optimal fiscal policy stance under alternative policy frameworks and structural characteristics

... ratios and welfare Great ratios and skill premium Steady-state results of exogenous and optimal …scal policy Great ratios and welfare under exogenous and optimal ... skill premium under the optimal …scal policy case study than the exogenous 27 Table 1.6: Great ratios and welfare under exogenous and optimal …scal policy Param De…nitions Exogen Opt policy s s ... ratio and government expenditures to output ratio 1.6 Optimal …scal policy Under optimal …scal policy the policy instruments are no longer exogenously determined The government chooses optimally...

Ngày tải lên: 22/12/2014, 16:54

... social planner’s policy on the equilibrium are the same as obtained by Turnovsky (2000) 20 Optimal Fiscal Policy In this chapter, we address the question of optimal fiscal policy and consider the ... II SUMMARY Fiscal policy has received much attention in the literature on taxation and growth Numerous theoretical and empirical studies have been devoted to understanding the growth and welfare ... saving and labor-leisure choices that has been used in the literature on taxation and growth: the trade-off between labor and leisure This extension allows us to study optimal fiscal policy in...

Ngày tải lên: 27/11/2015, 12:23

... international monetary policy cooperation” by G Benigno and P Benigno, October 2003 280 “Inflation, factor substitution and growth” by R Klump, October 2003 281 “Identifying fiscal shocks and policy regimes ... Introduction Fiscal policy events in 2002 2.1 A chronology of the year 2.2 Capital market’s view of the Stability and Growth Pact Measurement of default risk and stylised facts about yields and swap ... and we provide a chronology of major fiscal policy events throughout the year The fiscal policy events are classified either as country specific actions and decisions related to the implementation...

Ngày tải lên: 22/03/2014, 23:20

... 13 2.2.1 Sovereign Default and Emerging Market Business Cycles 13 2.2.2 Fiscal Policy in Developing Countries 16 Fiscal Policy Volatility and Default 3.1 23 23 3.1.1 Firms ... purpose of this dissertation is to investigate and understand the dynamics and linkage between emerging market business cycles and the conduct of fiscal policy in these small open economies Developing ... begin by providing a description and analysis of fiscal policy aggregates and document the differences in fiscal policy actions and their outcomes between developing and developed economies I also...

Ngày tải lên: 01/06/2014, 14:00

... StockTrader.asmx/PlaceTrade"> ... Policy Frameworks to Enforce Web Service Requirements with WS -Policy authorization process hinges on the assumption that the Web service and the client have a common understanding of roles, and ... Apply policy to messages Policy Assertion #1-2 Apply policy to operations Policy Expression #2 (XML Document) Apply policy to binding Policy...

Ngày tải lên: 05/10/2013, 08:51

... less interest-sensitive money demand is, the more effective monetary policy is relative to fiscal policy Effectiveness of Monetary and Fiscal Policy When the Demand for Money is Unaffected by the ... unemployment? • In practice, fiscal and monetary policies are used together in the combination known as the policy mix The Policy Mix and German Unification Monetary versus Fiscal Policy • Complete crowding ... and Interest Rate to Expansionary Fiscal Policy Effects from Factors That Shift the IS and LM Curves Effectiveness of Monetary Versus Fiscal Policy • How can policy makers decide which policies...

Ngày tải lên: 05/01/2014, 17:00

... 2008 Figure Policy Rate Responses under Commitment Figure illustrates the policy rate responses under timeless commitment It turns out that the optimal policy rate responses under alternative ... Sack, B., and V Wieland 2000 “Interest-Rate Smoothing and Optimal Monetary Policy: A Review of Recent Empirical Evidence.” Journal of Economics and Business 52 (1–2): 205–28 Sander, H., and S Kleimeier ... the following, we consider two alternative policy regimes: standard Taylor rule and commitment under a timeless perspective In addition, we also investigate optimal policy in the face of a loan...

Ngày tải lên: 17/02/2014, 03:20

... prudent monetary policy actions in an attempt to reduce uncertainty costs (Castelnuovo and Surico, 2003, Sack and Wieland, 1999); difficulty in understanding whether the problems under analysis ... smoothing λi , the optimal policy rule was calculated for 16 For further details, see Castelnuevo and Surico (2003), Collins and Skilos (2004), Castelnuevo (2004) and Silva and Portugal (2009) ... Collins and Siklos (2004) estimated the preferences for central banks of Canada, Australia, New Zealand and the United States (USA), using GMM, and found that central banks can be described by an optimal...

Ngày tải lên: 15/03/2014, 14:20

... a clandestine manner and may file patent and the patent examiner may find novelty and grant patent to 30 Traditional and Alternative Medicine: Research and Policy Perspectives individuals and ... TRADITIONAL AND ALTERNATIVE MEDICINE Research and Policy Perspectives "This page is Intentionally Left Blank" TRADITIONAL AND ALTERNATIVE MEDICINE Research and Policy Perspectives - ... revealed which plants Traditional and Alternative Medicine: Research and Policy Perspectives and what parts to eat as medicines, the optimal conditions for harvesting them and established a background...

Ngày tải lên: 22/03/2014, 20:21

... characterize the optimal form of history-dependent policy, and determine the degree to which it improves upon the stabilization of both output and inflation, in the next section 2.3 The Optimal Policy Commitment ... contraction of output and some deflation occur during the period that the natural rate is negative, even under the optimal policy commitment It is also worth noting that while the optimal policy involves ... paths of inflation and the output gap under the optimal targeting rule [solid lines] and under the simple rule [dotted lines] rule results in state-contingent responses of output and inflation that...

