The Expenditure Benchmark: Complex and Unsuitable for Independent Fiscal Institutions [0.03%]
复杂的支出基准不适合独立财政机构使用
Carlos Fonseca Marinheiro
Carlos Fonseca Marinheiro
The expenditure benchmark is an indicator for the evolution of public expenditure introduced in 2011 in the already complex European fiscal rules framework, being a very specific application of an expenditure rule. However, it is a quite co...
COVID-19, Seignorage, Quantitative Easing and the Fiscal-Monetary Nexus [0.03%]
新冠疫情下的货币发行、量化宽松与财政货币政策协调困境
Alex Cukierman
Alex Cukierman
The huge fiscal expansions triggered by the corona crisis raised debt/GDP ratios to very high levels. This led some economists to reconsider the taboo on seignorage. Following a brief documentation of the crisis impact and aggregate demand ...
Jérôme Creel
Jérôme Creel
In this contribution, I use the fiscal theory of the price level as a backdrop for a discussion on the risks that expansionary fiscal policies may pose on debt sustainability. I recall that a regime of fiscal dominance does not lead to macr...
Moving Beyond Lewis: Employment and Wage Trends in China's High- and Low-Skilled Industries and the Emergence of an Era of Polarization: Presidential Address for the 2020 Association for Comparative Economic Studies Meetings [0.03%]
超越刘易斯：中国高技能和低技能产业的就业与工资趋势以及极化时代的出现——2020年比较经济研究协会会议主席报告
Scott Rozelle,Yiran Xia,Dimitris Friesen et al.
Scott Rozelle et al.
One of the defining features of China's economy over the two decades between 1995 and 2015 was the persistent rise of wages for workers and professionals in nearly every segment of the economy-with wage rates for labor-intensive jobs in man...
João Tovar Jalles
João Tovar Jalles
This paper analyzes the political economy causes of fiscal promise gaps, defined as the distance between planned fiscal objectives and actual realizations during planned fiscal expansions periods. Using a sample of 27 European Union countri...
The Interaction Between Conventional Monetary Policy and Financial Stability: Chile, Colombia, Japan, Portugal and the UK [0.03%]
传统货币政策与金融稳定之间的相互作用：智利、哥伦比亚、日本、葡萄牙和英国的经验
Zoë Venter
Zoë Venter
The relationship between monetary policy and financial stability has gained importance in recent years as Central Bank policy rates neared the zero-lower bound. We use an SVAR model to study the impact of monetary policy shocks on three pro...
Michael Buchner
Michael Buchner
An on-going period of secular stagnation in advanced economies has brought down interest rates, growth rates and inflation. Due to the relatively larger fall in interest rates, the differential between the interest rate paid on government d...
Vítor Constâncio
Vítor Constâncio
The text describes the theoretical developments of the assignment rules regarding fiscal and monetary policies and the respective roles in macroeconomics stabilisation. Monetary policy emerged as the dominant policy, reducing the active mac...
I N Gang,R C Stuart
I N Gang
"In spite of extensive literature on migration in the Soviet Union, we know little about household-level decisions. This study specifies and estimates those variables important to understanding the migration decision. Using data from the So...