Search results for "Fiscal"
showing 10 items of 448 documents
Les dépenses publiques pour l'enseignement universitaire et le rendement fiscal : le cas du Québec et de la France
1989
International audience
Does the EMU Need a Fiscal Transfer Mechanism?
2004
Summary: The aim of this paper is to investigate how the birth of a central fiscal authority or the creation of a fiscal transfer mechanism could improve the action of fiscal policy in terms of stabilization in the EMU. In particular, the paper examines the theoretical reasons to support this conclusion and provides empirical evidence that shows how the EMU is not able to face asymmetric and symmetric idiosyncratic shocks. Zusammenfassung: Die zentrale Frage des Aufsatzes lautet: Ob und wie kann eine zentrale Fiskalbehorde oder ein fiskalischer Transfermechanismus die fiskalpolitische Stabilisierung in der EWU verbessern? Dazu werden theoretische Argumente und empirische Evidenz prasentiert…
Effects of Fiscal Stimulus in Structural Models
2010
Il paradigma europeo dell'efficienza delle pubbliche amministrazioni
2018
The European lex fiscalis, developed after the sovereign debt crisis of the period 2011-2013 marks, directly and indirectly, a clear solution of continuity with respect to the evolution of the administrative system of the economy of the continental states. The fiscal compact has brought about a change of the rule-based legal paradigm of good administration economy of the containment of public expenditure compared to functionality of the administrative organization. The revision of the Constitution of the 2012 recorded this change. The prevalence of financial interest compared to other public interests, it pushes for a different modulation of the concept of efficiency that art. 97 of the Con…
The Effects of Fiscal Policy on Output
2010
Reshaping Monetary Policy after the Great Crash: John H. Williams at the NY FED
2020
John H. Williams was an influential economist and central banker in the interwar years. A Harvard University professor since 1929 specialized in international trade and monetary economics, he joined the NY Fed in 1933 and became its vice-President in 1936. This paper aims to provide a general assessment of Williams’ contributions to monetary and fiscal policy during his tenure at the NY FED. We shall try to do so by following a twofold perspective: i. establish connections between Williams’ more theoretical works, his interpretations of the great depression and some policy decisions enacted by the FED in the 1930s; ii. provide new archival evidence on what was the part Williams played in th…
Is Government Expenditure Volatility Harmful for Growth? A Cross-Country Study
2007
The aim of the paper is to analyse the relationship between government expenditure volatility and long-run growth. Using cross-country panel data from 1970 to 2000, the paper finds that countries with higher government expenditure business-cycle volatility have lower growth, even after controlling for other country-specific growth correlates such as investment, government expenditure, human capital, population growth and output volatility. This relation is robust to different measures of business cycles. Moreover, considering different subsamples, the paper finds that while government volatility significantly affects long-run growth for developing countries, it has a small effect for OECD c…
The Impact of Fiscal Consolidation on Human Development
2018
We find that fiscal austerity is associated with a reduction of human development standards, with the negative effect being particularly severe in the case of spending-driven consolidation episodes. Fiscal adjustments are especially damaging for human development in developing countries (namely, African and Latin American countries). Additionally, the empirical evidence shows that (i) government stability is a crucial institutional determinant of human development, and (ii) while investment in physical capital can boost human development, government consumption and inflation are detrimental to it.
New Public Management y federalismo fiscal: oportunidades y riesgos.
2010
Can Fiscal Policy Stimulus Boost Economic Recovery?
2011
We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. Consequently, the attempts of fiscal policy to mitigate stock price developments (e.g. via taxes on capital gains) may severely de-stabilize housing markets. The empirical findings also point to significant fiscal multiplier effects in the context of severe housing busts, which gives rise to the importance of the im…