Download or read book The Fiscal Stimulus of 2009 10 written by Joshua Aizenman and published by . This book was released on 2011 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the global crisis and lower trade openness were associated with a higher fiscal stimulus/GDP during 2009-2010 (where the de facto fiscal space is the inverse of the average tax-years it would take to repay the public debt). Lowering the 2006 public debt/average tax base from the level of low-income countries (5.94) down to the average level of the Euro minus the Euro-area peripheral countries (1.97), was associated with a larger crisis stimulus in 2009-11 of 2.78 GDP percentage points. Joint estimation of fiscal stimuli and exchange rate depreciations indicates that higher trade openness was associated with a smaller fiscal stimulus and a higher depreciation rate during the crisis. Overall, the results are in line with the predictions of the neo-Keynesian open-economy model.

Download or read book OECD Economic Outlook Interim Report March 2009 written by OECD and published by OECD Publishing. This book was released on 2009-03-31 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This interim OECD Economic Outlook analyses the current crisis and examines the economic policies required to foster a sustained recovery in member countries. The present issue covers the outlook to end-2010 for both OECD and major non‐OECD economies.

Download or read book The Budget and Economic Outlook written by and published by . This book was released on 2008 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Confronting Policy Challenges of the Great Recession written by Eskander Alvi and published by W.E. Upjohn Institute. This book was released on 2017-11-20 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.

Download or read book Economic Stimulus Issues and Policies written by and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Bureau of Economic Research (NBER), in December 2008, declared the economy in recession since December 2007. With the worsening performance of the economy beginning in September 2008, Congress passed and President Obama signed a much larger stimulus package composed of spending and tax cuts. The American Recovery and Reinvestment Act of 2009 (ARRA, P.L. 111-5), a $787 billion package with $286 billion in tax cuts and the remainder in spending, was signed into law on February 17, 2009. It includes spending for infrastructure, unemployment benefits, and food stamps, revenue sharing with the states, middle class tax cuts, and business tax cuts. Also in 2008 and 2009, the government intervened in specific financial markets by providing financial assistance to troubled firms and enacting legislation granting authority to the Treasury Department to purchase $700 billion in assets. The broad intervention into the financial markets was passed to avoid the spread of financial instability into the broader market; but there are disadvantages, including leaving the government holding large amounts of mortgage debt. The need for additional fiscal stimulus depends on the state of the economy. Growth rates, measured by gross domestic product (GDP), after two strong quarters, were 2.1% in the fourth quarter of 2007, slightly negative in the first quarter of 2008, positive in the second quarter, a negative 2.7% in the third quarter, and a negative 5.4% in the fourth quarter. The contraction of GDP continued into 2009, with a decrease by 6.4% in the first quarter and a second quarter fall of 0.7%. However, after four consecutive quarters of decline, revised 2009 third quarter estimates indicate a real GDP increase of 2.8%.

Download or read book Post crisis Fiscal Policy written by Carlo Cottarelli and published by MIT Press. This book was released on 2014-06-27 with total page 575 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Fiscal policy makers have faced an extraordinarily challenging environment over the last few years. At the outset of the global financial crisis, the International Monetary Fund (IMF) for the first time advocated a fiscal expansion across all countries able to afford it, a seeming departure from the long-held consensus among economists that monetary policy rather than fiscal policy was the appropriate response to fluctuations in economic activity. Since then, the IMF has emphasized that the speed of fiscal adjustment should be determined by the specific circumstances in each country. Its recommendation that deficit reduction proceed steadily, but gradually, positions the IMF between the fiscal doves (who argue for postponing fiscal adjustment altogether) and the fiscal hawks (who argue for a front-loaded adjustment). This volume brings together the analysis underpinning the IMF's position on the evolving role of fiscal policy. After establishing its analytical foundation, with chapters on such topics as fiscal risk and debt dynamics, the book analyzes the buildup of fiscal vulnerabilities before the crisis, presents the policy response during the crisis, discusses the fiscal outlook and policy challenges ahead, and offers lessons learned from the crisis and its aftermath. Topics discussed include a historical view of debt accumulation; the timing, size, and composition of fiscal stimulus packages in advanced and emerging economies; the heated debate surrounding the size of fiscal multipliers and the effectiveness of fiscal policy as a countercyclical tool; coordination of fiscal and monetary policies; the sovereign debt crisis in Europe; and institutional reform aimed at fostering fiscal discipline."--Publisher's description.

