Download or read book Expansionary Fiscal Contractions written by Vincent Hogan and published by . This book was released on 2001 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Expansionary Fiscal Contractions written by Vincent Hogan and published by . This book was released on 2003 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Expansionary Austerity New International Evidence written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2011-07-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Trimming the Sails written by Istv n Bencz‚s and published by Central European University Press. This book was released on 2008-01-01 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal consolidation has significant short-term costs which can dampen economic growth. This widely shared consensus in the literature on political economy has made fiscal adjustment highly unpopular among rational politicians. By critically analyzing the international literature and building on evidence from European countries, Benczes conducts a systematic analysis to find out whether it is possible to experience fiscal consolidation and economic growth at the same time, even in the short run.

Download or read book The expansionary Fiscal Contraction Hypothesis and Uncertainty about the Permanence of Fiscal Consolidations written by Michael U. Bergman and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Can Severe Fiscal Contractions be Expansionary written by Francesco Giavazzi and published by . This book was released on 1990 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to conventional wisdom, a fiscal consolidation is likely to contract real aggregate demand. It has often been argued, however, that this conclusion is misleading as it neglects the role of expectations of future policy: if the fiscal consolidation is read by the private sector as a signal that the share of government spending in GDP is being permanently reduced, households will revise upwards their estimate of their permanent income, and will raise current and planned consumption. Only the empirical evidence can sort out which of these two contending views about fiscal policy is more appropriate -- i.e how often the contractionary effect of a fiscal consolidation prevails on its expansionary expectational effect. This paper brings new evidence to bear on this issue drawing on the European exercise in fiscal rectitude of the 1980s, and focusing, in particulars on its two most extreme cases -- Denmark and Ireland. We find that at least in the experience of these two countries the expectations' view has a serious claim to empirical relevance.

Download or read book Expansionary Fiscal Contraction in an Overlapping Generations Economy written by Frank Barry and published by . This book was released on 1996 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book In Praise of Expansionary Fiscal Contraction written by Tim Congdon and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Textbook orthodoxy maintains that increases in the cyclically adjusted budget balance (i.e. reductions in the deficit) withdraw demand from an economy. Those Keynesian economists who believe that fiscal policy is the most powerful single influence on changes in demand expect 'fiscal contraction' to be accompanied by below-trend growth or even declines in output. This article, a response to Martin Wolf's 2013 Wincott Memorial Lecture, considers this Keynesian view. Using a database prepared by the International Monetary Fund, it shows that since the 1980s 'expansionary fiscal contractions' have been the norm and not the exception in the USA and the UK. Keynesian support for fiscal activism is unsupported by a large body of recent evidence.

Download or read book The expansionary Fiscal Contraction Hypothesis and Uncertainty about the Permanence of Fiscal Consolidations written by U. Michael Bergman and published by . This book was released on 2000 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Examination of the expansionary Fiscal Contraction Hypothesis written by Frank Barry and published by . This book was released on 1992 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Expansionary Fiscal Contractions and Equilibrium Indeterminacy written by Bernd Lucke and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: At several occasions, the 1980's witnessed non-keynesian effects of fiscal contractions. Most notably, cuts in government spending in Ireland, Denmark and Germany are known to have coincided with increases in private consumption spending. Self-fulfilling expectations about the effects of stabilization policies may explain these and a diversity of opposing experiences. This paper formulates a real business cycle model with equilibrium indeterminacy, which allows for sunspot fluctuations as well as for systematic consumption effects of government policy in either direction. Cointegration tests and Euler equation estimates suggest that the model is approximately in accord with German data. Parameter estimates imply that the nonkeynesian experiences are not due to self-fulfilling expectations but to the productivity effects of government-provided infrastructure.

Download or read book Tales of Expansionary Fiscal Contractions in Two European Countries written by John Considine and published by . This book was released on 2007 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Expansionary Contractions and Fiscal Free Lunches written by Richard McManus and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper builds a framework to jointly examine the possibilities of both expansionary fiscal contractions (austerity increasing output) and fiscal free lunches (expansions reducing government debt), arguments which in recent debates have been supported by the austerity and stimulus camps, respectively. We propose a new metric quantifying the budgetary implications of fiscal action, a key aspect of fiscal policy particularly at the monetary zero lower bound. We find that austerity needs to be highly persistent and credible in order to be expansionary, and stimulus needs to be temporary, responsive, and well-targeted in order to lower debt. We conclude that neither is likely, especially during periods of economic distress.

Download or read book CAN RESERVE FISCAL CONTRACTIONS BE EXPANSIONARY TALES OF TWO SMALL EUROPEAN COUNTRIES written by Francesco GIAVAZZI and published by . This book was released on 1990 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Can severe fiscal contraction be expansionary tales of two small European countries written by Francesco Giavazzi and published by . This book was released on 1990 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Expansionary Fiscal Contraction written by Duncan Needham and published by Cambridge University Press. This book was released on 2014-09-15 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique collection recasts a critical episode in post-war British economic history with profound implications for today's policy makers.

Download or read book Expansionary Fiscal Contraction written by Duncan Needham and published by Cambridge University Press. This book was released on 2014-09-15 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: In its 1981 Budget, the Thatcher government discarded Keynesian counter-cyclical policies and cut Britain's public sector deficit in the depths of the worst UK recession since the 1930s. Controversially, the government argued that fiscal contraction would produce economic growth. In this specially commissioned volume, contributors examine recently released archives alongside firsthand accounts from key players within No. 10 Downing Street, HM Treasury and the Bank of England, to provide the first comprehensive treatment of this critical event in British economic history. They assess the empirical and theoretical basis for expansionary fiscal contraction, drawing clear parallels with contemporary debates on austerity in Europe, USA and Japan in the wake of the recent global financial crisis. This timely and thoughtful book will have broad appeal among economists, political scientists, historians and policy makers.