Fiscal Policy And Recessions
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Automatic Fiscal Policies To Combat Recessions
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Author : Laurence S. Seidman
language : en
Publisher: Routledge
Release Date : 2015-04-08
Automatic Fiscal Policies To Combat Recessions written by Laurence S. Seidman and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-04-08 with Business & Economics categories.
Drawing on the most prominent research in the field, this timely book offers bold new fiscal policies that can complement current automatic stabilizers and counter-cyclical monetary policy to help combat recessions. Dr. Seidman argues for an independent fiscal policy board or the Federal Reserve to decide changes in the magnitude of Congress's fiscal policy package of stimulus or restraint, with recommendations going into effect immediately, subject only to Congressional override.
Fiscal Policy And Economic Activity During Recessions In Advanced Economies
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Author : Richard Hemming
language : en
Publisher: International Monetary Fund
Release Date : 2002-05
Fiscal Policy And Economic Activity During Recessions In Advanced Economies 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 2002-05 with Business & Economics categories.
Using data for advanced economies, this paper investigates whether factors identified in the theoretical and empirical literature explain the effectiveness of fiscal policy in responding to recessions. The results are informative about the fiscal response to recessions but provide only a partial explanation of the impact of fiscal policy on economic activity. Overall, it would appear that fiscal multipliers are very small.
Fiscal Policy After The Financial Crisis
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Author : Alberto Alesina
language : en
Publisher: University of Chicago Press
Release Date : 2013-06-25
Fiscal Policy After The Financial Crisis written by Alberto Alesina 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 2013-06-25 with Business & Economics categories.
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
On Measuring The Effects Of Fiscal Policy In Recessions
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Author : Jonathan A. Parker
language : en
Publisher:
Release Date : 2011
On Measuring The Effects Of Fiscal Policy In Recessions written by Jonathan A. Parker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Fiscal policy categories.
We do not have a good measure of the effects of fiscal policy in a recession because the methods that we use to estimate the effects of fiscal policy - both those using the observed outcomes following different policies in aggregate data and those studying counterfactuals in fitted model economies -- almost entirely ignore the state of the economy and estimate 'the' government multiplier, which is presumably a weighted average of the one we care about - the multiplier in a recession - and one we care less about - the multiplier in an expansion. Notable exceptions to this general claim suggest this difference is potentially large. Our lack of knowledge stems significantly from the focus on linear dynamics: VARs and linearized (or close-to-linear) DSGEs. Our lack of knowledge also reflects a lack of data: deep recessions are few and nonlinearities hard to measure. The lack of statistical power in the estimation of nonlinear models using aggregate data can be addressed by exploiting estimates of partial-equilibrium responses in dissaggregated data. Microeconomic estimates of the partial-equilibrium causal effects of a policy can discipline the causal channels inherent in any DSGE model of the general equilibrium effects of policy. Microeconomic studies can also provide measures of the dependence of the effects of a policy on the states of different agents which is a key component of the dependence of the general-equilibrium effects of fiscal policy on the state of the economy -- National Bureau of Economic Research web site.
Law And Macroeconomics
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Author : Yair Listokin
language : en
Publisher: Harvard University Press
Release Date : 2019-03-11
Law And Macroeconomics written by Yair Listokin and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-11 with Law categories.
A distinguished Yale economist and legal scholar’s argument that law, of all things, has the potential to rescue us from the next economic crisis. After the economic crisis of 2008, private-sector spending took nearly a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach whose proven success is too rarely acknowledged. Harking back to New Deal regulatory agencies, Listokin proposes that we take seriously law’s ability to function as a macroeconomic tool, capable of stimulating demand when needed and relieving demand when it threatens to overheat economies. Listokin makes his case by looking at both positive and cautionary examples, going back to the New Deal and including the Keystone Pipeline, the constitutionally fraught bond-buying program unveiled by the European Central Bank at the nadir of the Eurozone crisis, the ongoing Greek crisis, and the experience of U.S. price controls in the 1970s. History has taught us that law is an unwieldy instrument of macroeconomic policy, but Listokin argues that under certain conditions it offers a vital alternative to the monetary and fiscal policy tools that stretch the legitimacy of technocratic central banks near their breaking point while leaving the rest of us waiting and wallowing.
Medium Term Fiscal Multipliers During Protracted Recessions
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Author : Mr.Salvatore Dell'Erba
language : en
Publisher: International Monetary Fund
Release Date : 2014-12-05
Medium Term Fiscal Multipliers During Protracted Recessions written by Mr.Salvatore Dell'Erba 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 2014-12-05 with Business & Economics categories.
The paper examines the consequences of fiscal consolidation in times of persistently low growth and high unemployment by estimating medium-term fiscal multipliers during protracted recessions (PR) in a sample of 17 OECD countries. Based on Jorda’s (2005) local projection methodology, we find that cumulative fiscal multipliers related to output, employment and unemployment at five-year horizons are significantly above one during PR episodes. These results suggest that medium-term fiscal consolidation plans to reduce public debt burdens should proceed gradually if economic activity remains below trend for a prolonged period.
Effective Fiscal Monetary Interactions In Severe Recessions
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Author : Mr. Jiaqian Chen
language : en
Publisher: International Monetary Fund
Release Date : 2022-09-02
Effective Fiscal Monetary Interactions In Severe Recessions written by Mr. Jiaqian Chen 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 2022-09-02 with Business & Economics categories.
The COVID-19 pandemic and the subsequent need for policy support have called the traditional separation between fiscal and monetary policies into question. Based on simulations of an open economy DSGE model calibrated to emerging and advance economies and case study evidence, the analysis shows when constraints are binding a more integrated approach of looking at policies can lead to a better policy mix and ultimately better macroeconomic outcomes under certain circumstances. Nonetheless, such an approach entails risks, necessitating a clear assessment of each country’s circumstances as well as safeguards to protect the credibility of the existing institutional framework.
Recession As A Policy Instrument Israel 1965 1969
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Author : Carol Schwartz Greenwald
language : en
Publisher: Fairleigh Dickinson Univ Press
Release Date : 1973
Recession As A Policy Instrument Israel 1965 1969 written by Carol Schwartz Greenwald and has been published by Fairleigh Dickinson Univ Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1973 with Business & Economics categories.
Explores the experience of one developing country, Israel, in applying the traditional techniques of monetary and fiscal policies to the problems of inflation and expanding exports.
Collapse And Revival
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Author : Mr.Ayhan Kose
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-20
Collapse And Revival written by Mr.Ayhan Kose 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 2015-10-20 with Business & Economics categories.
As the debates about the recent global recession and the subsequent recovery have clearly shown, our understanding of these questions has been very limited. This comprehensive text puts the latest global recession and ongoing recovery in perspective. With the support of a companion website and DVD, we have created several multimedia tools to help understand the basics.
Federal Fiscal Policy In The Postwar Recessions
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Author :
language : en
Publisher:
Release Date : 1962
Federal Fiscal Policy In The Postwar Recessions written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1962 with categories.