Housing market responses to transaction taxes: Evidence from notches and stimulus in the UK

Michael Best, Henrik Kleven, 19 December 2013

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Housing wealth represents the bulk of homeowners' portfolios. Moreover the housing market is important at a macroeconomic scale, and is seen as a key link between the financial economy and the real economy. Previous work on the determinants of prices and demand in the housing market has focused primarily on the role of interest rates and other credit market conditions (Himmelberg et al.

Topics: Taxation
Tags: business cycles, fiscal stimulus, housing market, tax policy

Fiscal stimulus in times of high public debt: Reconsidering multipliers and twin deficits

Christiane Nickel, Andreas Tudyka, 7 September 2013

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The stimulus impact of a government-spending shocks varies with the economic environment (Ilzetzki, Mendoza, and Végh 2013). One important determinant is the level of government indebtedness – particularly when the nation’s fiscal sustainability may be in doubt. The economic logic of this is straightforward.

Topics: Macroeconomic policy
Tags: Eurozone crisis, fiscal stimulus

The lessons of the North Atlantic crisis for economic theory and policy

Joseph Stiglitz, 9 May 2013

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Editor’s note: This is the fourth of four columns sharing reflections on the recent IMF conference “Rethinking Macro Policy II: First Steps and Early Lessons”.

Topics: Macroeconomic policy
Tags: fiscal multiplier, fiscal stimulus

Preventing the next catastrophe: Where do we stand?

David Romer, 9 May 2013

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Editor’s note: This is the third of four columns sharing reflections on the recent IMF conference “Rethinking Macro Policy II: First Steps and Early Lessons”.

As I listened to the presentations and discussions, I found myself thinking about the conference (IMF 2013) from two perspectives:

Topics: Macroeconomic policy
Tags: fiscal multiplier, fiscal stimulus

Rethinking macroeconomic policy

Olivier Blanchard, 9 May 2013

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Editor's note: This is the second of four columns sharing reflections on the recent IMF conference “Rethinking Macro Policy II: First Steps and Early Lessons”.

Topics: Macroeconomic policy
Tags: fiscal multiplier, fiscal stimulus

The cat in the tree and further observations: Rethinking macroeconomic policy

George A. Akerlof, 9 May 2013

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Editor's note: This is the first of four columns sharing reflections on the recent IMF conference “Rethinking Macro Policy II: First Steps and Early Lessons”.

Topics: Macroeconomic policy
Tags: fiscal multiplier, fiscal stimulus

Output spillovers from fiscal policy

Alan J Auerbach, Yuriy Gorodnichenko, 10 December 2012

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Policymakers seeking to stabilise the economy face many challenges. A recent set of challenges is shocks from abroad. Such shocks can come from many directions: trade channels as during the Great Trade Collapse of 2009; financial linkages as during the 2008 Global Crisis; and capital flows (Crucini et al. 2008).

Topics: Europe's nations and regions
Tags: Eurozone crisis, fiscal spillovers, fiscal stimulus, Greece

The Procyclicalists: Fiscal austerity vs. stimulus

Jeffrey Frankel, 7 August 2012

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The world is seized by a debate between fiscal austerity and fiscal stimulus. Opponents of austerity worry about contractionary effects on the economy. Opponents of stimulus worry about indebtedness and moral hazard (see Corsetti 2012).

Topics: Macroeconomic policy
Tags: austerity, countercyclical fiscal policy, fiscal stimulus

Fiscal spending and growth: More patterns

Céline Carrère, Jaime de Melo, 17 May 2012

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As the Eurozone is entering into recession, fiscal policy has moved to centre stage. The extent of austerity has been widely attacked, including by IMF staff (Cottarelli 2012), while the design of fiscal policy, namely expenditure reductions versus tax increases (Alesina and Giavazzi 2012), has also come under scrutiny.

Topics: Macroeconomic policy
Tags: developing countries, fiscal deficit, fiscal stimulus

A case for balanced-budget stimulus

Pontus Rendahl, 26 April 2012

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With debt-levels hitting record highs and growth running low on steam, European policymakers have found themselves facing a grim dilemma: should government spending be increased at the risk of reawakening the wrath of the sovereign bond markets? Or should austerity instead assume the political mantra with the hope of merely muddling through?

Topics: Macroeconomic policy
Tags: fiscal stimulus, government spending, multiplier effect, public debt

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