Monetary And Fiscal Policy Politics

Author : Torsten Persson,Guido Enrico Tabellini
Publisher : MIT Press
Page : 476 pages
File Size : 45,9 Mb
Release : 1994
Category : Business & Economics
ISBN : 0262660881

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Monetary and Fiscal Policy: Politics by Torsten Persson,Guido Enrico Tabellini Pdf

This is the first of two volumes on a theory of macroeconomic policy that analyzes which policies are credible or politically feasible. Instead of looking at policy as an end product, the contributors approach policy as an ongoing process of revised goals, changes in tactics, and political pressures. They consider what kinds of incentives within different institutional settings, drive policy-making and the behaviour of policy-makers. The approach explains why certain monetary and fiscal policies are implemented, and provides insights into situations that occur repeatedly in macroeconomic policy, such as the bias toward government deficits, partisan competition and central bank independence.

Author : Farrokh Langdana
Publisher : Springer Science & Business Media
Page : 298 pages
File Size : 47,6 Mb
Release : 2009-04-05
Category : Business & Economics
ISBN : 9780387776668

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Macroeconomic Policy by Farrokh Langdana Pdf

This is an applications-oriented text that demystifies the linkages between monetary and fiscal policies and key macroeconomic variables such as income, unemployment, inflation and interest rates. Specially written "newspaper" articles simulate current macroeconomic news on asset-price bubbles, exchange rates, hyperinflation and more. Exercises and diagrams, and a global perspective – incorporating both developed and emerging economies - make this a broadly useful, real-world oriented text on a complex and shifting subject.

Author : Torsten Persson,Guido Enrico Tabellini
Publisher : MIT Press (MA)
Page : 496 pages
File Size : 53,7 Mb
Release : 1994
Category : Business & Economics
ISBN : UOM:39015032429774

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Monetary and Fiscal Policy: Credibility by Torsten Persson,Guido Enrico Tabellini Pdf

This is the first of two volumes on a theory of macroeconomic policy that analyzes which policies are credible or politically feasible. Instead of looking at policy as an end product, the contributors approach policy as an ongoing process of revised goals, changes in tactics, and political pressures. They consider what kinds of incentives within different institutional settings, drive policy-making and the behaviour of policy-makers. The approach explains why certain monetary and fiscal policies are implemented, and provides insights into situations that occur repeatedly in macroeconomic policy, such as the bias toward government deficits, partisan competition and central bank independence.

Author : Torsten Persson,Guido Enrico Tabellini
Publisher : Unknown
Page : 128 pages
File Size : 55,8 Mb
Release : 1994
Category : Fiscal policy
ISBN : LCCN:93035772

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Monetary and Fiscal Policy: Politics by Torsten Persson,Guido Enrico Tabellini Pdf

Author : Alberto Alesina,Francesco Giavazzi
Publisher : University of Chicago Press
Page : 596 pages
File Size : 51,7 Mb
Release : 2013-06-25
Category : Business & Economics
ISBN : 9780226018447

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Fiscal Policy after the Financial Crisis by Alberto Alesina,Francesco Giavazzi Pdf

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.

Author : Vitor Gaspar,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados
Publisher : International Monetary Fund
Page : 548 pages
File Size : 51,8 Mb
Release : 2017-04-07
Category : Business & Economics
ISBN : 9781475547900

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Fiscal Politics by Vitor Gaspar,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados Pdf

Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.

Author : Alan A. Rabin
Publisher : CRC Press
Page : 1856 pages
File Size : 53,9 Mb
Release : 2001-12-19
Category : Political Science
ISBN : 0824707818

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Handbook of Monetary and Fiscal Policy by Alan A. Rabin Pdf

Examines the politics of economic policy, focusing on forecasting, inflation, interest rates, market expectations, financial crises, disruptions in global markets, and tax policy, as well as state and local government budgeting, financial management, and policy initiatives for development and growth.

Author : Vincent Belinga,Mr. Constant Lonkeng Ngouana
Publisher : International Monetary Fund
Page : 44 pages
File Size : 49,8 Mb
Release : 2015-05-27
Category : Business & Economics
ISBN : 9781513561080

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(Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier by Vincent Belinga,Mr. Constant Lonkeng Ngouana Pdf

This paper provides estimates of the government spending multiplier over the monetary policy cycle. We identify government spending shocks as forecast errors of the growth rate of government spending from the Survey of Professional Forecasters (SPF) and from the Greenbook record. The state of monetary policy is inferred from the deviation of the U.S. Fed funds rate from the target rate, using a smooth transition function. Applying the local projections method to quarterly U.S. data, we find that the federal government spending multiplier is substantially higher under accommodative than non-accommodative monetary policy. Our estimations also suggest that federal government spending may crowd-in or crowd-out private consumption, depending on the extent of monetary policy accommodation. The latter result reconciles—in a unified framework—apparently contradictory findings in the literature. We discuss the implications of our findings for the ongoing normalization of monetary conditions in advanced economies.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 33 pages
File Size : 51,5 Mb
Release : 1998-03-01
Category : Business & Economics
ISBN : 9781451844238

