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Australia's Fiscal Framework: Revisiting Options for a Fiscal Anchor

Australia's Fiscal Framework: Revisiting Options for a Fiscal Anchor »

Source: Australia's Fiscal Framework: Revisiting Options for a Fiscal Anchor

Volume/Issue: 2017/286

Series: IMF Working Papers

Author(s): Allan Dizioli , Philippe Karam , Dirk Muir , and Siegfried Steinlein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

ISBN: 9781484335383

Keywords: Asia and Pacific, Australia, Fiscal policy; fiscal rules; general equilibrium models; taxation; debt, Fiscal policy, fiscal rules, general equilibrium models, taxation, debt, Forecasting and Simulation, General

This paper revisits options for fiscal anchors in Australia against the backdrop of a medium-term budget balance anchor that has led to larger than expected upward drift in the net debt to GDP ratio since the end o...

A Balancing Act

A Balancing Act »

Source: A Balancing Act : Reform Options for Paraguay's Fiscal Responsibility Law

Volume/Issue: 2016/226

Series: IMF Working Papers

Author(s): Antonio David , and Natalija Novta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 November 2016

ISBN: 9781475555158

Keywords: Fiscal policy, Fiscal responsibility law, Fiscal rules, Paraguay, Fiscal Rules; Fiscal Governance; Paraguay, Fiscal Governance

Paraguay faces a trade-off between building fiscal credibility and amending the existing fiscal rule to accommodate infrastructure investment and provide space for countercyclical policies. In this paper, we discus...

The Benefits of International Policy Coordination Revisited

The Benefits of International Policy Coordination Revisited »

Source: The Benefits of International Policy Coordination Revisited

Volume/Issue: 2013/262

Series: IMF Working Papers

Author(s): Jaromir Benes , Michael Kumhof , Douglas Laxton , Dirk Muir , and Susanna Mursula

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2013

ISBN: 9781484326626

Keywords: Monetary Policy, Fiscal Policy, Macroprudential Policy, International Policy Coordination, International Spillovers, Nonlinearities, Fiscal Multipliers, Macrofinancial Linkages, Prudential Regulation, inflation

This paper uses two of the IMF's DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in that, unlike monetar...

Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications

Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications »

Source: Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications

Volume/Issue: 2017/250

Series: IMF Working Papers

Author(s): Valerie Cerra , and Sweta Saxena

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 November 2017

ISBN: 9781484325759

Keywords: Development, Fiscal policy, Monetary policy, booms, crises, recoveries, business cycle, output gap, growth, foreign reserves

All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual an...

Budget Consolidation

Budget Consolidation »

Source: Budget Consolidation : Short-Term Pain and Long-Term Gain

Volume/Issue: 2010/163

Series: IMF Working Papers

Author(s): Douglas Laxton , Susanna Mursula , Kevin Clinton , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455201464

Keywords: current account imbalances, tax reform, income taxes, consumption taxes, Open Economy Macroeconomics, International Policy Coordination and Transmission, Fiscal Policies and Behavior of Economic Agents: General,

The paper evaluates the costs and benefits of fiscal consolidation using simulations based on the IMFs global DSGE model GIMF. Over the longer run, well-targeted permanent reductions in budget deficits lead to a co...

Budgetary Transparency for Public Expenditure Control

Budgetary Transparency for Public Expenditure Control »

Source: Budgetary Transparency for Public Expenditure Control

Volume/Issue: 2001/8

Series: IMF Working Papers

Author(s): Franco Reviglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2001

ISBN: 9781451842517

Keywords: Public expenditure control, political systems and public expenditure reforms, taxation and unemployment, GSP implementation versus budgetary gimmicks, budgetary transparency in Italy, public expenditure, expenditure, fiscal constraints, expenditure management, fiscal policy

This paper explains why EMU countries seem unable or unwilling to undertake structural reforms of public expenditure. One of the reasons is political. What public expenditure reforms might be pursued without changi...

Bunching at 3 Percent: The Maastricht Fiscal Criterion and Government Deficits*

Bunching at 3 Percent: The Maastricht Fiscal Criterion and Government Deficits* »

Source: Bunching at 3 Percent: The Maastricht Fiscal Criterion and Government Deficits

Volume/Issue: 2018/182

Series: IMF Working Papers

Author(s): Francesca Caselli , and Philippe Wingender

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 August 2018

ISBN: 9781484371732

Keywords: Fiscal rules, Fiscal policy, bunching estimation, treatment effects, Deficit

This paper estimates the effects of the Maastricht treaty's fiscal criterion on EU countries' general government deficits. We combine treatment effects methods with bunching estimation, and find that the 3 percent...

Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses1

Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses1 »

Source: Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses

Volume/Issue: 2006/263

Series: IMF Working Papers

Author(s): Celine Rochon , and Andrew Feltenstein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2006

ISBN: 9781451865233

Keywords: Banking failures, fiscal policies, banking, bank failures, budget deficit, banking system, Computable and Other Applied General Equilibrium Models, Financial Markets and the Macroeconomy, International Finance Forecasting and Simulation,

In this paper, we study the impact of labor market restructuring and foreign direct investment on the banking sector, using a dynamic general equilibrium model with a financial sector. Numerical simulations are per...

Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement1

Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement1 »

Source: Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement

Volume/Issue: 2016/60

Series: IMF Working Papers

Author(s): Shafik Hebous , and Tom Zimmermann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2016

ISBN: 9781513578729

Keywords: Federal Procurement, Financing Constraints, Spending Multipliers, government spending, contracts, capital investment, fiscal policy, General, Other, All Countries,

We study the effects of federal purchases on firms' investment using a novel panel dataset that combines federal procurement contracts in the United States with key financial firm-level information. We find that 1...

Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy in Developing Countries?

Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy in Developing Countries? »

Source: Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy in Developing Countries?

Volume/Issue: 2016/209

Series: IMF Working Papers

Author(s): Sampawende Tapsoba , Robert York , and Neree Noumon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2016

ISBN: 9781475552003

Keywords: Fiscal policy, Procyclicality, Capacity building, Budget institutions, Developing countries

Few papers have attempted to assess the role of 'capacity,' especially in the area of macroeconomic statistics. Consequently, we make an attempt to advance this literature through the construction of a 'statistical...