Discussion on "Evidence on the impact of fiscal policy on key macroeconomic v...Latvijas Banka
A presentation by Morten Hansen and Elīna Veide (Fiscal Discipline Council of the Republic of Latvia) at the Workshop on Public Finances in Riga ob 21 June 2016
AS Macro Revision: Monetary Policy and Exchange Ratestutor2u
The document provides an overview of monetary policy and interest rates. It discusses:
1. The different interest rates that exist in an economy and how central banks like the Bank of England use policy interest rates to regulate the economy.
2. How changes in interest rates can affect borrowing costs, consumer spending, business investment, and the housing market.
3. The factors considered by the Bank of England when setting policy interest rates, including inflation, GDP growth, and financial stability.
The document provides an overview of UK monetary policy, including its objectives, current setup, functions of the central bank, interest rate history since 1975, quantitative easing, and challenges facing monetary policymakers. It discusses tools like interest rates, quantitative easing, and foreign exchange intervention. It also evaluates debates around unconventional monetary policy and risks of approaches like negative interest rates.
The document discusses monetary policy and the money supply. It defines money as having four key functions: medium of exchange, store of value, unit of account, and standard of deferred payment. It also discusses the spectrum of liquidity and defines the money supply. The document contrasts broad and narrow definitions of money supply and explains how monetary policy aims to control inflation by managing the money supply and interest rates, which influence demand for money.
This research proposal examines the determinants of interest rates in Nepal's financial market. It will analyze the relationship between interest rates and several factors including budget deficits, inflation, unemployment, treasury rates, and GDP. The study will use secondary data from Nepalese commercial banks and descriptive, correlation, and regression statistical tools. It hypothesizes that budget deficits, inflation, and unemployment will have significant relationships with interest rates. If supported, the findings could help banking sectors and other financial institutions in Nepal.
Discussion on "Evidence on the impact of fiscal policy on key macroeconomic v...Latvijas Banka
A presentation by Morten Hansen and Elīna Veide (Fiscal Discipline Council of the Republic of Latvia) at the Workshop on Public Finances in Riga ob 21 June 2016
AS Macro Revision: Monetary Policy and Exchange Ratestutor2u
The document provides an overview of monetary policy and interest rates. It discusses:
1. The different interest rates that exist in an economy and how central banks like the Bank of England use policy interest rates to regulate the economy.
2. How changes in interest rates can affect borrowing costs, consumer spending, business investment, and the housing market.
3. The factors considered by the Bank of England when setting policy interest rates, including inflation, GDP growth, and financial stability.
The document provides an overview of UK monetary policy, including its objectives, current setup, functions of the central bank, interest rate history since 1975, quantitative easing, and challenges facing monetary policymakers. It discusses tools like interest rates, quantitative easing, and foreign exchange intervention. It also evaluates debates around unconventional monetary policy and risks of approaches like negative interest rates.
The document discusses monetary policy and the money supply. It defines money as having four key functions: medium of exchange, store of value, unit of account, and standard of deferred payment. It also discusses the spectrum of liquidity and defines the money supply. The document contrasts broad and narrow definitions of money supply and explains how monetary policy aims to control inflation by managing the money supply and interest rates, which influence demand for money.
This research proposal examines the determinants of interest rates in Nepal's financial market. It will analyze the relationship between interest rates and several factors including budget deficits, inflation, unemployment, treasury rates, and GDP. The study will use secondary data from Nepalese commercial banks and descriptive, correlation, and regression statistical tools. It hypothesizes that budget deficits, inflation, and unemployment will have significant relationships with interest rates. If supported, the findings could help banking sectors and other financial institutions in Nepal.
1) The document calls for a coordinated fiscal stimulus package across Eurozone countries to combat recession, arguing the current individual country responses have been too weak and uncoordinated. It recommends a minimum 2% of GDP stimulus that is sustained until economies recover.
2) Monetary policy actions by the ECB have not been enough on their own to sustain the Eurozone economy, and now need to be supported by strong fiscal policy actions. However, the Stability and Growth Pact prohibits automatic fiscal stabilizers from working as needed.
3) For stimulus packages to be effective, they should focus on public spending that directly increases aggregate demand and employment, such as infrastructure investment, rather than broad-based tax cuts. Co
1. Monetary policy involves central banks using interest rates, money supply, and exchange rates to influence the economy and meet targets like inflation.
2. The Bank of England sets the official interest rate in the UK and uses other tools like quantitative easing to boost the money supply when rates are low.
3. Changes in interest rates impact borrowing costs, spending, investment, and economic growth, but there are limits to how much lower rates can go and their effectiveness in boosting demand.
Despite a voluminous literature on the topic, the question of whether aid leads to growth is still controversial. To observe the pure effect of aid, researchers used instruments that must be exogenous to growth and explain well aid flows. This paper argues that instruments used in the past do not satisfy these conditions. We propose a new instrument based on predicted aid quantity and argue that it is a significant improvement relative to past approaches. We find a significant and relatively big effect of aid: a one standard deviation increase in received aid is associated with a 1.6 percentage points higher growth rate.
