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Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook x National Budget, Deficit, and Debt x clear all

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Aggregate fiscal policy under the Labour government, 1997–2010

Simon Wren-Lewis.

in Oxford Review of Economic Policy

January 2013; p ublished online June 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 11278 words.

This paper explores the Labour government’s fiscal policy performance at the macroeconomic level. This analysis is in two halves. The first covers the period up until the Great Recession,...

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Assets and liabilities and Scottish independence

Angus Armstrong and Monique Ebell.

in Oxford Review of Economic Policy

January 2014; p ublished online August 2014 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 6841 words.

This paper considers how the economically important assets, liabilities, and institutions in the UK could be divided if Scotland becomes an independent country. We find that on the basis of...

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Budget Institutions and Fiscal Performance in Africa

Sophia Gollwitzer.

in Journal of African Economies

January 2011; p ublished online October 2010 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 13530 words.

This paper develops an index measuring the adequacy of the institutions, rules and procedures governing the budget process in forty-six African countries, presenting the most comprehensive...

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Explaining Procyclical Fiscal Policy in African Countries

John Thornton.

in Journal of African Economies

June 2008; p ublished online January 2008 .

Journal Article. Subjects: National Budget, Deficit, and Debt; National Government Expenditures and Related Policies; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 3443 words.

Simple time series regressions for 37 low-income African countries during 1960–2004 suggest that government consumption is highly procyclical, with consumption responding more than...

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Fiscal adjustment to cyclical developments in the OECD: an empirical analysis based on real-time data

Roel Beetsma and Massimo Giuliodori.

in Oxford Economic Papers

July 2010; p ublished online December 2009 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 9289 words.

Using real-time data, we explore the determinants of both fiscal plans and their implementation for OECD countries over the period 1995–2006. First, based on forecasts we estimate standard...

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Fiscal policy and monetary integration in Europe: an update

Bertrand Candelon, Joan Muysken and Robert Vermeulen.

in Oxford Economic Papers

April 2010; p ublished online June 2009 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Public Economics. 10169 words.

By distinguishing between discretionary and non-discretionary fiscal policy, this paper analyses the stability of fiscal rules for EMU countries before and after the Maastricht Treaty....

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Fiscal Reforms and Public Investment in Africa

Christopher Adam and David Bevan.

in Journal of African Economies

March 2015; p ublished online February 2015 .

Journal Article. Subjects: National Budget, Deficit, and Debt; National Government Expenditures and Related Policies; Development Planning and Policy; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economic Development. 11096 words.

Extending a model by Buffie et al. (2012), we explore the macroeconomic implications of public investment and fiscal reforms in an environment where the tax system is distortionary. We...

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The four fallacies of contemporary austerity policies: the lost Keynesian legacy

Robert Boyer.

in Cambridge Journal of Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: Public Economics; History of Economic Thought (1925 onwards); Economywide Country Studies; Money and Interest Rates; International Finance; National Budget, Deficit, and Debt; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 11726 words.

The contemporary wide-scale austerity measures are likely to fail in most countries. The first fallacy derives from the false diagnosis that the present crisis is the outcome of lax public...

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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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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...

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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...

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...

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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...

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Policy coordination, conflicting national interests and the European debt crisis

Carlo Panico and Francesco Purificato.

in Cambridge Journal of Economics

May 2013; p ublished online April 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; National Government Expenditures and Related Policies; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit. 12585 words.

This paper tries to identify the causes of and solutions to the debt crisis, by moving from the content of a previous debate on policy coordination in the euro area and from the available...

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Public debt sustainability and alternative theories of interest

Tony Aspromourgos, Daniel Rees and Graham White.

in Cambridge Journal of Economics

May 2010; p ublished online April 2009 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; Money and Interest Rates. 8146 words.

This paper reappraises sustainable trajectories of public debt and fiscal balance, with particular reference to the possible relations between the interest rate on debt and the growth rate...

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Resource Funds: Stabilising, Parking, and Inter-generational Transfer

Anthony J. Venables and Samuel E. Wills.

in Journal of African Economies

September 2016; p ublished online October 2016 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance; Macroeconomic Aspects of International Trade and Finance; Taxation, Subsidies, and Revenue; National Budget, Deficit, and Debt; Economic Development; Non-renewable Resources and Conservation. 9815 words.

The paper explores strategies for managing revenue from natural resources, focusing on the balance between domestic and foreign asset accumulation. It suggests that domestic asset...

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The role of the media in fiscal consolidation programmes: the case of Ireland

Julien Mercille.

in Cambridge Journal of Economics

March 2014; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 10693 words.

A number of European countries have implemented austerity programmes since the onset of the current economic crisis. This paper focuses on fiscal consolidation, a central aspect of such...

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The six flaws of the Eurozone

Charles Wyplosz.

in Economic Policy

July 2016; p ublished online July 2016 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance; National Budget, Deficit, and Debt. 20162 words.

SUMMARY

When it was created, it was reasonable to think that the architecture of the monetary union was not perfect. It was also likely that the...

Sovereign Debt, Government Myopia, and the Financial Sector

Viral V. Acharya and Raghuram G. Rajan.

in The Review of Financial Studies

June 2013; p ublished online April 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Financial Institutions and Services; National Budget, Deficit, and Debt. 14348 words.

What determines the sustainability of sovereign debt? We develop a model where myopic governments seek popularity but can nevertheless commit credibly to service external debt. They do not...

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Sovereign Wealth Funds and Natural Resource Management in Africa

Samuel E. Wills, Lemma W. Senbet and Witness Simbanegavi.

in Journal of African Economies

September 2016; p ublished online October 2016 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance; Macroeconomic Aspects of International Trade and Finance; Corporate Governance; Corporate Regulation; Taxation, Subsidies, and Revenue; National Budget, Deficit, and Debt; Publicly Provided Goods; National Government Expenditures and Related Policies; Economic Development; Non-renewable Resources and Conservation. 8386 words.

Non-renewable resources dominate nearly one quarter of the world's economies. Over half of these economies are developing, with many in Africa. Managing resource revenues is one of the most...

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