Administering Money: Coinage, Debt Crises, and the Future of Fiscal Policy

2020 ◽  
Author(s):  
Rohan Grey
Keyword(s):  
Fiscal Policy ◽  
The Future ◽  
Debt Crises

The Present as the Future, 2

2017 ◽  
Author(s):  
John Kenneth Galbraith
Keyword(s):  
United States ◽  
Human Capital ◽  
Fiscal Policy ◽  
The United States ◽  
Market Discipline ◽  
Industrial Countries ◽  
The Future ◽  
To Come ◽  
Monetary And Fiscal Policy ◽  
Future 2

This chapter examines various developments in economics that are part of the present and will contend against the neoclassical tradition for recognition in the future. Industrial countries, including the United States, have already become deeply concerned with the economic ideas and more especially their practice in Japan. The chapter considers some of the lessons to come and that are coming from Japan, such as the industry–government cooperation and investment in human capital, It also discusses a number of ways to escape market discipline and deal with competition, including a return to tariff protection, and how the distinction between microeconomics and macroeconomics will blur and disappear due to factors such as the dynamic of prices and wages as a determinant of both inflation and unemployment. Finally, it comments on the future of domestic monetary and fiscal policy in relation to a nation's international position.

scholarly journals Slow Moving Debt Crises

2019 ◽  
Vol 109 (9) ◽  
pp. 3229-3263 ◽  
Author(s):  
Guido Lorenzoni ◽  
Iván Werning
Keyword(s):  
Fiscal Policy ◽  
Interest Rates ◽  
Tipping Point ◽  
Fixed Amount ◽  
Policy Rules ◽  
High Interest ◽  
Default Rates ◽  
Debt Dynamics ◽  
Slow Moving ◽  
Debt Crises

We study slow moving debt crises: self-fulfilling equilibria in which high interest rates, due to the fear of a future default, lead to a gradual but faster accumulation of debt, ultimately validating investors’ fear. We show that slow moving crises arise in a variety of settings, both when fiscal policy follows a given rule and when it is chosen by an optimizing government. A key assumption, in all these settings, is that the borrowing government cannot commit to issue a fixed amount of bonds in a given period. We discuss how multiplicity is avoided for low debt levels, for sufficiently responsive fiscal policy rules, and for long enough debt maturities. When the equilibrium is unique, debt dynamics are characterized by a tipping point, below which debt falls and stabilizes and above which debt and default rates grow. (JEL E43, E62, H50, H63)

scholarly journals Time-Consistent Rules in Monetary and Fiscal Policy

2012 ◽  
pp. 1-4
Author(s):  
Daniel R. Carroll
Keyword(s):  
Fiscal Policy ◽  
Government Policy ◽  
The Future ◽  
New Policies ◽  
Monetary And Fiscal Policy

The intended effects of a government policy can be distorted by the public’s expectations about how strictly it will be enforced. If households and businesses cannot be certain that a policy will remain unchanged over its scheduled tenure, they will adjust their response to it to reflect this uncertainty. One way of mitigating the uncertaintly is to add rules to new policies when they are enacted that would make altering the policies very difficult in the future.

scholarly journals Correlation between Government and Economic Growth –Fiscal Policy during the Transition in Albania

2013 ◽  
Vol 3 (2) ◽  
pp. 149
Author(s):  
MSc. Xhenet Syka ◽  
Dr.Sc. Ilir Kaduku
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
Economic Status ◽  
Fiscal Sustainability ◽  
Government Expenditures ◽  
Theoretical Treatment ◽  
Current State ◽  
The Future ◽  
State Of The Economy

In this paper we tried to analyze some aspects of fiscal policy in our country, without pretending to give our own sample. Fiscal policy is the use of government expenditures and taxes which affect economic activity. Determination of fiscal policy in a given year takes into account the time virtually the past (current socio-economic status) and the implications for the future (fiscal sustainability).In general the cases dealt the role fiscal policy plays toward economic growth. The analysis many focused both in the theoretical treatment as well as the role that fiscal policy has played in our country, going even further in some suggestions for the future. The most important issue was addressed in the long-term fiscal policy view, fiscal sustainability. In the final everything is addressed to the role of fiscal policy on social issues.The role that fiscal policy should play in economic and social development has long been a controversial issue and is still different among economists. While a restrictive fiscal policy means increasing taxes and cut government spending. Fiscal policy may be expansionary or restrictive. An expansionary fiscal policy means a reduction of direct and indirect taxes and increased government expenditures. Choose between two types of fiscal policy is not an easy decision, both in terms of the current state of the economy, as well as political decisions.

Six Essays in Persuasion

2017 ◽  
Author(s):  
Thomas J. Sargent
Keyword(s):  
United States ◽  
Fiscal Policy ◽  
Inflation Rate ◽  
Government Debt ◽  
The United States ◽  
Budget Constraint ◽  
Government Expenditures ◽  
The Future ◽  
Monetary And Fiscal Policy ◽  
The U.S

This chapter consists of six essays that use “unpleasant monetarist arithmetic” to interpret events during the 1980s and 1990s in Brazil and the United States. During the 1980s, the United States took steps along a path upon which Brazil had travelled much further, a path along which interest-bearing government debt is growing as a percentage of GNP. The U.S. government was able readily to borrow large amounts, and had far to go before the government's budget constraint threatened to impose painful choices among the options of raising taxes, lowering government expenditures, or printing currency. Brazil found its ability to borrow very limited, and therefore had to confront those painful choices immediately. One essay emphasizes that a country's inflation rate at any moment emerges out of the sustained monetary and fiscal policy that it chooses, now and in the future.

An Introduction to Finance and Investment

2018 ◽  
Author(s):  
Colin Mayer ◽  
Stefano Micossi ◽  
Marco Onado ◽  
Marco Pagano ◽  
Andrea Polo
Keyword(s):  
Sovereign Debt ◽  
Large Body ◽  
Financial System ◽  
Policy Formulation ◽  
Data Sets ◽  
Body Of Knowledge ◽  
The Future ◽  
Debt Crises ◽  
European Economies ◽  
Existing Data

This chapter reviews the problems of finance and investment confronting European economies and summarizes the approaches that can be adopted to address them. The chapters in this volume provide one of the most comprehensive and thorough analyses of any financial system that has been undertaken to date. They reflect a large body of research using new and existing data sets, employing advanced empirical tools, and exploiting the unique insights provided by the tumultuous events of the financial and sovereign debt crises. Together they therefore comprise an exceptional body of knowledge to guide policy formulation in the future.

scholarly journals Optimal fiscal policy and sovereign debt crises

2020 ◽  
Vol 37 ◽  
pp. 234-254 ◽  
Author(s):  
Stefan Niemann ◽  
Paul Pichler
Keyword(s):  
Fiscal Policy ◽  
Sovereign Debt ◽  
Optimal Fiscal Policy ◽  
Debt Crises
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