Macroeconomic policies can influence economic activity through monetary policy and fiscal policy. Monetary policy uses interest rates and the money supply to impact aggregate demand, while fiscal policy uses government spending and taxation. Both aim to achieve objectives like economic growth and low unemployment, while maintaining price stability. Supply-side policies also aim to boost potential output through measures like tax reform, education and training programs.
The document discusses balance of payments accounts, which track a country's international transactions. It has a current account for trade in goods/services and factor income, and a financial account for asset transactions. The current and financial accounts must sum to zero. Capital flows are determined by differences in investment opportunities (demand) and savings rates (supply) across countries, with funds flowing from low return to high return economies. However, two-way flows also occur for risk diversification and business strategy reasons.
QE has become an integral part of monetary policy in a number of countries over the last ten years. Essentially it has been part of a strategy of cheap money brought in by central banks as a policy response the 2007-08 Global Financial Crisis amid fears of a return to deflationary depression experienced in the 1930s. Economic historians will surely debate the role of Quantitative Easing (QE) in staving off a depression for many years to come.
Inside Money in a Kaldor-Kalecki-Steindl Fiscal-policy Model: The Unit of Acc...pkconference
This document provides an overview of the influences and components of a new macroeconomic model being developed by Greg Hannsgen to analyze fiscal policy. The model builds on Post-Keynesian and stock-flow consistent macroeconomic traditions and incorporates elements such as endogenous money, credit, investment functions, and financial instability. It aims to examine the medium-term effects of fiscal policy on dynamics like the business cycle and potential inflation/deflation paths. The document outlines the supply, demand, financial and policy assumptions incorporated in the model.
In a recessionary and deflationary framework, the discretionary monetary policy cannot be optimal when the interest rate is already near zero and cannot decrease anymore. Indeed, when the Zero Lower Bound is binding, a negative demand shock implies a decrease in the current economic activity level and deflationary tensions, which cannot be avoided by monetary policy as the nominal interest rate can no longer decrease. The economic literature has then often recommended to target an inflation rate sufficiently above zero in order to avoid the dangers of this Zero Lower Bound (ZLB) constraint. On the contrary, provided the ZLB is not binding, monetary policy can efficiently contribute to the stabilization of economic activity and inflation in case of demand shocks. The variation in interest rates is then all the more accentuated as interest rate smoothing is a more negligible goal for the central bank. The contribution of our paper is to provide a clear analytical New-Keynesian framework sustaining these results. Besides, our analytical modelling also shows that even if the ZLB is currently not binding, the central bank should take into account the dangers of a potential future binding ZLB. Indeed, the interest rate should be decreased the fastest as a negative demand shock and the possibility to reach the ZLB is anticipated for a nearest future period. Our paper demonstrates the necessity of such a ‘pre-emptive’ active monetary policy even in a discretionary framework, which has the advantage to be time-consistent and to be in conformity with the empirical practices of independent central banks. We don’t have to make the strong hypothesis of a commitment monetary policy intended to affect private agents’ expectations in order to demonstrate the optimality of such a pre-emptive monetary policy.
The document discusses various economic indicators that are used to analyze the health and performance of an economy. Some key indicators mentioned include:
- Gross Domestic Product (GDP), which measures total economic output within a country.
- Employment and wage data like the unemployment rate, which can show how many people are working.
- Productivity measures how efficiently factories and businesses are operating.
- Price indices that track inflation rates and cost of living changes.
- Exchange rates, interest rates, and money supply statistics that influence trade and monetary policy decisions.
AS Macro Economics: Economic Cycle and Objectivestutor2u
This document provides an overview of macroeconomic concepts related to economic growth, aggregate demand, and aggregate supply. It defines key terms and indicators such as inflation, unemployment, and economic growth. Graphs and tables show UK macroeconomic data on growth trends, aggregate demand components, and the output gap. The document provides exam tips on defining concepts, interpreting data, and using the PEEEL structure for longer answers. It also includes sample exam questions and tasks analyzing factors that affect aggregate demand and supply.
One of the most significant roles of a modern government is to ensure that the economy performs to its full capacity.
The government has to consider the performance indicators like inflation, unemployment and economic growth and devise policies to achieve their aims. In this session we will consider the options that fall into the fiscal and monetary policy
portfolio.
1. The document outlines a framework for analyzing macroeconomic problems using basic macroeconomic models.
2. It describes the typical components of analysis: a starting point, a pivotal event that causes change, and secondary and long-run effects of that event.
3. The analysis uses macroeconomic models like aggregate demand and aggregate supply to evaluate how various factors can shift curves and affect output and inflation in both the short-run and long-run.
The document discusses monetary policy in the UK. It explains that the Bank of England uses interest rates and quantitative easing to meet the government's 2% inflation target. Interest rates have been at historically low levels since the financial crisis, but are expected to rise gradually. The main tools of monetary policy are changes to interest rates, the money supply, and currency markets, which influence inflation, growth, and financial stability.
The document discusses arguments for fiscal centralization in the European Union based on lessons from other federal states. It argues that having decentralized fiscal policy alongside centralized monetary policy in the EU causes problems with adjustment to economic shocks and freeriding. The authors conclude that the EU should consider enforcing a no-bailout clause, allowing some independence for member states' revenue and spending, a system of fiscal transfers during crises, developing a euro bond market, and maintaining some flexibility.
