.
Selected as a Financial Times Best Book of 2013 Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us.
The Shifts And The Shocks
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Author : Martin Wolf
language : en
Publisher: Penguin
Release Date : 2014-09-11
The Shifts And The Shocks written by Martin Wolf and has been published by Penguin this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-11 with Business & Economics categories.
From the chief economic commentator for the Financial Times—a brilliant tour d’horizon of the new global economy There have been many books that have sought to explain the causes and courses of the financial and economic crisis that began in 2007. The Shifts and the Shocks is not another detailed history of the crisis but is the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. Written with all the intellectual command and trenchant judgment that have made Martin Wolf one of the world’s most influential economic commentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criticism and persuasive prescription for a more stable future. It is a book no one with an interest in global affairs will want to neglect.
The Effectiveness Of Fiscal Policy In Stimulating Economic Activity
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Author : Richard Hemming
language : en
Publisher: International Monetary Fund
Release Date : 2002-12
The Effectiveness Of Fiscal Policy In Stimulating Economic Activity written by Richard Hemming 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 2002-12 with Business & Economics categories.
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
The Rise In Inequality After Pandemics Can Fiscal Support Play A Mitigating Role
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Author : Davide Furceri
language : en
Publisher: International Monetary Fund
Release Date : 2021-04-30
The Rise In Inequality After Pandemics Can Fiscal Support Play A Mitigating Role written by Davide Furceri 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 2021-04-30 with Business & Economics categories.
Major epidemics of the last two decades (SARS, H1N1, MERS, Ebola and Zika) have been followed by increases in inequality (Furceri, Loungani, Ostry and Pizzuto, 2020). In this paper, we show that the extent of fiscal consolidation in the years following the onset of these pandemics has played an important role in determining the extent of the increase in inequality. Episodes marked by extreme austerity—measured using either the government’s fiscal balance, health expenditures or redistribution—have been associated with an increase in the Gini measure of inequality three times as large as in episodes where fiscal policy has been more supportive. We survey the evidence thus far on the distributional impacts of the COVID-19 pandemic, which suggests that inequality is likely to increase in the absence of strong policy actions. We review the case made by many observers (IMF 2020; Stiglitz 2020; Sandbu 2020b) that fiscal support should not be withdrawn prematurely despite understandable concerns about high public debt-to-GDP ratios.
Austerity
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Author : Mark Blyth
language : en
Publisher: Oxford University Press
Release Date : 2015
Austerity written by Mark Blyth and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Business & Economics categories.
Selected as a Financial Times Best Book of 2013 Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us.
The Rise And Fall Of Global Austerity
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Author : E Ray Canterbery
language : en
Publisher: World Scientific
Release Date : 2014-12-15
The Rise And Fall Of Global Austerity written by E Ray Canterbery and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-15 with Business & Economics categories.
Since its onset in late 2007, few expected the Great Recession to be protracted for over half a decade across the world. The Rise and Fall of Global Austerity explains the origins and history of austerity, severe implications of the idea of it and how the continuation of the Great Recession was a by-product of austerity measures. Covering austerity policies that are in place in the United States, Europe, and other countries, E Ray Canterbery explains why austerity is detrimental for economies, economic policy and the general health of populations around the world. He highlights the connection between public debt and austerity policies and shows how the austerity lobby works in the United States to achieve its goals. Besides presenting a critique of the rationale for austerity, Canterbery also recommends monetary, fiscal, and incomes policy remedies, and stresses why economic growth and full employment are more ideal and pragmatic antidotes to the Great Recession. Contents:A Brief History of AusterityExpansionary Austerity in the 21st CenturyThe Housing Bubble CollapseHousing's Trickle-Down EffectsThe Great RecessionPublic Debt and Global AusterityUltra-Austerity in EuropeHow Austerity KillsThe Austerity LobbyMonetary RemediesFiscal RemediesIncomes Policy RemediesThe Importance of Economic Growth and Full Employment Readership: Economic historians, researchers, students and members of the public who are interested in political economy and financial institutions. Key Features:Provides a brief history of austerityExplains how the continuation of the Great Recession was a by-product of austerity measuresOne of the few books published after the recession of 2008 to provide detailed policy recommendations to deal with the forces of austerityKeywords:Austerity;Expansionary Austerity;Housing Bubble;Global Great Recession;Austerity Lobby;Monetary Policy;Fiscal Policy;Incomes Policy;Full Employment;Public Debt;Austerity in Europe;Domestic Inequality;Global Inequality;Economic Growth;Post Keynsesians;John Maynard Keynes;Michal Kalecki;Piero Sraffa;Hyman Minsky;Vita Theory;Trickle-Down Economics;Keynesians;Trickle-Up Economics;Keynesian Economics;Trends in Suicide Rates;Health and The Economy;Alan Greenspan;Ben Benanke;Janet Yellen;Federal Reserve Board;European Central Bank;The Euro