macroeconomic goals of fiscal policy

... Fiscal Dividend or Drag Both of the terms fiscal dividend and fiscal drag have been used to describe an upward creep in full-employment revenues in times of economic growth. Critics of ... periods of retrenchment. The elasticity of the tax structure depends in turn on the fact that it is progressive. Both terms -fiscal dividend and fiscal drag-refer to the same fiscal policy ... are equivalent to those of agency budget offices. The scope rather than the nature of budget activity dis- tinguishes the two types of offices. Department budget offices also are gener- ally...

Ngày tải lên: 15/03/2014, 05:20

... some prices more often than other prices. On the basis of 81 Formation of Fiscal Policy The Experience of the Past Twenty- Five Years Alan J. Auerbach Professor of Economics and ... Bank of New York Economic Policy Review (April 2000) 9-23. 1003 Contents Preface Contents of Cornptrnion Volunle (Handbook of Monetary Policy) 111 ix UNIT 111 FISCAL POLICY ... run state of U.S. fiscal policy. THE ECONOMY, THEN AND NOW Since the mid-l970s, several changes in the economy have altered the landscape of fis- cal policy. The Rise and Fall of Inflation...

Ngày tải lên: 15/03/2014, 05:20

... 2.2.2 Estimating the Effects of Coordination between Wage Policy and Monetary Policy The aim of the simulation 8 is to estimate how large the effects of a policy of wage moderation in Germany ... some of them: In the second half of the nineties, the real effective exchange rate of the dollar rose sharply, in addition the terms of trade improved as a result of a drop in the price of raw ... credibility to it, irrespective of the intentions of wage policy, and instead will prefer a cautious strategy of monetary policy which does not rely on the announced wage policy. In order for co- ordination...

Ngày tải lên: 20/02/2014, 20:20

Ngày tải lên: 29/03/2014, 13:20

... statements of account of credit institutions, provide only a very sketchy picture of the development of companies’ financing requirements. As is shown by the data of the Central Balance Sheet Office, ... the event of the outbreak of a financial crisis is that of lender of last resort. Owing to the many types of interaction which take place nowadays between markets, the possible causes of systemic ... the direction of the analyses by studying to what extent macroeconomic developments of a real nature can affect the stability of the financial system. 2. Theoretical outline of the determinants of financial...

Ngày tải lên: 24/10/2012, 09:11

... constructed an index of the expected effects of monetary policy by summing the entries for each country. We expect large effects of monetary policy when a country exceeds the median value of the index. ... number of authors have asserted that the transmission mechanism of monetary policy depends on the institutional characteristics of the financial system, we go on to split the sample of countries ... Gerlach (2008a). Proponents of using monetary policy to mitigate swings in asset prices, such as Borio and Lowe (2002), do not seem concerned by the impact of such a policy on economic activity....

Ngày tải lên: 24/10/2012, 09:40

Ngày tải lên: 15/11/2013, 20:27

... - 35 Receiver General Auctions I ã Bank of Canada neutralizes public auctions of Receiver General balances ã E.g. net government receipt of $100 Bank of Canada Assets Liabilities Government ... of Last Resort ã Bank of Canada important in preventing financial panics ã Acts as lender of last resort. ã Provides emergency lending assistance (against eligible collateral) for maximum of ... transactions (over $50,000). ã Transactions account for < 1% of the total number of transactions ã They make up 94% of the value of transactions in Canada Copyright  2011 Pearson Canada...

Ngày tải lên: 05/01/2014, 16:58

... practice, fiscal and monetary policies are used together in the combination known as the policy mix Copyright  2011 Pearson Canada Inc. 23 - 16 Effectiveness of Monetary and Fiscal Policy ... higher level of aggregate output increases the demand for money Copyright  2011 Pearson Canada Inc. 23 - 15 Monetary versus Fiscal Policy ã Complete crowding out Expansionary fiscal policy does ... related to taxes Copyright  2011 Pearson Canada Inc. 23 - 13 Effectiveness of Monetary Versus Fiscal Policy ã How can policy makers decide which policies (changing the money supply, changing...