A minimal moral hazard central stabilization capacity for the EMU based on wo...ADEMU_Project
This document proposes an "export-based stabilisation capacity" (ESC) for the Eurozone that allows for cross-border transfers in response to changes in world trade across different sectors. The ESC would provide transfers from countries less affected by a decline in world trade in a given sector to countries more dependent on that sector. This is intended to cushion economic shocks while avoiding moral hazard concerns since the transfers are based on exogenous world trade factors. A simulation using historical export data finds the transfers would be countercyclical and stabilize over time, suggesting the risk of permanent transfers is low. However, timely availability of sectoral trade data could pose practical challenges to implementation.
Fiscal and monetary policies can be used by governments to stabilize economies during recessions and booms. Fiscal policies include changing government spending and taxes, while monetary policies focus on interest rates, money supply, and credit availability. Both have benefits but also limitations. It can be difficult to accurately predict the effects of fiscal changes on consumption and investment. Meanwhile, monetary impacts depend on how responsive borrowing is to rates and how stable money demand is. Using both fiscal and monetary tools together can create a more effective policy mix than relying on either one alone.
The document is a study guide containing questions about macroeconomic concepts related to fiscal and monetary policy, government budgets, debt, and central banking. It tests understanding of topics like the federal budget balance, cyclically adjusted budget balance, debt-to-GDP ratio, crowding out effect, and tools of monetary policy like open market operations and the federal funds rate.
The document discusses the transmission mechanism of monetary policy through four key points:
1. It introduces the transmission mechanism and defines it as the series of links between monetary policy changes and their impacts on output, employment, and inflation.
2. It outlines the session, which will cover the impact of interest rate changes on other interest rates, consumption, and investment.
3. It provides brief definitions and discussions of consumption and investment, and how monetary policy influences them through several channels like interest rates, asset prices, and exchange rates.
4. It notes that monetary policy is likely to influence aggregate demand in various ways and that the relationship between interest rates and aggregate demand is complex, being influenced by expectations and time
Crisis and Trust in National and European Union institutions – Panel evidence...Wikiprogress_slides
Presentation by Felix Roth at the OECD Workshop on “Joint Learning for an OECD Trust Strategy” on 14 October 2013. Dr. Roth discusses the consequences of citizens declining trust and the driving factors of declining trust in Europe. He also provides an econometric analysis of trust and unemployment.
This document discusses macroeconomic concepts related to monetary policy, fiscal policy, and their influence on aggregate demand. It covers topics such as:
- How monetary policy influences aggregate demand through interest rate changes affecting consumption, investment, and net exports.
- How fiscal policy influences aggregate demand through changes in government spending and taxes, which can have multiplier or crowding out effects on the economy.
- Arguments for and against active use of policy tools to stabilize the economy in response to fluctuations in aggregate demand. The document also discusses automatic stabilizers as a less active alternative.
Fiscal Spillovers in Europe - Size, Sign and DeterminantsLatvijas Banka
A presentation by Josef Hollmayr (Deutsche Bundesbank) and Georgios Georgiadis (European Central Bank) at the Workshop on Public Finances in Riga on 21 June 2016
1) The document calls for a coordinated fiscal stimulus package across Eurozone countries to combat recession, arguing the current individual country responses have been too weak and uncoordinated. It recommends a minimum 2% of GDP stimulus that is sustained until economies recover.
2) Monetary policy actions by the ECB have not been enough on their own to sustain the Eurozone economy, and now need to be supported by strong fiscal policy actions. However, the Stability and Growth Pact prohibits automatic fiscal stabilizers from working as needed.
3) For stimulus packages to be effective, they should focus on public spending that directly increases aggregate demand and employment, such as infrastructure investment, rather than broad-based tax cuts. Co
1. Monetary policy involves central banks using interest rates, money supply, and exchange rates to influence the economy and meet targets like inflation.
2. The Bank of England sets the official interest rate in the UK and uses other tools like quantitative easing to boost the money supply when rates are low.
3. Changes in interest rates impact borrowing costs, spending, investment, and economic growth, but there are limits to how much lower rates can go and their effectiveness in boosting demand.
Despite a voluminous literature on the topic, the question of whether aid leads to growth is still controversial. To observe the pure effect of aid, researchers used instruments that must be exogenous to growth and explain well aid flows. This paper argues that instruments used in the past do not satisfy these conditions. We propose a new instrument based on predicted aid quantity and argue that it is a significant improvement relative to past approaches. We find a significant and relatively big effect of aid: a one standard deviation increase in received aid is associated with a 1.6 percentage points higher growth rate.
Macroeconomic policies can influence economic activity through monetary policy and fiscal policy. Monetary policy uses interest rates and the money supply to impact aggregate demand, while fiscal policy uses government spending and taxation. Both aim to achieve objectives like economic growth and low unemployment, while maintaining price stability. Supply-side policies also aim to boost potential output through measures like tax reform, education and training programs.
