-PDF Download- Post Crisis Fiscal Policy EBOOK

Fiscal Policy after the Financial Crisis

Author: Alberto Alesina

Publisher: University of Chicago Press

Published: 2013-06-25

Total Pages: 596

ISBN-13: 022601844X

The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.

Post-crisis Fiscal Policy

Author: Carlo Cottarelli

Publisher: MIT Press

Published: 2014-06-27

Total Pages: 575

ISBN-13: 0262027186

DOWNLOAD EBOOK →

"Fiscal policy makers have faced an extraordinarily challenging environment over the last few years. At the outset of the global financial crisis, the International Monetary Fund (IMF) for the first time advocated a fiscal expansion across all countries able to afford it, a seeming departure from the long-held consensus among economists that monetary policy rather than fiscal policy was the appropriate response to fluctuations in economic activity. Since then, the IMF has emphasized that the speed of fiscal adjustment should be determined by the specific circumstances in each country. Its recommendation that deficit reduction proceed steadily, but gradually, positions the IMF between the fiscal doves (who argue for postponing fiscal adjustment altogether) and the fiscal hawks (who argue for a front-loaded adjustment). This volume brings together the analysis underpinning the IMF's position on the evolving role of fiscal policy. After establishing its analytical foundation, with chapters on such topics as fiscal risk and debt dynamics, the book analyzes the buildup of fiscal vulnerabilities before the crisis, presents the policy response during the crisis, discusses the fiscal outlook and policy challenges ahead, and offers lessons learned from the crisis and its aftermath. Topics discussed include a historical view of debt accumulation; the timing, size, and composition of fiscal stimulus packages in advanced and emerging economies; the heated debate surrounding the size of fiscal multipliers and the effectiveness of fiscal policy as a countercyclical tool; coordination of fiscal and monetary policies; the sovereign debt crisis in Europe; and institutional reform aimed at fostering fiscal discipline."--Publisher's description.

The Oxford Handbook of the Economics of Central Banking

Author: David G. Mayes

Publisher: Oxford Handbooks

Published: 2019-03-15

Total Pages: 809

ISBN-13: 0190626194

DOWNLOAD EBOOK →

"The Handbook reflects the state of the art in the theory and practice of central banking. It covers all the essential areas that have come under scrutiny since the global financial crisis of 2007-9"--

Strategies for Fiscal Consolidation in the Post-Crisis World

Author: Mr.Mauricio Villafuerte

Publisher: International Monetary Fund

Published: 2010-09-17

Total Pages: 64

ISBN-13: 1589069374

DOWNLOAD EBOOK →

In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.

Fiscal Policy after the Financial Crisis

Author: Alberto Alesina

Publisher: University of Chicago Press

Published: 2013-06-25

Total Pages: 596

ISBN-13: 022601858X

DOWNLOAD EBOOK →

Strengthening Post-Crisis Fiscal Credibility

Author: Mr.Xavier Debrun

Publisher: International Monetary Fund

Published: 2014-04-08

Total Pages: 35

ISBN-13: 147552515X

DOWNLOAD EBOOK →

Institutions aimed at constraining policy discretion to promote sound fiscal policies are once again at the forefront of the policy debate. Interest in “fiscal councils,” independent watchdogs active in the public debate, has grown rapidly in recent years. This paper presents the first cross-country dataset summarizing key characteristics of fiscal councils among IMF members. The data documents a surge in the number of fiscal councils since the crisis. It also illustrates that well-designed fiscal councils are associated with stronger fiscal performance and better macroeconomic and budgetary forecasts. Key features of effective fiscal councils include operational independence from politics, the provision or public assessment of budgetary forecasts, a strong presence in the public debate, and the monitoring of compliance with fiscal policy rules.

Post-Crisis Recovery

Author: Pritha Mitra

Publisher: International Monetary Fund

Published: 2006-09

Total Pages: 50

ISBN-13:

DOWNLOAD EBOOK →

Emerging market financial crises during the late 1990s were marked by sudden withdrawals of funds by foreign creditors, resulting in production declines. The IMF favored positive signals to potential foreign creditors and initially recommended disciplined fiscal policy during the height of crisis, countering standard Keynesian recommendations of expansionary fiscal stimulus. This paper formulates an open-economy general equilibrium model for resolving this policy conundrum and analyzing the impact of disciplined fiscal policy on post-crisis recovery. The model demonstrates via simulations that disciplined fiscal policy will improve (worsen) post-crisis recovery in the presence (absence) of appropriately defined production flexibility.

Post-Crisis Fiscal Policy Priorities for the ASEAN-5

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2010-11-01

Total Pages: 29

ISBN-13: 145520952X

DOWNLOAD EBOOK →

This paper focuses on post-crisis fiscal priorities in the ASEAN-5 economies - Indonesia, Malaysia, Philippines, Singapore and Thailand. Sound economic fundamentals and timely and forceful policy responses to the crisis, including fiscal stimulus, contributed to rapid economic recovery in the ASEAN-5. As growth rebounds, these economies are beginning to identify, communicate and implement their strategies for unwinding the fiscal stimulus while addressing long-term growth challenges. In this context, the paper highlights the need for fiscal policies to address infrastructure gaps, stimulate private consumption and expand social safety nets. Creating fiscal space to address these challenges will require raising revenues and reorienting public spending rather than increasing borrowing. Supporting structural reforms, aiming to stimulate private infrastructure investment, could help address long-term growth challenges, while easing the burden on fiscal policy.

Economic Recovery

Author: Craig K. Elwell

Publisher: DIANE Publishing

Published: 2011-04

Total Pages: 21

ISBN-13: 1437944175

DOWNLOAD EBOOK →

Contents: (1) Background: Severity of the 2008-2009 Recession; Policy Responses to the Financial Crisis and Recession: Monetary Policy Actions; Fiscal Policy Actions; (2) Is Sustained Economic Recovery Underway?; (3) The Shape of Economic Recovery: Demand Side Problems?: Consumption Spending; Investment Spending; Net Exports; Supply Side Problems?; Policy Responses to Increase the Pace of Economic Recovery: The Case for More Fiscal Stimulus; The Case Against More Fiscal Stimulus; The Case Against More Monetary Stimulus; Economic Projections. This is a print on demand edition of an important, hard-to-find publication.

What Have We Learned?

Author: George A. Akerlof

Publisher: MIT Press

Published: 2016-09-02

Total Pages: 369

ISBN-13: 0262529858

DOWNLOAD EBOOK →

Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises. Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.