Fiscal Policy: Coordination, Discipline and Stabilisation
نویسندگان
چکیده
منابع مشابه
Fiscal Policy Coordination
This paper reviews the analysis of fiscal policy in the new open economy macroeconomics literature, in view of increasing interest in the question of transmission and coordination of policies across countries, stirred by developments in this literature and by the formation of the euro area. The analysis focuses on two main points: (i) the identification of welfare spillover effects to third cou...
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After nearly a quarter century of large budget deficits—causing the public debt to double from 20 percent to 42 percent as a share of GDP in the industrialized countries—the need for greater fiscal discipline appears to be reaching a consensus. Last spring a balanced budget amendment to the U.S. Constitution passed in the House of Representatives and came close to passing in the Senate—a swing ...
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The risks generally associated with public indebtedness were already clearly identified by Adam Smith. In his principal work, The Wealth of Nations, he wrote: “The practice of funding has gradually enfeebled every state which has adopted it.” To me this does not mean that all public debt has to be called into question, even if influential politicians here in the United States are once again dem...
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No ONE WOULD dream of designing the human anatomy by disconnecting the controls of the left and right sides of the body. Yet, for the most important economic controls in a modern economy, monetary and fiscal policies, economists today generally endorse the separation of powers as a way of optimizing noninflationary growth. What are the costs and benefits of coordination and independence in macr...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2002
ISSN: 1556-5068
DOI: 10.2139/ssrn.317936