The document discusses balance of payments accounts, which track a country's international transactions. It has a current account for trade in goods/services and factor income, and a financial account for asset transactions. The current and financial accounts must sum to zero. Capital flows are determined by differences in investment opportunities (demand) and savings rates (supply) across countries, with funds flowing from low return to high return economies. However, two-way flows also occur for risk diversification and business strategy reasons.
QE has become an integral part of monetary policy in a number of countries over the last ten years. Essentially it has been part of a strategy of cheap money brought in by central banks as a policy response the 2007-08 Global Financial Crisis amid fears of a return to deflationary depression experienced in the 1930s. Economic historians will surely debate the role of Quantitative Easing (QE) in staving off a depression for many years to come.
Inside Money in a Kaldor-Kalecki-Steindl Fiscal-policy Model: The Unit of Acc...pkconference
This document provides an overview of the influences and components of a new macroeconomic model being developed by Greg Hannsgen to analyze fiscal policy. The model builds on Post-Keynesian and stock-flow consistent macroeconomic traditions and incorporates elements such as endogenous money, credit, investment functions, and financial instability. It aims to examine the medium-term effects of fiscal policy on dynamics like the business cycle and potential inflation/deflation paths. The document outlines the supply, demand, financial and policy assumptions incorporated in the model.
In a recessionary and deflationary framework, the discretionary monetary policy cannot be optimal when the interest rate is already near zero and cannot decrease anymore. Indeed, when the Zero Lower Bound is binding, a negative demand shock implies a decrease in the current economic activity level and deflationary tensions, which cannot be avoided by monetary policy as the nominal interest rate can no longer decrease. The economic literature has then often recommended to target an inflation rate sufficiently above zero in order to avoid the dangers of this Zero Lower Bound (ZLB) constraint. On the contrary, provided the ZLB is not binding, monetary policy can efficiently contribute to the stabilization of economic activity and inflation in case of demand shocks. The variation in interest rates is then all the more accentuated as interest rate smoothing is a more negligible goal for the central bank. The contribution of our paper is to provide a clear analytical New-Keynesian framework sustaining these results. Besides, our analytical modelling also shows that even if the ZLB is currently not binding, the central bank should take into account the dangers of a potential future binding ZLB. Indeed, the interest rate should be decreased the fastest as a negative demand shock and the possibility to reach the ZLB is anticipated for a nearest future period. Our paper demonstrates the necessity of such a ‘pre-emptive’ active monetary policy even in a discretionary framework, which has the advantage to be time-consistent and to be in conformity with the empirical practices of independent central banks. We don’t have to make the strong hypothesis of a commitment monetary policy intended to affect private agents’ expectations in order to demonstrate the optimality of such a pre-emptive monetary policy.
The document discusses various economic indicators that are used to analyze the health and performance of an economy. Some key indicators mentioned include:
- Gross Domestic Product (GDP), which measures total economic output within a country.
- Employment and wage data like the unemployment rate, which can show how many people are working.
- Productivity measures how efficiently factories and businesses are operating.
- Price indices that track inflation rates and cost of living changes.
- Exchange rates, interest rates, and money supply statistics that influence trade and monetary policy decisions.
AS Macro Economics: Economic Cycle and Objectivestutor2u
This document provides an overview of macroeconomic concepts related to economic growth, aggregate demand, and aggregate supply. It defines key terms and indicators such as inflation, unemployment, and economic growth. Graphs and tables show UK macroeconomic data on growth trends, aggregate demand components, and the output gap. The document provides exam tips on defining concepts, interpreting data, and using the PEEEL structure for longer answers. It also includes sample exam questions and tasks analyzing factors that affect aggregate demand and supply.
One of the most significant roles of a modern government is to ensure that the economy performs to its full capacity.
The government has to consider the performance indicators like inflation, unemployment and economic growth and devise policies to achieve their aims. In this session we will consider the options that fall into the fiscal and monetary policy
portfolio.
1. The document outlines a framework for analyzing macroeconomic problems using basic macroeconomic models.
2. It describes the typical components of analysis: a starting point, a pivotal event that causes change, and secondary and long-run effects of that event.
3. The analysis uses macroeconomic models like aggregate demand and aggregate supply to evaluate how various factors can shift curves and affect output and inflation in both the short-run and long-run.
The document discusses monetary policy in the UK. It explains that the Bank of England uses interest rates and quantitative easing to meet the government's 2% inflation target. Interest rates have been at historically low levels since the financial crisis, but are expected to rise gradually. The main tools of monetary policy are changes to interest rates, the money supply, and currency markets, which influence inflation, growth, and financial stability.
The document discusses arguments for fiscal centralization in the European Union based on lessons from other federal states. It argues that having decentralized fiscal policy alongside centralized monetary policy in the EU causes problems with adjustment to economic shocks and freeriding. The authors conclude that the EU should consider enforcing a no-bailout clause, allowing some independence for member states' revenue and spending, a system of fiscal transfers during crises, developing a euro bond market, and maintaining some flexibility.
