Всего статей в данном разделе : 224
Опубликовано на портале: 12-11-2004Елена Владимировна Устюжанина Экономическая наука современной России. 2001. № 2. С. 74-95.
Статья посвящена исследованию процесса трансформации отношений собственности, происходящего в нашей стране на протяжении последних 15 лет. На основе анализа изменения законодательства и складывающейся практики применения права обсуждаются особенности института собственности, существующего в России в настоящее время. Особое внимание уделяется вопросу взаимоотношений власти и новых собственников.
A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs [статья]
Опубликовано на портале: 15-11-2004Michael M. Hutchison NBER Working Paper Series. 2001. w8305.
This paper investigates the output effects of IMF-supported stabilization programs, especially those introduced at the time of a severe balance of payments/currency crisis. Using a panel data set over the 1975-97 period and covering 67 developing and emerging-market economies (with 461 IMF stabilization programs and 160 currency crises), we find that currency crises even after controlling for macroeconomic developments, political and regional factors significantly reduce output growth for 1-2 years. Output growth is also lower (0.7 percentage points annually) during IMF-stabilization programs, but it appears that growth generally slows prior to implementation of the program. Moreover, programs coinciding with recent balance of payments or currency crises do not appear to further damage short-run growth prospects. Countries participating in IMF programs significantly reduce domestic credit growth, but no effect is found on budget policy. Applying this model to the collapse of output in East Asia following the 1997 crisis, we find that the unexpected (forecast error) collapse of output in Malaysia where an IMF-program was not followed-- was similar in magnitude to those countries adopting IMF programs (Indonesia, Korea, Philippines and Thailand).
Опубликовано на портале: 11-11-2004Ricardo J. Caballero, Arvind Krishnamurthy NBER Working Paper Series. 2002. w8758.
The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier work: neither is uniquely about emerging markets. Adaptations of the Mundell-Fleming model represent Argentina as a Belgium with larger external shocks. Likewise, emerging market models of financial constraints are adaptations of developed economy ones with tighter financial constraints. In our work, we have advocated a model which distinguishes between the financial constraints affecting borrowing and lending among agents within an emerging economy, and those affecting borrowing from foreign lenders. This 'dual liquidity' model offers a parsimonious description of the behavior of firms, governments, and asset prices during financial crises. It also provides prescriptions for optimal policy responses to these crises.
Опубликовано на портале: 24-09-2007Kai Leitemo European Journal of Political Economy. 2004. Vol. 20. No. 3. P. 709-724.
Interest-rate and exchange-rate dynamics is studied in a game between the monetary and fiscal policymakers where the monetary policymaker targets inflation. In the Nash game, a conflict over the appropriate size of the output gap leads to excessive interest-rate and exchange-rate volatility. For this reason, there are benefits in restricting fiscal policymaking. If the fiscal policymaker, however, is considered to have a first-mover advantage, the fiscal policymaker will internalise its effect on monetary policy, and the conflict is resolved and interest-rate and exchange-rate volatility is reduced.
Analyzing the Interaction of Monetary and Fiscal Policy: Does Fiscal Policy Play a Valuable Role in Stabilisation? [статья]
Опубликовано на портале: 26-09-2007V. Anton Muscatelli, Patrizio Tirelli CESifo Economic Studies. 2005. Vol. 51. No. 4. P. 549-585.
This paper provides an overview of recent papers which use estimated New Keynesian models to study the extent to which fiscal policy can be used to stabilize the economy. We use a variety of different New Keynesian models, estimated on data for both the US and for the Euro area, and highlight the diverse transmission channels through which fiscal policy acts in these models. Although we find that fiscal policy can provide a useful complement to monetary policy, especially in models where consumers have finite horizons, there are important limitations to the value added of fiscal policy.
Опубликовано на портале: 15-11-2007Thomas J. Sargent Journal of Banking & Finance. 1999. Vol. 23. No. 10. P. 1463-1482.
Monetary policy can be constrained by fiscal policy if fiscal deficits grow large enough to require monetization of government debt. That fact implies that the administrative independence of central banks does not by itself imply that monetary policy is independent of the fiscal decisions of governments. This essay describes limitations, possibilities, and suitable goals for monetary policy within the existing pattern of institutional responsibilities. The economic limitations of what can be achieved by monetary policy are summarized in six propositions developed in the paper.
