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Fiscal Policy for the Crisis

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  • Antonio Spilimbergo
  • Steven A. Symansky
  • Carlo Cottarelli
  • Olivier J. Blanchard

Abstract

The current crisis calls for two main sets of policy measures. First, measures to repair the financial system. Second, measures to increase demand and restore confidence. While some of these measures overlap, the focus of this note is on the second set of policies, and more specifically, given the limited room for monetary policy, on fiscal policy.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Staff Position Notes with number 2008/01.

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Length: 37
Date of creation: 07 Jan 2009
Date of revision:
Handle: RePEc:imf:imfspn:2008/01

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Keywords: Consumer goods; Fiscal sustainability; Government expenditures; Services sector; Stabilization measures; fiscal stimulus; fiscal policy; aggregate demand; fiscal multipliers; government spending; tax cuts; recession; financial crises; corporate sector; financial crisis; tax rates; tax changes; asset management; fiscal policies; tax rebates; fiscal response; public spending; public debt; deposit insurance; fiscal action; fiscal space; fiscal affairs; recapitalization; fiscal developments; size of multipliers; fiscal position; fiscal shocks; recessions; fiscal cost; fiscal expansion; fiscal actions; fiscal support; fiscal multiplier; collective fiscal effort; crisis resolution; government spending multipliers; macroeconomic crisis; asset management companies; deposit guarantees; tax incentives; tax cut; banking crises; fiscal deficits; fiscal package; economic crisis; fiscal costs; fiscal contractions; tax credits; fiscal affairs department; fiscal effort; credit boom; contingent liabilities; banking crisis; loan crisis; medium-term fiscal frameworks; fiscal costs of bank support; fiscal stabilization; tax change; fiscal outturn; fiscally unsustainable path; gross fiscal cost; fiscal finances; medium-term budgetary frameworks; tax credit; fiscal risks; budget support to banks; cyclical fiscal policies; fiscal measures; financial restructuring; accounting standards; tax reductions; fiscal balance; discretionary fiscal policy; fiscal stimulus package; fiscal frameworks; fiscal solvency; net fiscal cost; financial institutions reform; fiscal implications of population aging; fiscal expansions; severe financial crises; government spending shocks; pre-crisis; tax rebates on consumer spending; foreign indebtedness; expansionary fiscal; financial distress; macroeconomic policies; systemic banking crises; budget deficits; bank regulation; public finances; government budgets; increase in consumption; tax revenues; fiscal information; fiscal policy variables; fiscal deficit; foreign debt; medium-run fiscal sustainability; severe recession; tax breaks; fiscal component; government expenditure; tax structures; tax payments; budget support; fiscal implications; fiscal transparency; financial reforms; fiscal situation; systemic financial crises; medium-term fiscal sustainability; fiscal impulse; fiscal governance; fiscal operations;

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References

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  1. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises," IMF Working Papers 08/224, International Monetary Fund.
  2. Francesco Giavazzi & Marco Pagano, 1995. "Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience," NBER Working Papers 5332, National Bureau of Economic Research, Inc.
  3. Romer, Christina D., 1992. "What Ended the Great Depression?," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 52(04), pages 757-784, December.
  4. Nicholas S. Souleles & Jonathan A. Parker & David S. Johnson, 2006. "Household Expenditure and the Income Tax Rebates of 2001," American Economic Review, American Economic Association, American Economic Association, vol. 96(5), pages 1589-1610, December.
  5. Gauti B. Eggertsson, 2005. "Great expectations and the end of the depression," Staff Reports, Federal Reserve Bank of New York 234, Federal Reserve Bank of New York.
  6. Valerie A. Ramey, 2011. "Identifying Government Spending Shocks: It's all in the Timing," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 1-50.
  7. Thomas Laubach, 2009. "New Evidence on the Interest Rate Effects of Budget Deficits and Debt," Journal of the European Economic Association, MIT Press, MIT Press, vol. 7(4), pages 858-885, 06.
  8. Julia Lynn Coronado & Joseph P. Lupton & Louise M. Sheiner, 2005. "The household spending response to the 2003 tax cut: evidence from survey data," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2005-32, Board of Governors of the Federal Reserve System (U.S.).
  9. Jérôme Henry & Pablo Hernández de Cos & Sandro Momigliano, 2004. "The short-term impact of government budgets on prices: evidence from macroeconometrics models," Banco de Espa�a Working Papers 0418, Banco de Espa�a.
  10. Francesco Giavazzi & Marco Pagano, 1990. "Can Severe Fiscal Contractions Be Expansionary? Tales of two Small Euopean Countries," Working Papers 89, Dipartimento Scienze Economiche, Universita' di Bologna.
  11. Olivier Blanchard & Roberto Perotti, 2002. "An Empirical Characterization Of The Dynamic Effects Of Changes In Government Spending And Taxes On Output," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 117(4), pages 1329-1368, November.
  12. Bernanke, Ben & Parkinson, Martin, 1989. "Unemployment, Inflation, and Wages in the American Depression: Are There Lessons for Europe?," American Economic Review, American Economic Association, American Economic Association, vol. 79(2), pages 210-14, May.
  13. Paolo Mauro & Törbjörn I. Becker & Jonathan David Ostry & Romain Ranciere & Olivier Jeanne, 2007. "Country Insurance," IMF Occasional Papers 254, International Monetary Fund.
  14. Elmendorf, Douglas W. & Reifschneider, David L., 2002. "Short-Run Effects of Fiscal Policy with Forward-Looking Financial Markets," National Tax Journal, National Tax Association, vol. 55(3), pages 357-86, September.
  15. Thomas Dalsgaard & Christophe André & Pete Richardson, 2001. "Standard Shocks in the OECD Interlink Model," OECD Economics Department Working Papers 306, OECD Publishing.
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  1. Las raíces políticas de la crisis del Euro
    by Cives in Politikon on 2012-05-22 11:48:47
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