A minimal moral hazard central stabilization capacity for the EMU based on wo...ADEMU_Project
This document proposes an "export-based stabilisation capacity" (ESC) for the Eurozone that allows for cross-border transfers in response to changes in world trade across different sectors. The ESC would provide transfers from countries less affected by a decline in world trade in a given sector to countries more dependent on that sector. This is intended to cushion economic shocks while avoiding moral hazard concerns since the transfers are based on exogenous world trade factors. A simulation using historical export data finds the transfers would be countercyclical and stabilize over time, suggesting the risk of permanent transfers is low. However, timely availability of sectoral trade data could pose practical challenges to implementation.
Fiscal and monetary policies can be used by governments to stabilize economies during recessions and booms. Fiscal policies include changing government spending and taxes, while monetary policies focus on interest rates, money supply, and credit availability. Both have benefits but also limitations. It can be difficult to accurately predict the effects of fiscal changes on consumption and investment. Meanwhile, monetary impacts depend on how responsive borrowing is to rates and how stable money demand is. Using both fiscal and monetary tools together can create a more effective policy mix than relying on either one alone.
The document is a study guide containing questions about macroeconomic concepts related to fiscal and monetary policy, government budgets, debt, and central banking. It tests understanding of topics like the federal budget balance, cyclically adjusted budget balance, debt-to-GDP ratio, crowding out effect, and tools of monetary policy like open market operations and the federal funds rate.
The document discusses the transmission mechanism of monetary policy through four key points:
1. It introduces the transmission mechanism and defines it as the series of links between monetary policy changes and their impacts on output, employment, and inflation.
2. It outlines the session, which will cover the impact of interest rate changes on other interest rates, consumption, and investment.
3. It provides brief definitions and discussions of consumption and investment, and how monetary policy influences them through several channels like interest rates, asset prices, and exchange rates.
4. It notes that monetary policy is likely to influence aggregate demand in various ways and that the relationship between interest rates and aggregate demand is complex, being influenced by expectations and time
Crisis and Trust in National and European Union institutions – Panel evidence...Wikiprogress_slides
Presentation by Felix Roth at the OECD Workshop on “Joint Learning for an OECD Trust Strategy” on 14 October 2013. Dr. Roth discusses the consequences of citizens declining trust and the driving factors of declining trust in Europe. He also provides an econometric analysis of trust and unemployment.
This document discusses macroeconomic concepts related to monetary policy, fiscal policy, and their influence on aggregate demand. It covers topics such as:
- How monetary policy influences aggregate demand through interest rate changes affecting consumption, investment, and net exports.
- How fiscal policy influences aggregate demand through changes in government spending and taxes, which can have multiplier or crowding out effects on the economy.
- Arguments for and against active use of policy tools to stabilize the economy in response to fluctuations in aggregate demand. The document also discusses automatic stabilizers as a less active alternative.
Fiscal Spillovers in Europe - Size, Sign and DeterminantsLatvijas Banka
A presentation by Josef Hollmayr (Deutsche Bundesbank) and Georgios Georgiadis (European Central Bank) at the Workshop on Public Finances in Riga on 21 June 2016
Discussion of "Ex-post impact assessment of EU Cohesion Policy 2007-2013"Latvijas Banka
This document summarizes an ex-post impact assessment of EU Cohesion Policy from 2007-2013 and discusses Latvia's experience with EU funds. It notes that impact evaluations are important for policymakers but were only recently applied to EU policies. It also discusses studies conducted in Latvia to quantify the impact of EU funds, finding they contributed an average annual 1.3% to GDP growth. The document raises questions about how contributions to the EU budget are defined and what is meant by expecting a bigger impact from Cohesion Policy in countries receiving significant funding relative to their GDP.
Latvia's first CGE model with fiscal sectorLatvijas Banka
A presentation by Konstantīns Beņkovskis, Oļegs Tkačevs and Eduards Goluzins (Latvijas Banka) at the Workshop on Public Finances in Riga on 21 June 2016
Eiropas Parlamenta deputāts, Dr.oec. Roberts Zīle: Piecu prezidentu plāns: ci...Latvijas Banka
10.12.2015 Ekspertu sarunas "Vai laiks eiro zonas Finanšu ministrijai?" prezentācijas
Eiropas Parlamenta deputāts, Dr.oec. Roberts Zīle: Piecu prezidentu plāns: cik reāli ir īstenojami tā četri posmi?
Eiropas Komisijas loma fiskālās disciplīnas stiprināšanāLatvijas Banka
10.12.2015 Ekspertu saruna: Vai laiks eiro zonas Finanšu ministrijai?
Eiropas Komisijas pārstāvniecības Latvijā vadītāja, Dr.habil.oec. Inna Šteinbuka: Eiropas Komisijas loma fiskālās disciplīnas stiprināšanā
10.12.2015 Ekspertu saruna: Vai laiks eiro zonas Finanšu ministrijai?
Latvijas Bankas Monetārās politikas pārvaldes vadītāja vietnieks Mārtiņš Bitāns, Eiropas fiskālais ietvars: Quo vadis?
Eirozonas vienotā fiskālā politika: vai tā ir nepieciešama? Vai tā ir iespēja...Latvijas Banka
10.12.2015 Ekspertu saruna: Vai laiks eiro zonas Finanšu ministrijai?
Finanšu ministrijas Fiskālās politikas departamenta direktors Nils Sakss
Eirozonas vienotā fiskālā politika: vai tā ir nepieciešama? Vai tā ir iespējama?
