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Keywords:Fiscal policy 

Journal Article
On fiscal responsibility

An abstract for this article is not available
Economic Review , Volume 65 , Issue Nov

Debt and deficit ceilings, and sustainability of fiscal policies: an intertemporal analysis

In this paper, we examine the likely consequences for the sustainability of fiscal policy of pursuing goals that rely on restrictive ceilings on deficits and debt. We provide a formal theoretical framework for analyzing the sustainability of fiscal policy based on the government intertemporal budget constraint and derive conditions that determine whether a given fiscal stance is sustainable. This framework generalizes the existing literature in several important respects. We allow for time-varying interest rates, for the primary deficit to be endogenous, for a finite planning horizon suitable ...
Research Paper , Paper 9615

Can a fiscal contraction strengthen a currency?: Some doubts about conventional Mundell-Fleming results

This article demonstrates that a fiscal expansion can induce both a short- and long-run depreciation of a currency and, by parallel arguments, fiscal contraction can induce short- and long-run appreciation. This possibility hinges on a country being a debtor with at least some of its debt servicing costs reset periodically in response to changes in its domestic interest rates. In the simpler version of our model, we show that a fiscal expansion can lead to an instantaneous depreciation and a current account deficit, causing the currency to continue to depreciate over time. The current account ...
Research Paper , Paper 9629

The supply side consequences of U.S. fiscal policy in the 1980s

Research Paper , Paper 9129

Money demand, transactions proxies, and the effects of fiscal policies in open economies

Research Paper , Paper 8602

Fiscal policy and the dollar: a post-plaza perspective

Research Paper , Paper 8607

Risksharing within the United States: what have financial markets and fiscal federalism accomplished?

We document aggregate income growth uncertainty at the state level, and the extent to which this uncertainty is reduced by risksharing through financial markets and federal fiscal policy. A methodology is adopted that is closely connected to the empirical growth literature. It does not rely on assumptions about a model or stochastic process of income. This is important because estimated gains from international risksharing have been found to be very sensitive to the assumed model or income process. We only make assumptions about the information set used to predict growth, which is sufficient ...
Research Paper , Paper 9808

The economic outlook and the role of monetary policy

Remarks at the Economic Club of New York, New York City.
Speech , Paper 99

The recovery and monetary policy

Remarks at the National Association for Business Economics Annual Meeting, New York City.
Speech , Paper 89



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anonymous 27 items

Dudley, William 23 items

Gokhale, Jagadeesh 13 items

Greenspan, Alan 13 items

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Fiscal policy 529 items

Monetary policy 185 items

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