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Monetary policy and dutch disease: the case of price and wage rigidity
From a theoretical point of view and as we will show the presence of both price and wage rigidities implies that to the extent that fiscal policy is unresponsive to shocks full price stability is not optimal. In this paper we study optimal monetary and exchange rate policy in a small open economy with ...
Nonlinear effects of the chilean fiscal policy
En Chile, la literatura empírica que ha estudiado los efectos de la política fiscal y los multiplicadores fiscales utilizando modelos lineales de vectores autorregresivos encuentra resultados dispares. El presente documento aporta un nuevo elemento a este debate estudiando si el estado en el que se ...
Tightening tensions: fiscal policy and civil unrest in South America 1937–95
On 1 May 2010 the Greek Prime Minister George Papandreau announced a set of drastic austerity measures. May Day itself saw clashes between police and demonstrators. On 5 May a general strike paralyzed the country armed demonstrators fought street battles with police. A bank burned down and numerous ...
A solution to fiscal procyclicality: the structural budget institutions pioneered by Chile
In June 2008 the President of Chile Michelle Bachelet had a low approval rating for management of the economy in particular. There were undoubtedly multiple reasons for this but a major reason was popular resentment that the government had resisted intense pressure to spend soaring receipts from copper ...
Why do countries have fiscal rules?
Professor Vittorio Corbo in whose honor this conference is organized has an outstanding academic and professional career that spans teaching research policy making and advice provided to the private sector international institutions and governments. In the latter capacity of government advisor he ...
Chile’s fiscal rule as social insurance
Well before the Great Recession of 2009 put fiscal policy debates in the front burner commodity-exporting countries had to deal with important fiscal policy dilemmas stemming from revenue volatility and eventual depletion. Chilean policymakers have been at the forefront in this area since adopting a ...
Why do countries have fiscal rules?
y el cabildeo del sector privado. Estos objectivos fiscales son compartidos por la mayoría de los países del mundo. La pregunta que surge es: ¿Por qué unos países adoptan una regla fiscal y otros países no? Responderla pasa por identificar bajo qué...
Taxes and the labor market
One of the defining features of the financial crisis of 2008?09 has been its persistent impact on the U.S. labor market with the unemployment rate roughly doubling from early 2008 through mid2010. This has ignited an intense debate on the appropriate stimulus response of fiscal policy. The debate has ...
Optimal management of indexed and nominal debt
In standard macroeconomics, fiscal policy involves choices about expenditures, taxes, and debt issue. The different kinds of public spending may be distinguished with respect to their interactions with private decisions. For example, some public activities influence private production and some interact ...
Procyclicality of fiscal policy in emerging countries: the cycle is the trend
Economic research on fiscal policy has shown that while developed economies tend to run countercyclical fiscal policies Latin American countries have been characterized by procyclical policies. One of the explanations given to this phenomenon is that high external debt causes severe constraints on the ...