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Coordination of Monetary and Fiscal Policies by International Monetary Fund Pdf

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

Author : John Turner Woolley
Publisher : Cambridge University Press
Page : 298 pages
File Size : 55,5 Mb
Release : 1984
Category : Business & Economics
ISBN : 0521312477

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Monetary Politics by John Turner Woolley Pdf

The first book to describe and analyze the complex relationships between the Federal Reserve and the President, the Congress, bankers, and economists. Professor Woolley demonstrates that the Federal Reserve is very sensitive to a wide range of political influences.

Author : Ruoyun Mao,Shu-Chun Susan Yang
Publisher : International Monetary Fund
Page : 44 pages
File Size : 42,6 Mb
Release : 2020-06-12
Category : Business & Economics
ISBN : 9781513546797

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Government Spending Effects in a Policy Constrained Environment by Ruoyun Mao,Shu-Chun Susan Yang Pdf

The theoretical literature generally finds that government spending multipliers are bigger than unity in a low interest rate environment. Using a fully nonlinear New Keynesian model, we show that such big multipliers can decrease when 1) an initial debt-to-GDP ratio is higher, 2) tax burden is higher, 3) debt maturity is longer, and 4) monetary policy is more responsive to inflation. When monetary and fiscal policy regimes can switch, policy uncertainty also reduces spending multipliers. In particular, when higher inflation induces a rising probability to switch to a regime in which monetary policy actively controls inflation and fiscal policy raises future taxes to stabilize government debt, the multipliers can fall much below unity, especially with an initial high debt ratio. Our findings help reconcile the mixed empirical evidence on government spending effects with low interest rates.

Author : Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Publisher : International Monetary Fund
Page : 450 pages
File Size : 47,9 Mb
Release : 2015-09-21
Category : Business & Economics
ISBN : 9781513567754

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Inequality and Fiscal Policy by Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen Pdf

The sizeable increase in income inequality experienced in advanced economies and many parts of the world since the 1990s and the severe consequences of the global economic and financial crisis have brought distributional issues to the top of the policy agenda. The challenge for many governments is to address concerns over rising inequality while simultaneously promoting economic efficiency and more robust economic growth. The book delves into this discussion by analyzing fiscal policy and its link with inequality. Fiscal policy is the government’s most powerful tool for addressing inequality. It affects households ‘consumption directly (through taxes and transfers) and indirectly (via incentives for work and production and the provision of public goods and individual services such as education and health). An important message of the book is that growth and equity are not necessarily at odds; with the appropriate mix of policy instruments and careful policy design, countries can in many cases achieve better distributional outcomes and improve economic efficiency. Country studies (on the Netherlands, China, India, Republic of Congo, and Brazil) demonstrate the diversity of challenges across countries and their differing capacity to use fiscal policy for redistribution. The analysis presented in the book builds on and extends work done at the IMF, and also includes contributions from leading academics.

Author : Mr.Seok Gil Park
Publisher : International Monetary Fund
Page : 35 pages
File Size : 51,9 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9781463981006

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Central Banks Quasi-Fiscal Policies and Inflation by Mr.Seok Gil Park Pdf

Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In particular, the paper shows that in the absence of the fiscal authorities' full backing of the central bank's balance sheet, strange things can happen. For instance, an exit from quantitative easing could be inflationary and central banks cannot successfully unwind inflated balance sheets. Therefore, the fiscal authorities' full backing of the monetary authorities' quasi-fiscal operations is a pre-condition for effective monetary policy.

Author : Takayuki Sakamoto
Publisher : Routledge
Page : 670 pages
File Size : 55,9 Mb
Release : 2008-01-31
Category : Business & Economics
ISBN : 9781135976378

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Economic Policy and Performance in Industrial Democracies by Takayuki Sakamoto Pdf

This book is the first systematic study of how the interdependence of fiscal and monetary policies and the interaction of party governments and central banks affect the fiscal-policy mix in eighteen industrial democracies in North America, Western Europe, Japan and Oceania. Sakamoto argues that central banks influence on economic policy is far mor

Author : Jack Rabin
Publisher : CRC Press
Page : 1012 pages
File Size : 40,5 Mb
Release : 2001-12-19
Category : Political Science
ISBN : 0824705785

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Handbook of Monetary Policy by Jack Rabin Pdf

"Examines the politics of economic policy, focusing on forecasting, inflation, interest rates, market expectations, financial crises, disruptions in global markets, and tax policy, as well as state and local government budgeting, financial management, and policy initiatives for development and growth."