Understanding Fiscal Policy
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Understanding Fiscal Policy
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Author : United States. Congressional Budget Office
language : en
Publisher:
Release Date : 1978
Understanding Fiscal Policy written by United States. Congressional Budget Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Fiscal policy categories.
Understanding Fiscal Space
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Author : Mr.Peter S. Heller
language : en
Publisher: International Monetary Fund
Release Date : 2005-03-01
Understanding Fiscal Space written by Mr.Peter S. Heller 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 2005-03-01 with Business & Economics categories.
With new initiatives to provide low income countries with external assistance in support of the Millennium Development Goals (MDGs), donors and NGOs are seeking to understand whether "fiscal space" can be provided in the context of IMF-supported programs to support these initiatives. This paper defines the concept of fiscal space and its link to fiscal sustainability, describes alternative ways in which fiscal space can be created, and notes how the IMF can support appropriate efforts to create fiscal space. The paper underscores that the issues that arise in creating fiscal space are not novel, but have always confronted governments in judging whether there is scope for additional expenditure.
Understanding Fiscal Policy
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Author : United States. Congressional Budget Office
language : en
Publisher:
Release Date :
Understanding Fiscal Policy written by United States. Congressional Budget Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with Fiscal policy categories.
Understanding Fiscal Policy
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Author : United States. Congressional Budget Office
language : en
Publisher:
Release Date : 1978
Understanding Fiscal Policy written by United States. Congressional Budget Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Fiscal policy categories.
Understanding Fiscal Policy
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Author : USA Congress Congressional Budget Office
language : en
Publisher:
Release Date : 1978
Understanding Fiscal Policy written by USA Congress Congressional Budget Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with categories.
The Short Run Macroeconomics Of Aid Inflows
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Author : Tokhir Mirzoev
language : en
Publisher: International Monetary Fund
Release Date : 2010-03-01
The Short Run Macroeconomics Of Aid Inflows written by Tokhir Mirzoev 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 2010-03-01 with Business & Economics categories.
We develop a tractable open-economy new-Keynesian model with two sectors to analyze the short-term effects of aid-financed fiscal expansions. We distinguish between spending the aid, which is under the control of the fiscal authorities, and absorbing the aid-using the aid to finance a higher current account deficit-which is influenced by the central bank's reserves policy when access to international capital markets is limited. The standard treatment of the transfer problem implicitly assumes spending equals absorption. Here, in contrast, a policy mix that results in spending but not absorbing the aid generates demand pressures and results in an increase in real interest rates. It can also lead to a temporary real depreciation if demand pressures are strong enough to threaten external balance. Certain features of low income countries, such as limited participation in domestic financial markets, make a real depreciation more likely by amplifying demand pressures when aid is spent but not absorbed. The results from our model can help understand the recent experience of Uganda, which saw an increase in government spending following a surge in aid yet experienced a real depreciation and an increase in real interest rates.
Understanding The Effects Of Fiscal Policy
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Author : Gillian Brunet
language : en
Publisher:
Release Date : 2017
Understanding The Effects Of Fiscal Policy written by Gillian Brunet and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
A key question in macroeconomics is the government's ability to stimulate economic activity through expansionary fiscal policy. How much economic activity results when the government increases spending by one dollar, and how does the economic and institutional context affect the answer to that question? This dissertation uses a variety of empirical techniques to explore aspects of this question using historical data on U.S. military spending. In chapter one I use state-level variation in war production spending to measure the fiscal multiplier during World War II, and examine how features of the wartime economy influenced the size of the fiscal multiplier. Chapter two focuses on how the measurement of government spending influences the estimated size of the multiplier. I introduce a new time series measure of aggregate defense spending. In chapter three I return to World War II, but this time examine the effects of wartime military spending on the post-war economy, establishing causal evidence for its role in driving the immediate post-war boom. In chapter one I use war production spending to quantify the idiosyncratic factors affecting estimates of the fiscal multiplier during World War II. World War II is often viewed as a quintessential example of government spending stimulating the economy, and is interesting both because it was such a significant economic event and because it strongly influences estimates of the multiplier whenever it is included in the sample. Newly digitized war supply contract data allow me to construct state-level panel data on U.S. spending for 1940-45 and examine state-level outcomes. Using state-level variation I estimate a relative multiplier of 0.25 to 0.3, depending on the estimation approach. This implies an aggregate multiplier of roughly 0.3 to 0.4 given wartime economic conditions. I find small employment effects: an additional job-year is associated with $165,000 to $255,000 of spending (in 2015 dollars), also depending on the estimation approach. I also find evidence that the effects of stimulus were systematically larger in states that had lower employment levels pre-war. To explain why the stimulative effects of war spending were so small, I look for guidance from the historical narrative. I show that unique features of the wartime economy significantly reduced the stimulative impact of wartime spending. Conversion from civilian manufacturing to war production reduced the initial stimulus from war production. At least 75 percent of the income generated by war spending went into increased saving and income taxes, implying that the add-on effects from increased consumption were minimal in the short run. Chapter two focuses on how the measurement of government spending influences the estimated fiscal multiplier. Economists have previously focused on measuring shocks to expectations rather than the measurement of government spending itself. My approach is driven by the observation that government spending is a long and complex process. Specifically, I introduce an alternative measure of government spending, called budget authority, which uses authorizations to measure the government's commitment to spend. Budget authority is established annually as part of the congressional budget process, and is readily available from 1976 onward. I use historical budget publications to construct defense budget authority for 