Download or read book Money Well Spent written by Michael Grabell and published by PublicAffairs. This book was released on 2012-01-31 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2012 presidential campaign will, above all else, be a referendum on the Obama administration's handling of the financial crisis, recalling the period when Obama's "audacity of hope" met the austerity of reality. Central to this is the ''American Recovery and Reinvestment Act of 2009'' -- the largest economic recovery plan in American history. Senator Mitch McConnell gave a taste of the enormity of the money committed: if you had spent 1 million a day since Jesus was born, it still would not add up to the price tag of the stimulus package. A nearly entirely partisan piece of legislation -- Democrats voted for it, Republicans against -- the story of how the bill was passed and, more importantly, how the money was spent and to what effect, is known barely at all. Stepping outside the political fray, ProPublica's Michael Grabell offers a perceptive, balanced, and dramatic story of what happened to the tax payers' money, pursuing the big question through behind-the-scenes interviews and on-the-ground reporting in more than a dozen states across the country.

Download or read book Economic Stimulus written by Jane G. Gravelle and published by . This book was released on 2010-11 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) The State of the Economy in January 2009; (2) A Proposed 2009 Stimulus Package: Temporary Provisions in the February 2008 Stimulus That Might be Extended; Other Proposals Discussed in 2008; The 2009 Proposals: Preliminary Discussions; House Proposals; Discussion; (3) Issues Surrounding Fiscal Stimulus: The Magnitude of a Stimulus; Bang for the Buck; Timeliness; Long-Term Effects; Should Stimulus be Targeted?; Is Additional Fiscal Stimulus Needed?; (4) Interventions for Financial Firms and Markets. Charts and tables.

Download or read book Foreign Exchange Value of the Dollar written by and published by . This book was released on 1984 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Dynamic Effects of Fiscal Stimulus in a Two Sector Open Economy written by Ross S. Guest and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2009/10 governments around the world implemented unprecedented fiscal stimulus in order to counter the impact of the Global Financial Crisis of 2008/09. This paper analyzes the impact of fiscal stimulus using a dynamic open economy, overlapping generations model that allows for feedback effects of fiscal stimulus on private sector expenditure via changes in the tax rate and the interest rate. There are two types of goods -- traded (T) and nontraded (N) goods -- which differ in their capital intensities. The main qualitative result is that the dynamic output gains from fiscal stimulus depend on the productivity of the initial stimulus spending, on the speed of repayment of debt, on the sensitivities of the interest rate to government debt and of labor supply to the tax rate. Also, the overlapping generations framework allows an intergenerational welfare analysis. Among the biggest winners from stimulus are those about to retire. The biggest losers are those near the start of their working lives when the stimulus is implemented.

Download or read book The State of Public Finances Outlook and Medium Term Policies After the 2008 Crisis written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-06-03 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper quantifies the fiscal implications of the crisis, assesses the status of fiscal balances after the shock, and discusses the strategy to ensure fiscal solvency. The focus is primarily on advanced and emerging economies, complementing the Board paper on the effect of the crisis on low-income countries. While, for practical purposes, some of the empirical evidence presented refers only to the G-20, information is provided also for other countries, and the analysis also applies to them. A Companion Paper provides supporting material. As a general caveat, the estimates presented are subject to a significant degree of uncertainty, and developments should be closely monitored as new information becomes available.

Download or read book What Have We Learned written by George A. Akerlof and published by MIT Press. This book was released on 2016-09-02 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises. Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.

