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Working Paper
Trade policies and fiscal devaluations
Erceg, Christopher J.; Prestipino, Andrea; Raffo, Andrea (2022-06-22)
Fiscal devaluations—an increase in import tariffs and export subsidies (IX) or an increase in value-added taxes and payroll subsidies (VP)—have been shown to provide as much stimulus under fixed exchange rates as a currency devaluation. We find that if agents expect policies to be reversed and the tax pass-through is large, VP is contractionary and IX provides a modest boost. In our medium-scale DSGE model, both features are crucial in accounting for Germany’s underperformance in response to VP in 2007. These findings cast doubt on fiscal devaluations as a cyclical stabilization tool ...
International Finance Discussion Papers , Paper 1347

Report
Money demand, transactions proxies, and the effects of fiscal policies in open economies
Weiller, Kenneth J. (1986)
Research Paper , Paper 8602

Report
Optimal fiscal and monetary policy: some recent results
Kehoe, Patrick J.; Chari, V. V.; Christiano, Lawrence J. (1991)
This paper studies the quantitative properties of fiscal and monetary policy in business cycle models. In terms of fiscal policy, optimal labor tax rates are virtually constant and optimal capital income tax rates are close to zero on average. In terms of monetary policy, the Friedman rule is optimal?nominal interest rates are zero?and optimal monetary policy is activist in the sense that it responds to shocks to the economy.
Staff Report , Paper 147

Journal Article
Fiscal policy in an era of surpluses
Gensler, Gary (2000-04)
Economic Policy Review , Issue Apr , Pages 83-85

Journal Article
Imbalances in Latin American fiscal accounts: why the United States should care
anonymous (2000-01)
EconSouth , Volume 2 , Issue Q1 , Pages 14-19

Working Paper
Fiscal positions and government bond yields in OECD countries
Kamin, Steven B.; Gruber, Joseph W. (2010)
We examine the impact of fiscal positions, both the level of debt and the fiscal balance, on long-term government bond yields in the OECD. In order to control for the endogenity of fiscal positions to the business cycle we utilize forward projections of fiscal positions from the OECD's Economic Outlook. In a panel regression over the period from 1988 to 2007, we find a robust and significant effect of fiscal performance on long-term bond yields. Our estimates imply that the marginal effect of the projected deterioration of fiscal positions associated with the recent financial crisis is to add ...
International Finance Discussion Papers , Paper 1011

Working Paper
Measuring the effect of the zero lower bound on medium- and longer-term interest rates
Williams, John C.; Swanson, Eric T. (2012)
The zero lower bound on nominal interest rates has constrained the Federal Reserve?s setting of the overnight federal funds rate for over three years running. According to many macroeconomic models, such an extended period of being stuck at the zero bound has important implications for the effectiveness of monetary and fiscal policies. However, economic theory also implies that households? and firms? decisions depend on the entire path of expected future short-term interest rates, not just the current level of the overnight rate. Thus, interest rates with a year or more to maturity are ...
Working Paper Series , Paper 2012-02

Journal Article
Fiscal pressure and central bank policy objectives
Burdekin, Richard C. K. (1986-05)
Economic and Financial Policy Review , Issue May , Pages 1-9

Working Paper
Fiscal rules and monetary policy
Lebow, David E.; Cohen, Darrel (1994)
Working Paper Series / Economic Activity Section , Paper 148

Speech
Racing to the top: how global competition disciplines public policy
Fisher, Richard W. (2006)
Remarks before the Dallas Friday Group, Dallas, Texas, April 11, 2006 ; "Competition brings benefits to the public sector the same way it does the private sector. Because factors of production are increasingly mobile in an era of globalization, governments vie to gain and hold onto them. Mobile factors will flee economies that burden them with high taxes, excessive regulation and capricious administration. They gravitate toward countries that offer the best opportunities to increase profits or paychecks. The economic benefits of productive factors give nations strong incentives to maintain ...
Speeches and Essays , Paper 56

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