Ekspertu sarunas prezentācija: Ķīnas tirgus īpatnības no uzņēmējdarbības pier...Latvijas Banka
SIA "RCG Lighthouse" dibinātājs un līdzīpašnieka Raita Bebra prezentācija "Ķīnas tirgus īpatnības no uzņēmējdarbības pieredzes viedokļa"
Ekspertu sarunā "Gravitācijas centra maiņa pasaules tautsaimniecībā: iespējas Latvijas izaugsmei?" 2016. gada 24. maijā.
Trešdien, 30. novembrī plkst. 21.20 LTV 1 notika stratēģiska diskusija "Lielais jautājums", kas veltīta Latvijas tautsaimniecības izrāviena tēmai jeb kā piecos gados apsteigt kaimiņus - Igauniju un Lietuvu?
Ar Latvijas Bankas ekspertu komandas prezentāciju var iepazīties šeit.
Ekspertu sarunas prezentācija: Procentu likmju transmisija Latvijā ieguvēji u...Latvijas Banka
Latvijas Bankas Monetārās politikas pārvaldes vadītāja vietnieka Mārtiņa Bitāna prezentācija 12.12 2016 ekspertu sarunā "Zemo procentu likmju laikmets – vai esam izmantojuši iespējas?"
Prezentācija: Dzīves līmenis Latvijā. Vai var/vajag noķert Igauniju?Latvijas Banka
Prezentācija izmantota lekcijā Biznesa, mākslas un tehnoloģiju augstskolā "RISEBA" 2016. gada 1. decembrī.
Pirms aptuveni 25 gadiem Baltijas valstis uzsāka pāreju uz tirgus ekonomiku. Ir populārs uzskats, ka vienlaicīgi un no vienlīdzīgas pozīcijas. Bet vai tiešām no vienlīdzīgas? Kā salīdzināt dzīves līmeni un kā izskaidrot tā atšķirības, un ko varētu darīt šo atšķirību mazināšanai?
Izglītības reformas - konkurētspējas un izaugsmes atslēgaLatvijas Banka
Latvijas Bankas Monetārās politikas pārvaldes padomnieka Mareka Gruškevica prezentācija "Izglītības reformas - konkurētspējas un izaugsmes atslēga", kas tika demonstrēta 2016. gada 28. septembrī Latvijas Bankas rīkotajā tautsaimniecības konferencē "Reformas – konkurētspējas un izaugsmes atslēga".
Lekcija: Maksājumu instrumenti un maksājumu sistēmas pasaulē un LatvijāLatvijas Banka
Prezentācija izmantota Latvijas Bankas vieslekcijās Biznesa augstskolā “Turība” 2016. gada 24. oktobrī.
Saturs:
- Kur “dzīvo” maksājumi – maksājumu vide;
- Kāda tā ir Latvijā?
- Maksājumu instrumenti;
- Attīstības tendences.
D.M.soc. Aigars Rostovskis, Latvijas Tirdzniecības un rūpniecības kameras Padomes priekšsēdētājs, SIA "Biznesa augstskola Turība" līdzīpašnieks un dibinātājs
The document discusses fiscal policy, which are changes in government spending and taxes that influence macroeconomic goals. It defines expansionary and contractionary fiscal policy and discusses discretionary versus automatic fiscal policy. It also examines the effects of fiscal policy using the Keynesian model and explores factors that could limit the effectiveness of fiscal policy like lags, crowding out, and supply-side considerations.
Fiscal policy refers to changes in government spending and taxes to achieve economic goals like low unemployment, stable prices, and economic growth. It involves tools like public debt, spending, taxes, and deficit financing. Expansionary fiscal policy increases spending or cuts taxes to boost aggregate demand, while contractionary policy reduces spending or raises taxes. Discretionary policy deliberately changes policy, while automatic policy changes without further action. Fiscal policy aims to shift the aggregate demand curve under Keynesian theory, but critics argue it may be crowded out by higher interest rates or future tax hikes under new classical views. Implementation lags mean its effects may not match original goals. Supply-side policy cuts marginal tax rates to incentivize more work
Presentation by Kevin Perese, Principal Analyst in CBO’s Tax Analysis Division, at the annual meeting of the Allied Social Science Associations.
CBO’s analyses of the distribution of household income and federal taxes rely on a broad measure of before-tax income to rank households and to serve as the denominator for the calculation of average tax rates across the income distribution. In this presentation, CBO examines the strengths and shortcomings of that distributional framework and of several alternative frameworks for analyzing the distributional effects of government transfers and federal taxes. Those alternative frameworks use market income (which excludes all government transfers and federal taxes), after-tax income (which includes government transfers and federal taxes), and gross income (which is a pretax income measure that excludes means-tested government transfers but includes transfers from social insurance programs).