Download or read book World Economic Outlook April 2009 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2009-04-22 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the World Economic Outlook explores how a dramatic escalation of the financial crisis in September 2008 provoked an unprecedented contraction of activity and trade, despite active policy responses. It presents economic projections for 2009 and 2010, and also looks beyond the current crisis, considering factors that will shape the landscape of the global economy over the medium term, as businesses and households seek to repair the damage. The analysis also outlines the difficult policy challenges presented by the overwhelming imperative to take all steps necessary to restore financial stability and revive the global economy, and the longer-run need for national actions to be mutually supporting. The first of two analytical chapters, "What Kind of Economic Recovery?" explores the shape of the eventual recovery. The second, "The Transmission of Financial Stress from Advanced to Emerging and Developing Economies," focuses on the role of external financial linkages and financial stress in transmitting economic shocks.

Download or read book Fiscal Policy after the Financial Crisis written by Alberto Alesina and published by University of Chicago Press. This book was released on 2013-06-25 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Economics of Sovereign Wealth Funds written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2010-12-09 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.

Download or read book Navigating the Fiscal Challenges Ahead written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2010-05-13 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: With increasing fiscal challenges in the aftermath of the global financial crisis, multilateral surveillance of fiscal developments, a key part of the IMF's surveillance responsibilities, has gained further importance. In response, the Fiscal Monitor was launched in 2009 to survey and analyze the latest public finance developments, update fiscal implications of the crisis and medium-term fiscal projections, and assess policies to put public finances on a sustainable footing. Previous issues of the Monitor were published in the IMF's Staff Position Notes series, but starting with this issue, the Monitor will be a part of the IMF's World Economic and Financial Surveys series, to complement the overviews presented in the World Economic Outlook (WEO) and the Global Financial Stability Report (GFSR). The Fiscal Monitor is prepared twice a year by the IMF's Fiscal Affairs Department. The Monitor's projections are based on the same database used for the April 2010 WEO and GFSR. The fiscal projections for individual countries have been prepared by IMF desk economists, and, in line with the WEO guidelines, assume that announced policies will be implemented.

Download or read book The New New Deal written by Michael Grunwald and published by Simon and Schuster. This book was released on 2012-08-14 with total page 627 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a riveting account based on new documents and interviews with more than 400 sources on both sides of the aisle, award-winning reporter Michael Grunwald reveals the vivid story behind President Obama’s $800 billion stimulus bill, one of the most important and least understood pieces of legislation in the history of the country. Grunwald’s meticulous reporting shows how the stimulus, though reviled on the right and the left, helped prevent a depression while jump-starting the president’s agenda for lasting change. As ambitious and far-reaching as FDR’s New Deal, the Recovery Act is a down payment on the nation’s economic and environmental future, the purest distillation of change in the Obama era. The stimulus has launched a transition to a clean-energy economy, doubled our renewable power, and financed unprecedented investments in energy efficiency, a smarter grid, electric cars, advanced biofuels, and green manufacturing. It is computerizing America’s pen-and-paper medical system. Its Race to the Top is the boldest education reform in U.S. history. It has put in place the biggest middle-class tax cuts in a generation, the largest research investments ever, and the most extensive infrastructure investments since Eisenhower’s interstate highway system. It includes the largest expansion of antipoverty programs since the Great Society, lifting millions of Americans above the poverty line, reducing homelessness, and modernizing unemployment insurance. Like the first New Deal, Obama’s stimulus has created legacies that last: the world’s largest wind and solar projects, a new battery industry, a fledgling high-speed rail network, and the world’s highest-speed Internet network. Michael Grunwald goes behind the scenes—sitting in on cabinet meetings, as well as recounting the secret strategy sessions where Republicans devised their resistance to Obama—to show how the stimulus was born, how it fueled a resurgence on the right, and how it is changing America. The New New Deal shatters the conventional Washington narrative and it will redefine the way Obama’s first term is perceived.