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The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru

The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru »

Source: The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru

Volume/Issue: 2017/208

Series: IMF Working Papers

Author(s): Francisco Roch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

ISBN: 9781484320648

Keywords: Western Hemisphere, Peru, Chile, Colombia, JEL Classification Numbers: E62, F14, H50, O13 Commodity Prices, Fiscal Policy, Flexible Exchange Rates

This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses o...

Are All Summary Indicators of the Stance of Fiscal Policy Misleading?

Are All Summary Indicators of the Stance of Fiscal Policy Misleading? »

Source: Are All Summary Indicators of the Stance of Fiscal Policy Misleading?

Volume/Issue: 1988/112

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 1988

ISBN: 9781451944501

Keywords: fiscal policy, expenditure, fiscal impulse, expenditures, fiscal stance

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, inclu...

Are Developing Countries Better Off Spending Their Oil Wealth Upfront?

Are Developing Countries Better Off Spending Their Oil Wealth Upfront? »

Source: Are Developing Countries Better Off Spending Their Oil Wealth Upfront?

Volume/Issue: 2004/141

Series: IMF Working Papers

Author(s): H. Takizawa , E. Gardner , and Kenichi Ueda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2004

ISBN: 9781451856217

Keywords: Optimal fiscal policy, transitional growth, natural resource, government spending, budget constraint, fiscal balance, private consumption, Fiscal and Monetary Policy in Development,

We question the conventional view that it is optimal for government to maintain a stable level of spending out of oil wealth. We compare this conventional policy recommendation with one where government spends all...

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...

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...

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...

Central Banks Quasi-Fiscal Policies and Inflation

Central Banks Quasi-Fiscal Policies and Inflation »

Source: Central Banks Quasi-Fiscal Policies and Inflation

Volume/Issue: 2012/14

Series: IMF Working Papers

Author(s): Seok Park

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463931193

Keywords: Central bank&;amp;#x2019;s balance sheet, Fiscal theory of price level, Quasi-fiscal policy, central bank, fiscal authority,

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...

Characterizing the Expenditure Uncertainties of Industrial Countries in the 21st Century1

Characterizing the Expenditure Uncertainties of Industrial Countries in the 21st Century1 »

Source: Characterizing the Expenditure Uncertainties of Industrial Countries in the 21st Century

Volume/Issue: 2005/91

Series: IMF Working Papers

Author(s): Peter Heller , and David Hauner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2005

ISBN: 9781451861105

Keywords: fiscal frameworks, expenditure, expenditures, government expenditure, fiscal policy, expenditure categories, National Government Expenditures and Related Policies, National Budget, Deficit, and Debt,

A number of uncertainties about long-term expenditure commitments in industrial countries are examined: (i) the assumptions underlying the projections, (ii) the potential to further reduce non-age-related expenditu...