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Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook x Public Economics x clear all

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The great austerity war: what caused the US deficit crisis and who should pay to fix it?

James Crotty.

in Cambridge Journal of Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 13667 words.

Rapidly rising deficits at both the federal and state and local government levels, along with prospective long-term financing problems in the Social Security and Medicare programmes, have...

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Green growth, degrowth, and the commons

Michael Jakob and Ottmar Edenhofer.

in Oxford Review of Economic Policy

January 2014; p ublished online February 2015 .

Journal Article. Subjects: Welfare and Poverty; Publicly Provided Goods; Taxation, Subsidies, and Revenue; Environmental Economics; Economic Growth and Aggregate Productivity; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 10718 words.

The concepts of ‘green growth’ and ‘degrowth’ occupy central positions in the public debate on the relationship between economic growth and the environment. While proponents of the former...

The hidden transformation: the changing role of the state after the collapse of communism in Central and Eastern Europe

Oskar Kowalewski and Krzysztof Rybinski.

in Oxford Review of Economic Policy

December 2011; p ublished online December 2011 .

Journal Article. Subjects: National Government Expenditures and Related Policies; Financial Institutions and Services; Monetary Policy, Central Banking, and the Supply of Money and Credit; Financial Regulation; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Socialist Institutions and their Transitions. 10353 words.

This article reviews the state’s role in the transition economies of Central and Eastern Europe. Among the countries, Poland is perceived as the leader because it was the first economy to...

Housing Market Responses to Transaction Taxes: Evidence From Notches and Stimulus in the U.K.

Michael Carlos Best and Henrik Jacobsen Kleven.

in The Review of Economic Studies

January 2018; p ublished online June 2017 .

Journal Article. Subjects: Taxation, Subsidies, and Revenue; Fiscal Policies and Behaviour of Economic Agents; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 19726 words.

Abstract

We investigate housing market responses to transaction taxes using administrative data on all property transactions in the U.K. from 2004 to 2012...

Interstate risk sharing in Germany: 1970–2006

Ralf Hepp and Jürgen von Hagen.

in Oxford Economic Papers

January 2013; p ublished online March 2012 .

Journal Article. Subjects: Macroeconomic Aspects of International Trade and Finance; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Public Economics. 9399 words.

We study the channels of interstate risk sharing in Germany for the time period 1970 to 2006, estimating the degrees of smoothing of a shock to a state's gross domestic product by factor...

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Intertemporal Distortions in the Second Best

Stefania Albanesi and Roc Armenter.

in The Review of Economic Studies

October 2012; p ublished online February 2012 .

Journal Article. Subjects: Fiscal Policies and Behaviour of Economic Agents; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Taxation, Subsidies, and Revenue. 17069 words.

This paper studies the long-run properties of intertemporal distortions in a broad class of second-best economies. Our unified framework encompasses and extends many well-known models, such...

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Is Foreign Aid Fungible? Evidence from the Education and Health Sectors

Nicolas Van de Sijpe.

in The World Bank Economic Review

June 2013; p ublished online October 2012 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance; National Government Expenditures and Related Policies; Development Planning and Policy. 14925 words.

This paper adopts a new approach to the issue of foreign aid fungibility. Unlike most existing empirical studies, I employ panel data that contain information on the specific purposes for...

Keynes and the confidence faeries

John Considine and David Duffy.

in Cambridge Journal of Economics

January 2016; p ublished online December 2014 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomics and Monetary Economics; Growth and Fluctuations; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; History of Economic Thought (1925 onwards). 9518 words.

Budgetary constraints were never the primary object of policy for John Maynard Keynes. They were constraints, not objectives. However, Keynes identified the psychological channels through...

The liquidation of government debt

Carmen M. Reinhart and M. Belen Sbrancia.

in Economic Policy

April 2015; p ublished online March 2015 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Macroeconomics and Monetary Economics; Growth and Fluctuations; International Finance; National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 17204 words.

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression (FR), a tax on bondholders and savers via negative or...

Macroeconomic Effects From Government Purchases and Taxes

Robert J. Barro and Charles J. Redlick.

in The Quarterly Journal of Economics

February 2011; p ublished online February 2011 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; National Government Expenditures and Related Policies; Fiscal Policies and Behaviour of Economic Agents; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Taxation, Subsidies, and Revenue. 17845 words.

