Fiscal policy after the financial crisis / edited by Alberto Alesina and Francesco Giavazzi.

Format:

Book

Contributor:

Alesina, Alberto, editor.

Giavazzi, Francesco, editor.

Alumni and Friends Memorial Book Fund.

Series:

National Bureau of Economic Research conference report

A National Bureau of Economic Research conference report

Language:

English

Subjects (All):

Fiscal policy--Congresses.

Fiscal policy.

Fiscal policy--United States--Congresses.

United States.

Genre:

Conference papers and proceedings.

Physical Description:

ix, 585 pages ; 24 cm.

Place of Publication:

Chicago ; London : The University of Chicago Press, 2013.

Summary:

An essential reference on the first ten years of the euro and the workings of a monetary union, Europe and the Euro looks at a number of important issues, including the effects of the euro on the reform of goods and labor markets, its influence on business cycles and trade among members, and whether the single currency has induced convergence or divergence in the economic performance of member countries. While the adoption of the euro may not have met the expectations of its most optimistic proponents, there have been some benefits, including decreases in the cost of exchanging money and goods and enhanced efficiency and competitiveness at the international level. The conditions for sustainable growth and development are among the most debated topics in economics, and the consensus is that institutions matter greatly in explaining why some economies are more successful than others overtime. Probing the long-term effects of early colonial differences on immigration policy, land distribution, and financial development in a variety of settings, Understanding Long-Run Economic Growth explores the relationship between economic conditions, growth, and inequality, with a focus on how the monopolization of resources by the political elite limits incentives for ordinary people to invest in human capital or technological discovery. Among the topics discussed are the development of credit markets in France and the organization of innovation in the United States. Many countries have social security systems that are financially unsustainable. Economists and policymakers have long studied this problem and have identified two key causes. First, as birth rates decline, the ratio of retirees to benefits-paying employees increases. Second, as the average life span lengthens, retirees receive benefits for longer periods of time than in the past. This volume offers a comparative analysis, examining the issue of age in the labor force in twelve countries and challenging existing assumptions about the relationship between old and young people in the workforce. Book jacket.

Contents:

Introduction / Alberto Alesina and Francesco Giavazzi

Government Spending and Private Activity / Valerie A. Ramey

Comment: Roberto Perotti

Fiscal Multipliers in Recession and Expansion / Alan J. Auerbach and Yuriy Gorodnichenko

Comment: Robert E. Hall

The Household Effects of Government Spending / Francesco Giavazzi and Michael McMahon

Comment: Lawrence J. Christiano

The Role of Growth Slowdowns and Forecast Errors in Public Debt Crises / William Easterly

Comment: Indira Rajaraman

Game Over: Simulating Unsustainable Fiscal Policy / Richard W. Evans, Laurence J. Kotlikoff, and Kerk L. Phillips

Comment: Douglas W. Elmendorf

How Do Laffer Curves Differ Across Countries? / Mathias Trabandt and Harald Uhlig

Comment: Jaume Ventura

Perceptions and Misperceptions of Fiscal Inflation / Eric M. Leeper and Todd B. Walker

Comment: Jordi Galí

The 'Austerity Myth': Gain without Pain? / Roberto Perotti

Comment: Philip R. Lane

Can Public Sector Wage Bills Be Reduced? / Pierre Cahuc and Stephane Carcillo

Comment: Paolo Pinotti

Entitlement Reforms in Europe: Policy Mixes in the Current Pension Reform Process / Axel H. Börsch-Supan

Comment: David A. Wise

'Fiscal Devaluation' and Fiscal Consolidation: The VAT in Troubled Times / Ruud de Mooij and Michael Keen

Comment: James M. Poterba

Fiscal Rules: Theoretical Issues and Historical Experiences / Charles Wyplosz

Comment: Lucio R. Pench

The Electoral Consequences of Large Fiscal Adjustments / Alberto Alesina, Dorian Carloni, and Giampaolo Lecce

Comment: Thomas Romer.

Notes:

Includes bibliographical references and indexes.

Local Notes:

Acquired for the Penn Libraries with assistance from the Alumni and Friends Memorial Book Fund.

ISBN:

9780226018447

022601844X

022601858X

9780226018584

OCLC:

800721340

Publisher Number:

99967220707