2013.11.15_OECD-ECLAC Regional Consultation_teresa ter minassianOECD_Inclusivegrowth
This document outlines key points about inclusive growth in Latin America and the Caribbean from a fiscal policy perspective. It discusses recent trends in growth and equity in the region, noting some improvements but also persistent challenges. Macroeconomic constraints and fiscal sustainability concerns are also addressed. The document examines options for tax policies and public spending reforms that could minimize trade-offs between growth and inclusiveness, including improving the progressivity of income taxes, rationalizing VAT exemptions, targeting social programs better, and strengthening fiscal federalism arrangements. Political economy obstacles to reforms are also analyzed.
Spain: Assigning responsibilities across levels of government (Item2d)OECDtax
Presentation delivered during the 13th Annual Meeting of the OECD Network on Fiscal Relations Across Levels of Government, 23-24 November 2017, Paris, France.
" The lower one’s income, the higher one’s overall effective state and local tax rate. Combining all state and local income, property, sales and excise taxes that Americans pay, the nationwide average effective state and local tax rates by income group are 10.9 percent for the poorest 20 percent of individuals and families, 9.4 percent for the middle 20 percent and 5.4 percent for the top 1 percent."
This document summarizes different types of taxes and their impact on the distribution of income. It discusses direct and indirect taxes, and how taxes can be progressive, proportional, or regressive depending on whether the tax rate increases, stays the same, or decreases as income rises. It also describes different views on the role of taxes, with supply-side economists favoring low taxes to encourage growth while demand-side economists see taxes as a tool to manage the economy and achieve fairness.
Deven Ghelani, Policy in Practice, spoke at the National Housing Federation's Welfare Reform Conference 2017 on Tuesday 24 January.
In Deven's short session he covered:
1. The impact of welfare reform policies. Governments may know how one policy affects many people but what's important, and what we've shown housing associations, is how all policies combined affect one person.
2. Policy in Practice analysis, featured in The Guardian, showed low income households will be worse off by £41.45 per week by 2020. In-work households are hit harder, they lose £48.90.
3. How we helped Newcastle CC and YHN to understand the impact of welfare reforms on households in Newcastle, and what they could do to help the most vulnerable households.
4. How housing associations can use data to assess risk and revealed details, via our project with HACT and OCSI
These are his slides.
Contact
www.policyinpractice.co.uk
hello@policyinpractice.co.uk
0330 088 9242
Presentation by Wendy Edelberg, CBO’s Assistant Director for Macroeconomic Analysis, to the Wharton School of the University of Pennsylvania.
CBO has devoted significant effort to developing analytical tools that enable it to assess the macroeconomic effects of fiscal policies and how such effects, or "macroeconomic feedback," would affect the federal budget. This presentation describes the tools CBO uses to estimate the long-term economic effects of fiscal policies.
This document discusses two papers about measuring and accounting for in-kind government benefits (social transfers in kind or STIK) at micro and macro levels. The OECD paper presents illustrative calculations of STIK distribution across income quintiles for 10 countries. The ABS paper focuses on how the Australian Bureau of Statistics constructs official statistics on STIK and reconciles micro and macro measures. Both papers use an "insurance approach" to allocate STIK by characteristics like age, education level, and health status. The discussant comments on strengths and limitations of the methods and calls for more work to improve cross-country comparisons and understand what drives differences in STIK distribution.
This paper examines social transfers in kind (STiK) in Finland and the UK using microdata. It finds that STiK represent 31.3% and 23.6% of disposable income in Finland and the UK respectively based on national accounts, but microdata only captures 51.5% and 70% of STiK. The paper also finds that including STiK significantly reduces income inequality and poverty rates in both countries. However, the results for Finland may be impacted by underreporting of STiK in the microdata. Key issues discussed include whether to value health STiK based on actual consumption or an insurance approach.
This PPT delivered in a Course on Fiscal Decentralization – Organised by World Bank Institute at Khartoum - Sudan from December 14-18, 2008 provides principles of revnue assignment from national governments to sub and sub-sub national governments
The document proposes introducing a revenue sharing system in Lao PDR to apportion shared revenue between the central government and provinces. It outlines a methodology using a policy framework and macroeconomic model. The revenue sharing formula is based on population, land area, and a poverty index, with weights of 45%, 10%, and 45% respectively. The formula aims to correct disparities between provinces in an equitable, transparent, and pro-poor manner. Introducing this system will require the Ministry of Finance to improve analysis and forecasting of provincial economic and budget data.
Descentralización fiscal y fuentes de ingreso sub-centrales /Alan Carter (Eco...EUROsociAL II
This document summarizes a presentation given by Alan Carter on fiscal decentralization and subnational revenue sources. Some key points:
1) Fiscal decentralization refers to the global trend of delegating responsibilities from central governments to local or regional governments. Potential benefits include improved efficiency and accountability.
2) Decentralization aims to match different communities' varying problems with distinct solutions. Central governments cannot address all local situations. Future systems may require more decentralization and civic/private sector participation.
3) Options for financing decentralized governments include tax assignment, transfers, and borrowing. Assigning the right tax bases and rates while balancing efficiency and redistribution is challenging.