For U.S. annual data that include World War II, the estimated multiplier for temporary defense spending is 0.4–0.5 contemporaneously and 0.6–0.7 over 2 years. If the change in defense...

The macroeconomic effects of legislated tax changes in Germany

Bernd Hayo and Matthias Uhl.

in Oxford Economic Papers

April 2014; p ublished online April 2013 .

Journal Article. Subjects: Fiscal Policies and Behaviour of Economic Agents; Tax Law; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 8178 words.

This paper studies the short-term macroeconomic effects of legislated tax changes in Germany using a five-variable vector autoregression (VAR) framework. Identification of the tax shock...

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Marginal Tax Rates and Income: New Time Series Evidence

Karel Mertens and José Luis Montiel Olea.

in The Quarterly Journal of Economics

November 2018; p ublished online February 2018 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Taxation, Subsidies, and Revenue; Fiscal Policies and Behaviour of Economic Agents. 29919 words.

Abstract

Using new narrative measures of exogenous variation in marginal tax rates associated with postwar tax reforms in the United States, this study...

National accounting for infrastructure

Joe Grice.

in Oxford Review of Economic Policy

January 2016; p ublished online July 2016 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Publicly Provided Goods; National Government Expenditures and Related Policies; Economic Growth and Aggregate Productivity. 6648 words.

This article discusses how more systematic information can be compiled about the state of the UK infrastructure. It stresses the importance of considering the stock and not just the flow of...

Non-linear Capital Taxation Without Commitment

Emmanuel Farhi, Christopher Sleet, Iván Werning and Sevin Yeltekin.

in The Review of Economic Studies

October 2012; p ublished online January 2012 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Analysis of Collective Decision-making; Taxation, Subsidies, and Revenue. 11038 words.

We study efficient non-linear taxation of labour and capital in a dynamic Mirrleesian model incorporating political economy constraints. Policies are chosen sequentially over time, without...

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On the sustainability of external debt: is debt relief enough?

Gianni Vaggi and Annalisa Prizzon.

in Cambridge Journal of Economics

September 2014; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economic Development. 7412 words.

Elaborating on Pasinetti (1998), the ‘geometry of debt sustainability’ (GDS) represents an analytical tool for the analysis of the long term sustainability of foreign debt. The paper...

Optimal Fiscal Policy with Recursive Preferences

Anastasios G Karantounias.

in The Review of Economic Studies

October 2018; p ublished online January 2018 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Taxation, Subsidies, and Revenue; National Budget, Deficit, and Debt. 16892 words.

Abstract

I study the implications of recursive utility, a popular preference specification in macro-finance, for the design of optimal fiscal policy. Standard...

Optimal sales tax rebates and tax enforcement consumers

Marcelo Arbex and Enlinson Mattos.

in Oxford Economic Papers

April 2015; p ublished online October 2014 .

Journal Article. Subjects: Law and Economics; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Taxation, Subsidies, and Revenue. 6869 words.

This article incorporates tax evasion and sales tax rebates to consumers into Ramsey’s optimal taxation problem. Consumers may act as tax enforcers by requesting sales receipts, forcing...

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Optimal Taxation in a Limited Commitment Economy

Yena Park.

in The Review of Economic Studies

April 2014; p ublished online October 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; General Equilibrium and Disequilibrium; Taxation, Subsidies, and Revenue. 14114 words.

This article studies optimal Ramsey taxation when risk sharing in private insurance markets is imperfect due to limited enforcement. In a limited commitment economy, there are externalities...

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Optimal Taxation with Private Government Information

Christopher Sleet.

in The Review of Economic Studies

October 2004; p ublished online October 2004 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Taxation, Subsidies, and Revenue. 10743 words.

The Ramsey model of fiscal policy implies that taxes should be smooth in the sense of having small variances. In contrast, empirical labour tax processes are smooth in the sense of being...

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Optimal Taxation with Rent-Seeking

Casey Rothschild and Florian Scheuer.

in The Review of Economic Studies

July 2016; p ublished online March 2016 .

Journal Article. Subjects: Microeconomics; General Equilibrium and Disequilibrium; Welfare Economics; Information, Knowledge, and Uncertainy; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Taxation, Subsidies, and Revenue; Demand and Supply of Labour; Wages, Compensation, and Labour Costs. 17279 words.

We develop a framework for optimal taxation when agents can earn their income both in traditional activities, where private and social products coincide, and in rent-seeking activities,...