Ngày tải lên: 29/03/2014, 13:20

... characterize the optimal policy under commitment and discretion, where the government has as policy instruments the short-term nominal interest rate and real government spending and assumes taxes ... taxes, and gives more attention to the quantitative effect of fiscal policy Moreover, the current paper does not take a direct stance on the optimality of fiscal policy but instead focuses on "policy ... different at zero nominal interest rates than under normal circumstances 30 12 References Adam, Klaus, and Roberto Billi (2006) Optimal Monetary Policy under Commitment with a Zero Bound on Nominal...

Ngày tải lên: 29/03/2014, 13:20

... Helbling, and A Mazarei, 1997, Fiscal Policy and Growth in the Middle East and North Africa Region,” IMF Working Paper No 97/101 (Washington, DC: International Monetary Fund) Engle, R and C Granger, ... 1987, "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Vol 55, pp 251- 276 Fasano, U., and Q Wang, 2001, Fiscal Expenditure Policy and Non-Oil Economic ... Development, Vol 22, pp 165-172 Ghosh, S., and A Gregoriou, 2006, “On the Composition of Government Spending, Optimal Fiscal Policy, and Endogenous Growth: Theory and Evidence,” Brunel University Discussion...

Ngày tải lên: 10/04/2014, 23:56

... bảo vệ gia đình chống lại khó khăn kinh tế Ngân sách phủ tổng chi tiêu Chính sách tài khóa (Fiscal policy) việc sử dụng thuế, chuyển nhượng phủ, hay chi mua hàng hóa dịch vụ phủ để dịch chuyển ... động làm giảm độ lớn biến động chu kỳ kinh tế Ngược lại, sách tài khóa tùy nghi (discretionary fiscal policy) lên từ hành động tự tiện nhà sách từ chu kỳ kinh tế 21 10 Cân ngân sách (The Budget ... dạng tùy nghi (discretionary expansionary fiscal policies)—G tăng, Tr cao hơn, hay T thấp hơn—làm giảm cân ngân sách năm vậy, tài khóa mở rộng (expansionary fiscal policies) làm thặng dư ngân sách...

Ngày tải lên: 15/11/2014, 14:00

... • The last, fiscal policy is a government‘s policy related to taxation and public spending  There are kinds of fiscal policy : expansionary and contractionary Expansionary fiscal policy is used ... borrowing and printing instead of taxation 4 What is fiscal policy? • Fiscal policy is a government’s policy related to government spending and revenue 5 How many types of fiscal policy? What ... đỡ II Summary This reading have main ideas : Fiscal he influencefiscalmore money Fiscal Deficitpolicyruns government spending and taxation fiscal policy T The ways KindsBorrowing Definitionsinfluencing...

Ngày tải lên: 18/12/2014, 11:07

... unemployment benefits rise and receipts from VAT and income tax fall 22.6 Limits on active fiscal policy Why can’t shocks to aggregate demand immediately be offset by fiscal policy?  Time lags: it ... demand is always changing Induced effects on autonomous demand – changes in fiscal policy may induce offsetting effects in other components of aggregate demand 22.7 Limits on active fiscal policy ... higher equilibrium output 22.4 Deficits and the fiscal stance    The size of the budget deficit is not a good measure of the government’s fiscal stance The structural budget shows what the budget...

Ngày tải lên: 03/02/2015, 15:21

... consumption CC function to CC , and leads to higher investment at I1 Aggregate demand rises Y1 Income to AD1, and the new equilibrium is at Y1 25.11 Aggregate demand Fiscal policy and crowding out 45o line ... aggregate demand Demand management is the use of monetary and fiscal policy to stabilize the level of income around a high average level r LM1 Income level Y* can be attained by: ‘Tight’ fiscal policy ... to Y AD0 But higher income raises money demand, so interest rates rise Y0 Y2 Y1 Income and consumption and investment fall, shifting AD back to AD2 and equilibrium income to Y2 25.12 Goods market...

Ngày tải lên: 03/02/2015, 15:28

Ngày tải lên: 29/08/2015, 23:33

... sustainable fiscal policy needs to maintain the debt ratio at its current level For Pasinetti (1998) and Goldstein (2003), a sustainable fiscal policy is the one Cuddington (1997) and Chalk and Hemming ... Government Fiscal Balance and Debt Stock (US$ Billions) However, from the mid 1970s, the federal fiscal policy operations show a dramatic change giving rise to fiscal deficits and increasing debt and ... ESSAYS ON FISCAL SUSTAINABILITY AND TAX SMOOTHING, AND FISCAL POLICY SIMULATION EXPERIMENTS FOR SRI LANKA J M ANANDA JAYAWICKRAMA [MA (Thammasat)] [BA (Hons.)...

Ngày tải lên: 12/09/2015, 10:52

... decentralized equilibrium and the social optimal solution 25 Optimal public policy 27 7.1 First best public policy 27 7.2 Second best public policy 28 Conclusion ... find the optimal (second-best) public policy and the welfare rankings of these taxes We will first consider the model economy’s decentralized equilibrium and social optimal solution, and then ... without losing qualitative insights on the growth and welfare effect of public policy 2.4 Optimal public policy An important public policy problem is the optimal taxation problem, which is solved by...

Ngày tải lên: 16/10/2015, 12:00

... suggestions and inputs Sudip Mozumder, Patsy D’Cruz and Nandita Roy provided excellent assistance in external relations, web production and cover design, and Sapna John provided outstanding support ... UPDATE OCTOBER 2015 Notes on Fiscal Policy for Equitable Growth A Fiscal policy developments and outlook Fiscal consolidation proceeds with a focus on quality expenditures Fiscal consolidation has ... Italy, Netherlands, Russia and Switzerland; Asia excl China, Japan: Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam; Middle East: UAE and Saudi Arabia...

Ngày tải lên: 24/11/2015, 20:01