Are Windfalls a Curse? A Non-Representative Agent Model of the Current Account and Fiscal Policy [статья]
Опубликовано на портале: 11-01-2003Aaron Tornell, Philip Lane Journal of International Economics. 1998. Vol. 44. P. 83-112.
In several countries temporary terms of trade improvements have led to a deterioration of the current account. Furthermore, many of these countries failed to attain greater post-boom growth rates. The point we make is that the structure of the fiscal process is critical in determining outcomes. If fiscal control is unitary, then the consumption-smoothing effect is operative, and representative-agent models of the current account have predictive power. However, if control is divided among several fiscal claimants, a voracity effect appears which counteracts the consumption-smoothing effect, leading to a deterioration of the current account in response to a positive shock. We model the interaction among fiscal claimants as a dynamic game, and show that in equilibrium aggregate appropriation increases more than the windfall itself. This results in a deterioration of the current account. We also show that all the windfall is dissipated, with the country experiencing no increase in its growth rate. Lastly, we analyze the experiences of seven countries which have enjoyed large windfalls.
Опубликовано на портале: 02-09-2003Andrew B. Abel, Gregory N. Mankiw, Lawrence H. Summers, Richard J. Zeckhauser Review of Economic Studies. 1989. No. 56. P. 1-20.
The issue of dynamic efficiency is central to analyses of capital accumulation and economic growth. Yet the question of what characteristics should be examined to determine whether actual economies are dynamically efficient is unresolved. This paper develops a criterion for determining whether an economy is dynamically efficient. The criterion, which holds for economies in which technological progress and population growth are stochastic, involves a comparison of the cash flows generated by capital with the level of investment. Its application to the United States economy and the economies of other major OECD nations suggests that they are dynamically efficient.
Опубликовано на портале: 11-11-2004Sebastian Edwards NBER Working Paper Series. 1998. w6800.
This paper deals with some of the most important aspects of Latin America's experience with capital flows during the last twenty-five years. The paper begins with a historical analysis. I then deal with the sequencing of reform and discuss issues related to the relationship between capital flows, real exchange rates, and international competitiveness. I next concentrate on the role of capital controls as a device for isolating emerging economies from the volatility of international capital markets. I begin by reviewing the policy issues and the current debate on the subject. I then present an empirical analysis of Chile's recent experiences with capital controls and make some comparisons to the recent experiences of Columbia. The analysis of the Chilean experience is particularly important since its practice of imposing reserves requirements on capital inflows has been praised by a number of analysts, including senior staff of the multilateral institutions, as an effective and efficient way of reducing the vulnerability associated with capital flows volatility. The results obtained suggest that capital controls in Chile have had mixed results: while they have allowed the Central Bank to have a greater degree of control over short term interest rates, they have failed in avoiding real exchange rate appreciation. The paper ends with some reflections, based on recent Latin American historical episodes, on the role of banks in intermediating capital inflows and on financial crises.
Central Bank Independence, Accountability and Transparency: Complements or Strategic Substitutes? [статья]
Опубликовано на портале: 26-10-2007Andrew Hughes Hallett, Jan Libich CEPR Discussion Papers. 2006. No. 5470.
The paper incorporates three institutional design features into a Kydland-Prescott, Barro-Gordon monetary policy game. It shows that goal independence and goal transparency (an explicit inflation target) at the central bank are substitute ‘commitment technologies’ that reduce inflation and build credibility. In addition, goal-transparency is shown to be socially superior as it also lowers public’s monitoring cost. Nevertheless, independent central bankers are less likely to embrace it if they perceive public scrutiny (accountability) as intrusive. Combining these findings implies that both goal-transparency and accountability will be negatively related to goal-independence for which we present empirical support using established indices. Our analysis further suggests that, to avoid an inferior equilibrium with opaque objectives and a ‘democratic deficit’, institutional reforms should follow the Bank of England scenario, in which an explicit inflation target is first legislated and only then instrument (but not goal) independence granted.