1938 to 1975, extending the available data backwards by several crucial decades. Using annualized data (for purposes of comparison) to estimate the aggregate fiscal multiplier using shocks to defense spending, budget authority produces similar point estimates to the traditional NIPA measure, but much more precisely estimated. Budget authority is conceptually different from the best-known measure of shocks to anticipated defense spending, Ramey's narrative measure, particularly in how it measures shocks to expectations and how it treats uncertainty. Budget authority implies an aggregate fiscal multiplier of 0.8, while Ramey's narrative measure implies a much smaller fiscal multiplier, around 0.1. Budget authority shows consumption responses to spending more clearly than other available measures, and also picks up strong investment responses over a one-year time horizon. Ramey's narrative measure shows significant investment responses over all time horizons up to three years. While shocks to all three measures predict strong responses in total government spending, it appears that both budget authority and Ramey's measure understate the response of government spending due to timing differences between those measures and NIPA. The definition of spending mostly closely aligned to national accounting is subtly different from the definition that is most relevant for measuring the stimulative effect of government spending. Thus using the NIPA definition of spending creates a downward bias in measuring the fiscal multiplier. A fourth measure of spending, budget outlays, allows me to estimate a lower bound for the magnitude of this bias. When this bias is corrected, budget authority implies an aggregate fiscal multiplier of 1.3 to 1.4, and potentially as large as 1.4 to 1.6. Chapter three examines the influence of World War II spending in the U.S. on household consumption and savings in the immediate post-war years (1946-1949). Chapter three uses geographic variation in war spending to measure the effects of World War II spending on household consumption and savings behavior after the war ended and rationing was relaxed. I find that compared to households in locations receiving less war spending, similar households in locations which received more war spending were significantly more likely to purchase both cars and houses in the immediate post-war years. These households also had higher liquid asset holdings and, conversely, higher total debt. With the exception of debt, all of these effects were stronger for households headed by an individual age 45-64, which was the age cohort most likely to have worked in war production.
Macroeconomic Policy
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Author : Farrokh K. Langdana
language : en
Publisher: Springer Nature
Release Date : 2022-04-04
Macroeconomic Policy written by Farrokh K. Langdana and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-04 with Business & Economics categories.
This book is an applications-oriented text designed for individuals who desire a hands-on approach to analyzing the effects of fiscal and monetary policies. Significantly updated for the fourth edition, the text provides an understanding of the global economy in the wake of the COVID crisis, discussing topics such as pandemic related supply and demand-side shocks, the role of Modern Monetary Theory (MMT) in financing COVID rescue plans, the effect of the US, India, Eurozone and China’s post-COVID economies on emerging and transitioning economies, and the resurgence of inflation. This edition includes deeper coverage on the issue of budget deficit sustainability and on trade wars, especially in a global context, and revisits the life cycles of speculative asset price (SAP) bubbles, especially in the housing markets and in SPACs. The fourth edition contains several brand-new cases and media articles that are carefully positioned to relate explicitly to theory, and to look ahead to and preempt global macro situations and polices in the years to come. MBA students and Executive MBA students who appreciate the importance of monetary and fiscal analysis will find this text to be right on target. Financial analysts and individual investors who need to strip away economic myths and jargon and systematically examine and understand the effects of macro policies on variables such as inflation, output, employment and interest rates, will also find the book extremely useful.
Fiscal And Monetary Policies In Developing Countries
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Author : Rashed Al Mahmud Titumir
language : en
Publisher: Routledge
Release Date : 2021-12-24
Fiscal And Monetary Policies In Developing Countries written by Rashed Al Mahmud Titumir and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-24 with Business & Economics categories.
The COVID-19 crisis has fractured the pre-existing structural rigidities and institutional fragilities in the economies of developing countries more than ever, necessitating a rethinking of fiscal and monetary policies, the main vehicles for relief, recovery and reconstruction. This book examines the barriers to transformation in developing countries in the wake of the pandemic and analyses the paths to recovery based on an economic policymaking agenda. It juxtaposes fiscal and monetary policies and state-building from pre- and post-colonial periods to the present-day context. It employs an interdisciplinary approach and ventures beyond the well-rehearsed tendency to explain the state of developing countries by considering the experiences of advanced economies. The book utilises data on three levels: the aggregate level using world data, the single-country context with case studies and a cross-country assessment for comparative analysis. Further, the book critically assesses the relevance of different schools of thought and provides nuanced, thought-provoking theoretical apparatuses applicable to developing countries, as well as allowing the reader to undertake a country-specific analysis through the detailed historical country case studies undertaken in each chapter. Each chapter has a detailed and separate theoretical and empirical section for the ease of understanding of the key propositions in the book. The book will find an audience among scholars and researchers alike, who wish to gain a deeper understanding of the formulation of fiscal and monetary policies, specifically in developing countries. For policymakers and policy advocates, the book will serve as the groundwork for monetary and fiscal policies in the context of developing countries, providing more relevant instruments for transformational pathways.
Macroeconomics Simplified
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Author : Nicoli Nattrass
language : en
Publisher: SAGE Publications Pvt. Limited
Release Date : 2019-01-17
Macroeconomics Simplified written by Nicoli Nattrass and has been published by SAGE Publications Pvt. Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-17 with Business & Economics categories.
Macroeconomics Simplified explains the intuition behind Keynesian and neoclassical macroeconomics using graphs and simple algebra. It provides students with a strong conceptual basis for understanding the tension between Keynesian and neoclassical systems that has once again came to the forefront since the 2007–08 financial crisis. The book shows how theoretical perspectives affect macroeconomic policy choices and proposes a pragmatic approach to policy that is sensitive to prevailing economic conditions. Students of economics and business alike will enjoy its concise and engaging analysis and find the applications and references to the Indian economy helpful.