Contractionary Devaluation, Fiscal Policy, and Dynamic Adjustment of Exports and Wages
| Author | : Felipe Larraín B. |
| Publisher | : |
| Total Pages | : 116 |
| Release | : 1985 |
| Genre | : Balance of trade |
| ISBN | : |
Contractionary Devaluation Fiscal Policy And Dynamic Adjustment Of Exports And Wages
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The Effectiveness of Fiscal Policy in Stimulating Economic Activity
| Author | : Richard Hemming |
| Publisher | : International Monetary Fund |
| Total Pages | : 62 |
| Release | : 2002-12 |
| Genre | : Business & Economics |
| ISBN | : |
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., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Exchange Rate Misalignment in Developing Countries
| Author | : Sebastian Edwards |
| Publisher | : Johns Hopkins University Press |
| Total Pages | : 110 |
| Release | : 1988 |
| Genre | : Business & Economics |
| ISBN | : |
This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.
Fiscal Policy after the Financial Crisis
| Author | : Alberto Alesina |
| Publisher | : University of Chicago Press |
| Total Pages | : 596 |
| Release | : 2013-06-25 |
| Genre | : Business & Economics |
| ISBN | : 022601844X |
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 spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Fiscal Policy, Stabilization, and Growth
| Author | : Guillermo E. Perry |
| Publisher | : World Bank Publications |
| Total Pages | : 354 |
| Release | : 2007-10-19 |
| Genre | : Business & Economics |
| ISBN | : 0821370855 |
Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
Fiscal Consolidation and Public Wages
| Author | : Juin-Jen Chang |
| Publisher | : International Monetary Fund |
| Total Pages | : 52 |
| Release | : 2019-06-10 |
| Genre | : Business & Economics |
| ISBN | : 1498320236 |
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 type of government spending is crucial for its macroeconomic implications. Although reductions in public wages and government purchases of goods have similar effects on total output and the fiscal balance, the former can raise private output slightly, in contrast to the substantial contractionary effects of the latter. In addition, the baseline estimation finds that exogenous public wage reductions decrease private wages. Model counterfactuals show that sufficiently rigid nominal private wages can reverse the response of private wages, as the rigidity dampens the labor reallocation effect from the public to private sector that exerts downward pressure on private wages.
Beyond Reforms
| Author | : Jose Antonio Ocampo |
| Publisher | : World Bank Publications |
| Total Pages | : 216 |
| Release | : 2005-07-15 |
| Genre | : Business & Economics |
| ISBN | : 0821358200 |
'Beyond Reforms' argues that economic growth in developing countries is intrinsically tied to the dynamics of production structures, to the specific policies and institutions created to support it, and the creation of linkages among domestic firms and sectors. Avoiding macroeconomic instability is also essential. However, macroeconomic stability is not a sufficient condition for growth. The broader institutional context and the adequate provision of education and infrastructure are essential 'framework conditions,' but generally do not play a direct role in bringing about changes in the momentum of economic growth.
Fiscal Adjustment for Stability and Growth
| Author | : Mr.James Daniel |
| Publisher | : International Monetary Fund |
| Total Pages | : 80 |
| Release | : 2006-08-17 |
| Genre | : Business & Economics |
| ISBN | : 9781589065130 |
The pamphlet (which updates the 1995 Guidelines for Fiscal Adjustment) presents the IMF’s approach to fiscal adjustment, and focuses on the role that sound government finances play in promoting macroeconomic stability and growth. Structured around five practical questions—when to adjust, how to assess the fiscal position, what makes for successful adjustment, how to carry out adjustment, and which institutions can help—it covers topics such as tax policies, debt sustainability, fiscal responsibility laws, and transparency.
Evolution of Exchange Rate Regimes
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 38 |
| Release | : 1988-12-09 |
| Genre | : Business & Economics |
| ISBN | : 1451946945 |
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, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
IMF Staff Papers
| Author | : International Monetary Fund. Research Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 170 |
| Release | : 1952-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1451949391 |
This paper discusses various foreign payments practices in the United States. Most foreign payments in the United States are, therefore, done along traditional lines in whatever manner. Several nontraditional practices, however, have developed in recent years as the result of trade and payments restrictions established by foreign Governments. The amount and type of exchange sold by the US banks to their customers are limited only, if at all, by regulations abroad or by the banks' own limitations. In making or receiving foreign payments, the US banks deal generally with three types of customers which are, in the order of their importance: exporters and importers, individuals or corporations desiring to make or receive nontrade financial payments, and speculators. Foreign payments for account of individuals are usually small individually however, in the aggregate, they represent an important function of the banks located in the larger cities with a considerable foreign-born population.
