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In 1992, President Bush proposed legislation intended to speed up the
recovery from the 1990-91 recession. Congress rejected this proposal for
countercyclical fiscal policy stimulus. In early 1993 P...
The Lack of an Empirical Rationale for a Revival of Discretionary Fiscal Policy
Empirical Rationale Discretionary Fiscal Policy
2015/8/3
A decade ago in a paper, “Reassessing
Discretionary Fiscal Policy,” published in the
Journal of Economic Perspectives, I concluded
that “in the current context of the US economy, it
seems best to ...
This lecture starts with a review of historical trends in the balance between rules
and discretion: first toward more discretionary policies in the 1960s and 1970s;
second toward more rules-based po...
We use responses to survey questions in the 2010 Italian Survey of Household Income and Wealth
that ask consumers how much of an unexpected transitory income change they would consume. We
find tha...
《Fiscal Policy after the Financial Crisis》（图）
Fiscal Policy after the Financial Crisis Alberto Alesina Francesco Giavazzi
2013/11/27
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spendin...
Fiscal Policy in Debt Constrained Economies
Fiscal Policy Debt Constrained Economies optimal fiscal policy
2014/3/12
We study optimal fiscal policy in a small open economy (SOE) with sovereign and private default risk and limited commitment to tax plans. The SOE's government uses linear taxation to fund exogenous ex...
This paper presents a political economy theory of fiscal policy and unemployment. The underlying economic model is one in which unemployment can arisebut can be mitigated by tax cuts and public ...
Fiscal policy in the monetary theory of production: an alternative to the "new consensus" approach
fiscal policy monetary theory of production new consensus
2011/8/21
This paper provides an alternative view to the new consensus approach, from the standpoint of the monetary theory of production. It is shown that output growth is demand driven, so that fiscal policie...
Monetary–Fiscal Policy Interactions under Implementable Monetary Policy Rules
fiscal theory rational expectations Taylor rules
2011/8/21
his paper examines the implications of forward- and backward-looking monetary policy rules in an environment with monetary–fiscal interactions. We find that the unique stationary rational expectations...
COORDINATION OF MONETARY AND FISCAL POLICY IN A MONETARY UNION: POLICY ISSUES AND ANALYTICAL MODELS
European Monetary Union monetary and fiscal policy new neoclassical synthesis (NNS) models policy coordination
2011/8/21
The European Monetary Union raises new and interesting questions about the coordination of monetary and fiscal policy. In this lecture, I discuss some of these questions and the answers that a new cla...
Monetary and Fiscal Policy Interaction: The Current Consensus Assignment in the Light of Recent Developments
optimal monetary and fiscal policy nominal rigidities the utility of agents the consensus assignment New Keynesian models
2011/8/21
In the last few years papers have begun to analyse optimal monetary and fiscal policy in models incorporating nominal rigidities where social welfare is derived from the utility of agents. This articl...
Fiscal Policy over the Real Business Cycle: A Positive Theory
fi scal policy business cycle budget
2014/3/12
This paper explores the implications of the political economy model of Battaglini and Coate (2008)
for the behavior of fiscal policy over the business cycle. The model predicts that fisca...
The Institute for Fiscal Studies has hosted an ESRC research centre since 1991. Following an open competition for research funding, the ESRC decided to renew Centre funding from April 2005 for a perio...
Implementability of the Non-Ricardian Optimal Fiscal Policy
Fiscal Theory of the Price level Ramsey Equilibrium Nash Equilibrium
2009/5/6
Dealing with out-of-equilibrium behaviors of economic agents is necessary to fill in the gaps in the controversy surrounding the admissibility of the fiscal theory of the price level (FTPL). Incorpor...
Implementability of the Non-Ricardian Optimal Fiscal Policy
Fiscal Theory of the Price level Ramsey Equilibrium Nash Equilibrium
2010/12/7
Dealing with out-of-equilibrium behaviors of economic agents is necessary to fill in the gaps in the controversy surrounding the admissibility of the fiscal theory of the price level (FTPL). Incorpora...