Ngày tải lên: 05/01/2014, 17:00

... which raises the desire of consumers to hold durable goods or housing, thus ↑ spending on them. Expansionary monetary policy P e ↑, value of financial assets ↑, likelihood of financial distress ... the Importance of Money ã Monetary policy does not matter at all ã Three pieces of structural model evidence Low interest rates during the Great Depression indicated expansionary monetary policy but ... Inc. 25 - 13 Transmission Mechanisms of Monetary Policy Traditional Interest-Rate Channels: expansionary monetary policy i r ↓, I ↑, Y↑ The interest rate channel of monetary transmission applies...

Ngày tải lên: 05/01/2014, 17:01

Ngày tải lên: 23/02/2014, 04:20

... against the expansion of airports in the UK. John Grin is a professor of policy science at the Department of Political Science at the University of Amsterdam. He is also Director of the Amsterdam ... Policy, University of Birmingham, UK. He is also forums editor of the Journal of Critical Policy Analysis. Igor Mayer is an associate professor in the faculty of Technology, Policy and Management ... author or co-author of several articles in the areas of public policy, budgeting, and globalization. Wayne Parsons is professor of public policy at Queen Mary, University of London. Amongst his...

Ngày tải lên: 06/03/2014, 06:21

... rate of return and the rest of the world after-tax rate of return. Long-run macroeconomic impact of increasing tax rates on high-income taxpayers in 2013 16 V. Summary The confluence of fiscal ... Long-run macroeconomic impact of increasing tax rates on high-income taxpayers in 2013 5 II. The effect of higher tax rates on economic decision making The confluence of fiscal policy changes ... Long-run macroeconomic impact of increasing tax rates on high-income taxpayers in 2013 i Executive Summary The confluence of fiscal policy changes scheduled to occur at the end of 2012 –...

Ngày tải lên: 08/03/2014, 06:20

... interest rate on overnight loans of reserves from one bank to another  Primary indicator of the stance of monetary policy Chapter 6 Tools and goals of Monetary Policy Copyright â 2007 Pearson ... Addison-Wesley. All rights reserved. 15-23 GOALS OF MONETARY POLICY 6 GOALS: ã High employment ã Economic growth ã Low and stable inflation ã Stability of financial markets ã Interest-rate stability ã Foreign ... so cost of complying is low Copyright â 2007 Pearson Addison-Wesley. All rights reserved. 15-15 Advantages and Disadvantages of Discount Policy ã Used to perform role of lender of last...

Ngày tải lên: 10/03/2014, 19:20

... Economic Development Ministry of Trade Ministry of Communications and Informatization Ministry of Communications Ministry of Defence (In charge of coordination of civilan R&D budget) Creation of the Ministry of Science, ... (2006) Creation of the status of State Research Center(1993) Creation of the status of Federal Research and Production Center (1995) Creation of the status of Science City (”Naukograd”) (2000) Creation of ... facilities of the USSR Academy of Sciences on the territory of Russia (1991) Policy governance (Leading ministries and agencies) First success stories of market-led innovation in some areas, e.g. software, advanced...

Ngày tải lên: 15/03/2014, 00:20

Ngày tải lên: 15/03/2014, 01:20

... im- plementation of monetary policy, and the management of interest rates. The companion volume, the Handbook of Fiscal Policy, contains several articles that explain the development of government fiscal policymaking ... role of monetary policy in cycles. Most participants agreed that the Fed played a significant role in causing many of the re- cessions of the past century, largely in the pursuit of its goal of ... levels of volatility in the business cycle components of the various series are also very different. The fourth column of Table 1 reports the variance of the business cycle compo- nent of a variable,...

Ngày tải lên: 15/03/2014, 05:20

... strength of monetary policy is likely to be weakened when banks face binding capital constraints. A SIMPLE MODEL OF BANK BEHAVIOR To establish how the size of the effect of monetary policy is ... DISCUSSION 79 of monetary policy continues to operate even though leverage-based capital requirements are binding. 1 To summarize, the effect of capital requirements on the transmis- sion of monetary policy ... with the response of nontransactions deposits, the interest sensitivities of both nontrans- actions deposits and loans are important determinants of the magnitude of the response of loans to a change...

Ngày tải lên: 15/03/2014, 10:20

Ngày tải lên: 15/03/2014, 14:20

Ngày tải lên: 16/03/2014, 03:20