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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...

The Effectiveness of Fiscal Policy in Stimulating Economic Activity

The Effectiveness of Fiscal Policy in Stimulating Economic Activity »

Source: The Effectiveness of Fiscal Policy in Stimulating Economic Activity : A Review of the Literature

Volume/Issue: 2002/208

Series: IMF Working Papers

Author(s): Selma Mahfouz , Richard Hemming , and Michael Kell

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2002

ISBN: 9781451874716

Keywords: economic activity, fiscal multipliers, government spending, expansionary fiscal contractions, expenditure, fiscal contraction, Fiscal Policies and Behavior of Economic Agents: General,

This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., th...

Fiscal Consolidation and Public Wages

Fiscal Consolidation and Public Wages »

Source: Fiscal Consolidation and Public Wages

Volume/Issue: 2019/125

Series: IMF Working Papers

Author(s): Juin-Jen Chang , Hsieh-Yu Lin , Nora Traum , and Shu-Chun Susan Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 June 2019

ISBN: 9781498316835

Keywords: Public sector wages, Real interest rates, Income tax revenue, Wage policy, Consumption taxes, public wage, fiscal consolidation, government spending, fiscal policy, New Keynesian model

A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the macroeconomic and fiscal effects of public wage reductions. We find that accounting for the t...

Fiscal Deficits and Current Account Deficits

Fiscal Deficits and Current Account Deficits »

Source: Fiscal Deficits and Current Account Deficits

Volume/Issue: 2009/237

Series: IMF Working Papers

Author(s): Michael Kumhof , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

ISBN: 9781451873849

Keywords: Non-Ricardian Households, Government Deficits, Global Current Account Imbalances, current account, fiscal deficits, government spending, Open Economy Macroeconomics, International Policy Coordination and Transmission, Fiscal Policies and Behavior of Economic Agents: General,

The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implicatio...

Fiscal Multipliers

Fiscal Multipliers »

Source: Fiscal Multipliers

Volume/Issue: 2009/11

Series: IMF Staff Position Notes

Author(s): Antonio Spilimbergo , Martin Schindler , and Steven Symansky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 May 2009

ISBN: 9781462372737

Keywords: Cross country analysis, Capital markets, Consumption, Budget deficits, Fiscal sustainability, Fiscal policy, Government expenditures, Interest rates, Private savings, Taxes

...

Fiscal Policy, the Real Exchange Rate and Commodity Prices

Fiscal Policy, the Real Exchange Rate and Commodity Prices »

Source: Fiscal Policy, the Real Exchange Rate and Commodity Prices

Volume/Issue: 1990/91

Series: IMF Working Papers

Author(s): Carmen Reinhart

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1990

ISBN: 9781451851434

Keywords: exchange rate, real exchange rate, government spending, fiscal policies

The role of the international commodity market in transmitting disturbances is considered in a model that incorporates commodities as an input in production. The analysis employs a three-country framework: a liquid...

Government Size and Output Volatility

Government Size and Output Volatility »

Source: Government Size and Output Volatility : Should We Forsake Automatic Stabilization?

Volume/Issue: 2008/122

Series: IMF Working Papers

Author(s): Jean Pisani-Ferry , Xavier Debrun , and André Sapir

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2008

ISBN: 9781451869828

Keywords: Output volatility, government size, fiscal stabilization, government expenditure, government spending, fiscal policy,

The paper takes stock of the debate on the positive link between output volatility and the size of government-which reflects automatic stabilizers. After a survey of the literature, we show that the contribution of...

Fiscal Multipliers

Fiscal Multipliers »

Volume/Issue: 2009/11

Series: IMF Staff Position Notes

Author(s): Antonio Spilimbergo , Martin Schindler , and Steven Symansky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 May 2009

DOI: http://dx.doi.org/10.5089/9781462372737.004

ISBN: 9781462372737

Keywords: Cross country analysis, Capital markets, Consumption, Budget deficits, Fiscal sustainability, Fiscal policy, Government expenditures, Interest rates, Private savings, Taxes

...

A Party without a Hangover? On the Effects of U.S. Government Deficits

A Party without a Hangover? On the Effects of U.S. Government Deficits »

Volume/Issue: 2007/202

Series: IMF Working Papers

Author(s): Douglas Laxton , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2007

DOI: http://dx.doi.org/10.5089/9781451867664.001

ISBN: 9781451867664

Keywords: Finite Lives, Distortionary Taxes, current account, fiscal policy, current account deficit, government spending,

This paper develops a 2-country New Keynesian overlapping generations model suitable for the joint evaluation of monetary and fiscal policies. We show that a permanent increase in U.S. government deficits raises th...

Are Developing Countries Better Off Spending Their Oil Wealth Upfront?

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

DOI: http://dx.doi.org/10.5089/9781451856217.001

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...