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The Discipline-Enhancing Role of Fiscal Institutions

The Discipline-Enhancing Role of Fiscal Institutions »

Source: The Discipline-Enhancing Role of Fiscal Institutions : Theory and Empirical Evidence

Volume/Issue: 2007/171

Series: IMF Working Papers

Author(s): Xavier Debrun , and Manmohan Kumar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

ISBN: 9781451867350

Keywords: Deficit bias, credibility, accountability, voters, fiscal institutions, fiscal rule, Accountablility,

This paper discusses the role of fiscal institutions, including budget rules and non-partisan agencies, in enhancing fiscal discipline. A dynamic model of fiscal policy shows that optimal institutions lack credibil...

The Effects of Monetary and Fiscal Policy on Aggregate Demand in a Small Open Economy

The Effects of Monetary and Fiscal Policy on Aggregate Demand in a Small Open Economy »

Source: The Effects of Monetary and Fiscal Policy on Aggregate Demand in a Small Open Economy : An Application of the Structural Error Correction Model

Volume/Issue: 2000/165

Series: IMF Working Papers

Author(s): Tetsuya Konuki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2000

ISBN: 9781451858044

Keywords: Monetary and fiscal policy, structural error correction models, equation, aggregate demand, equations, cointegration

This paper empirically analyzes the short-run effects of monetary and fiscal policy on aggregate demand, using the two-step structural error correction method. This method has an advantage over the standard reduced...

Fiscal Rules in Response to the Crisis

Fiscal Rules in Response to the Crisis »

Source: Fiscal Rules in Response to the Crisis : Toward the "Next-Generation" Rules: A New Dataset

Volume/Issue: 2012/187

Series: IMF Working Papers

Author(s): Nina Budina , Andrea Schaechter , Anke Weber , and Tidiane Kinda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

ISBN: 9781475505351

Keywords: fiscal governance, budget balance, national fiscal rules, fiscal rule, Structure, Scope, and Performance of Government, National Deficit Surplus,

Strengthening fiscal frameworks, in particular fiscal rules, has emerged as a key response to the fiscal legacy of the crisis. This paper takes stock of fiscal rules in use around the world, compiles a dataset - co...

IMF Adviceon Fiscal Policy

IMF Adviceon Fiscal Policy »

Source: IMF Adviceon Fiscal Policy

Volume/Issue: 1989/87

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 1989

ISBN: 9781451953138

Keywords: fiscal policy, expenditure, government expenditure, taxation, expenditures

IMF advice on fiscal policy is given within a strong accounting framework. Published sources in the last ten years show the direction and change of advice. The treatment of central bank losses, government arrears,...

A New Rule
			: The Swiss Debt Brake

A New Rule : The Swiss Debt Brake »

Volume/Issue: 2002/18

Series: IMF Working Papers

Author(s): Stephan Danninger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

DOI: http://dx.doi.org/10.5089/9781451843651.001

ISBN: 9781451843651

Keywords: expenditure, fiscal policy, expenditures, budget balance

The paper provides an international comparison and a comprehensive analysis of a new fiscal expenditure rule for the federal government in Switzerland. The proposed rule has two innovative features: it aims at a st...

Fiscal Rules in Response to the Crisis
			: Toward the "Next-Generation" Rules:   A New Dataset

Fiscal Rules in Response to the Crisis : Toward the "Next-Generation" Rules: A New Dataset »

Volume/Issue: 2012/187

Series: IMF Working Papers

Author(s): Nina Budina , Andrea Schaechter , Anke Weber , and Tidiane Kinda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505351.001

ISBN: 9781475505351

Keywords: fiscal governance, budget balance, national fiscal rules, fiscal rule, Structure, Scope, and Performance of Government, National Deficit Surplus,

Strengthening fiscal frameworks, in particular fiscal rules, has emerged as a key response to the fiscal legacy of the crisis. This paper takes stock of fiscal rules in use around the world, compiles a dataset - co...

IMF Adviceon Fiscal Policy

IMF Adviceon Fiscal Policy »

Volume/Issue: 1989/87

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 1989

DOI: http://dx.doi.org/10.5089/9781451953138.001

ISBN: 9781451953138

Keywords: fiscal policy, expenditure, government expenditure, taxation, expenditures

IMF advice on fiscal policy is given within a strong accounting framework. Published sources in the last ten years show the direction and change of advice. The treatment of central bank losses, government arrears,...

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints »

Volume/Issue: 2009/286

Series: IMF Working Papers

Author(s): Michael Kumhof , and Huixin Bi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

DOI: http://dx.doi.org/10.5089/9781451874310.001

ISBN: 9781451874310

Keywords: Optimal simple rules, monetary policy rules, fiscal policy rules, welfare analysis, borrowing constraints, tax revenue, inflation, government spending,

We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than...

Quantitative Easing and Long-Term Yields in Small Open Economies

Quantitative Easing and Long-Term Yields in Small Open Economies »

Volume/Issue: 2017/212

Series: IMF Working Papers

Author(s): Antonio Diez de los Rios , and Maral Shamloo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320730.001

ISBN: 9781484320730

Keywords: Europe, Sweden, Switzerland, Central banks and their policies, United Kingdom, United States, Western Hemisphere, Unconventional monetary policy, event study, signaling

We compare the effectiveness of Federal Reserve's asset purchase programs in lowering longterm yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National B...

Tax Composition and Growth
			: A Broad Cross-Country Perspective

Tax Composition and Growth : A Broad Cross-Country Perspective »

Volume/Issue: 2012/257

Series: IMF Working Papers

Author(s): Santiago Acosta Ormaechea , and Jiae Yoo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 October 2012

DOI: http://dx.doi.org/10.5089/9781616355678.001

ISBN: 9781616355678

Keywords: Tax composition, growth, income taxes, property taxes, tax revenue, tax structure, consumption taxes,

We investigate the relation between changes in tax composition and long-run economic growth using a new dataset covering a broad cross-section of countries with different income levels. We specifically consider 69...