4) Data shows larger, developed countries tend
This document discusses the experiences of several European and Central Asian countries with notional defined contribution (NDC) pension systems. It notes that Latvia, Russia, Azerbaijan, Poland, and Kyrgyz Republic have implemented or are implementing NDC systems. However, all of these countries have faced administrative complexities that limit transparency. When economic or demographic conditions changed, all struggled with balancing pension levels and system finances, often resorting to ad hoc policy changes that weakened the link between contributions and benefits. The document concludes that while NDCs can be a useful structure, their implementation in practice has been challenging and few tools are available to policymakers to adjust the system in response to unexpected conditions.
This document discusses the long-term implications of fiscal policy, including deficits and public debt. It explains that discretionary fiscal policy can be used to stabilize the economy in the short-run through expansionary or contractionary policies. However, long-term effects include impacts on the budget balance, debt, and implicit liabilities like Social Security. Running large deficits risks increasing debt levels to a point where a government may default or need to resort to inflation. Governments aim to balance budgets over the business cycle to avoid these problems.
CBO regularly produces reports on the distribution of household income and federal taxes. This presentation highlights two methodological improvements for these analyses:
A new income measure to rank households by and to use as the denominator in the calculation of average federal tax rates, and
A regression-based method to correct for underreporting of transfer income in household survey data.
The information is preliminary and is being circulated to stimulate discussion and critical comment.
Presentation by Kevin Perese and Bilal Habib, analysts in CBO's Tax Analysis Division, at the Distributional Tax Analysis Conference.
Similar to Comments on: "Redistribution and stabilization of income per capita of households by regions" (20)
Human capital as the key to economic developmentLatvijas Banka
This document discusses human capital as the key driver of economic development in Latvia. It finds that while Latvia's population and workforce are projected to decrease in the coming decades, there are still substantial internal labor reserves that could be activated, such as among the young and upper-middle aged men. Improving health outcomes and reducing excess mortality is identified as the most promising way to stop depopulation trends. Additionally, public spending on education and healthcare in Latvia has been modest and outcomes could be improved by increasing efficiency. Attracting high-skilled immigration through improved quality of life is also discussed but perceived livability in Riga does not yet lead to mass immigration.
Latvijas tautsaimniecības makroekonomiskā attīstība | Septembris 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 29. septembrī par jaunākajām ekonomikas prognozēm.
Latvijas Bankas Finanšu pratības daļas vadītājas Aijas Brikšes prezentācija Rīgas Izglītības un informatīvi metodiskā centra seminārā skolotājiem "Drošs internets un droša digitālā finanšu pratība" 2023. gada 29. augustā.
Latvijas Bankas Makroekonomikas analīzes daļas galvenās ekonomistes Baibas Brusbārdes prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Bankas Monetārās politikas analīzes daļas galvenās ekonomistes Anetes Kravinskas prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Bankas Makroekonomikas analīzes daļas galvenā ekonomistes Dainas Paulas prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Banka has revised Latvia's macroeconomic forecasts for 2023-2025. Inflation is projected to decline to 10% in 2023 and further to 2.7% in 2024 and 2.6% in 2025. GDP growth is forecast to be 0.5% in 2023, then increase to 3.7% in 2024 and 3.3% in 2025. Unemployment is projected to remain stable around 7.3-7.4% through 2025. The general government deficit is expected to decline from 4% of GDP in 2023 to around 2.7-1.5% of GDP in 2024-2025.
Latvijas tautsaimniecības makroekonomiskā attīstība | Marts 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 31. martā par jaunākajām ekonomikas prognozēm.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Using Online job postings and survey data to understand labour market trends
Comments on: "Redistribution and stabilization of income per capita of households by regions"
1. COMMENTS ON:
REDISTRIBUTION AND STABILISATION OF INCOME
PER CAPITA OF HOUSEHOLDS BY REGIONS
By José Marín Arcas
Mar Delgado
BANCO DE ESPAÑA
Riga, June 21st 2016
WORKSHOP ON PUBLIC FINANCE
The views expressed in this presentation are those of the authors and do not necessarily correspond to
the views of the Bank of Spain or the Eurosystem.
3. THE PAPER IN A NUTSHELL
• Estimation of a equivalent negative linear income tax:
Proportional tax on the primary income and a fix transfer for minimum guaranteed
income.
• Two main questions:
- Redistribution: how Tax, Social Benefits and transfers have an impact on the
level of inequality in a country
Analysis based in the coefficient of variation:
the smaller the less inequality there would be.
- Stabilisation: the reaction of taxes to income fluctuations.
If the relation positive= stabilising
2
5. THE PAPER IN A NUTSHELL
3
Redistribution Stabilisation
6. COMMENTS
• Some of the description of the country results could go to an Annex.
• The analysis is based on the regional average income. But the tax and social
benefits system are in some cases designed from a national point of view. What do
we learn from it? An increase of the tax rate would generally imply a redistribution
of wealth from the rich regions to the poor regions. But because it is an aggregate
value, we don’t know the effect intra-regions.
• As you mention, you don’t include second round effects of a change of tax
rates: primary income doesn’t depend on the tax scheme.
• You could take into account another approach not only based on the
disposable income, but on a broader welfare measure. For this analysis, the
expenditure on health and education in each region should be taken into
account.
4