Consumer Response to Tax Rebates [статья]
Опубликовано на портале: 18-09-2003Matthew D. Shapiro, Joel Slemrod
Many households received income tax rebates in 2001 of $300 or $600. These rebates represented advance payments of the tax cut from the new 10 percent tax bracket. Based on a survey of a representative sample of households, this paper finds that only 22 percent of households receiving the rebate would spent it. Instead, they would either save it or use it to pay off debt. This very low rate of spending represents a striking break with past behavior, which would have suggested a much higher rate of spending. The low spending rate implies that the tax rebate provided a very limited stimulus to aggregate demand.
Опубликовано на портале: 02-11-2007John Y. Campbell, Gregory N. Mankiw NBER Macroeconomics Annual. 1989. P. 185-216.
This paper proposes that the time-series data on consumption, income, and interest rates are best viewed as generated not by a single representative consumer but by two groups of consumers. Half the consumers are forward-looking and consume their permanent income, but are extremely reluctant to substitute consumption temporarily. Half the consumers follow the "rule of thumb" of consuming their current incomeThe paper documents three empirical regularities that, it argues, are best explained by this medal. First, expected changes in income are associated with expected changes in consumption. Second, expected real interest rates are not associated with expected changes in consumption. Third, periods in which consumption is high relative to income are typically followed by high growth in income. The paper concludes by briefly discussing the implications of these findings for economic policy and economic research
Опубликовано на портале: 18-09-2007Torben Andersen, Friedrich Georg Schneider European Journal of Political Economy. 1986. Vol. 2. No. 2. P. 169-191.
The paper analyses the problem of coordinating fiscal and monetary policies within an explicit game theoretic model of the interaction between different policy institutions. Specifically, the question is considered under (i) different institutional arrangements, (ii) different kinds of reaction of the two authorities, and (iii) different macroeconomic frameworks. The implications for inflation and output as well as the gains from cooperative policy decisions are considered.
Costs of Environmentally Motivated Taxes in the Presence of Other Taxes: General Equilibrium Analyses [статья]
Опубликовано на портале: 19-10-2004Lans Arij Bovenberg, Lawrence H. Goulder National Tax Journal. 1997. Vol. 50. No. 1.
There has been keen interest in recent years in environmentally motivated or 'green' tax reforms. This paper employs analytical and numerical general equilibrium models to investigate the costs of such reforms, concentrating on the question of whether these costs can be eliminated when revenues from new environmental taxes are devoted to cuts in marginal income tax rates. A distinguishing feature of the analytical model is its attention to the role of pre-existing inefficiencies in the tax treatment of labor and capital and the associated role of tax-shifting. This model indicates how the prospects for a zero- or negative-cost environmental tax reform are enhanced to the extent that environmental tax reforms shift the tax burden toward the less efficient (undertaxed) factor. Results from the numerical model are interpreted in light of the analytical model's findings. These results indicate that the revenue- neutral substitution of Btu or gasoline taxes for typical income taxes usually entails positive gross costs to the economy. In the case of the gasoline tax, a significant tax shifting effect serves to lower the policy's gross costs. This accounts for the lower gross cost of the gasoline tax compared with the Btu tax. Under neither policy is tax-shifting substantial enough to eliminate the overall gross costs.
Опубликовано на портале: 14-03-2005Ricardo J. Caballero, Mohamad L. Hammour NBER Working Paper Series. 2000. No. 7849.
There is increasing empirical evidence that creative destruction, driven by experimentation and the adoption of new products and processes when investment is sunk, is a core mechanism of development. Obstacles to this process are likely to be obstacles to the progress in standards of living. Generically, underdeveloped and politicized institutions are a major impediment to a well-functioning creative destruction process, and result in sluggish creation, technological sclerosis,' and spurious reallocation. Those ills reflect the macroeconomic consequences of contracting failures in the presence of sunk investments. Recurrent crises are another major obstacle to creative destruction. The common inference that increased liquidations during crises result in increased restructuring is unwarranted. Indications are, to the contrary, that crises freeze the restructuring process and that this is associated with the tight financial-market conditions that follow. This productivity cost of recessions adds to the traditional costs of resource under-utilization.