Fiscal Policy and Economic Stability: Does PIGS stand for Procyclicality In Government Spending?

The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during the boom. We set up an RBC model of a small open economy, following Mendoza (1991), and introduce the effect of fiscal policy decisions that change over the cycle. We calibrate the model on data for Ireland, and simulate the effect of different spending policies in response to supply shocks. Procyclical fiscal policy distorts intertemporal allocation decisions. Temporary spending boosts in booms spur investment, and hence the need for external finance, and so generates very volatile cycles in investment and the current account. This economic instability is also harmful for the steady state level of output. Our model is able to replicate the relation between the degree of cyclicality of fiscal policy, and the volatility of consumption, investment and the current account observed in OECD countries.

Reproducción de Correspondencia en la que Juan de Ajuriaguerra comunica a Doroteo de Ziaurriz la situación de los presos vascos en Santoña.

Fecha: 29-10-1937/10-11-1937 (>1970 reproducción) / Unidad de instalación: Carpeta 45 - Expediente 1-9 / Nº de pág.: 3 (mecanografiadas)

O ajuste fiscal efetivado no decorrer do Plano Real e suas repercussões na autonomia federativa

Analisa em que medida a prioridade concedida ao ajuste fiscal, após a implantação do Plano Real (1994), interferiu no modelo federativo brasileiro ou diminuiu a autonomia federativa para Estados e Municípios. Discute se a centralização de poder decorrente de tal ajuste permite uma convivência com uma pluralidade política, própria do modelo federativo e o quanto essa subtração da capacidade econômica neutraliza a capacidade política e a autonomia das unidades subnacionais.

Relatório de gestão fiscal : estudo comparado de procedimentos de análise dos dados

Analisa os instrumentos de que dispõe os artigos 15 a 17 da Lei de Responsabilidade Fiscal no controle dos gastos públicos. Objetiva conhecer melhor a sistemática de conferência dos dados do Relatório de Gestão Fiscal - RGF, bem como do cumprimento das exigências dos artigos 16 e 17 da Lei de Responsabilidade Fiscal e aprimorar o trabalho executado no âmbito da Coordenação de Auditoria Contábil e Operacional da Secretaria de Controle Interno da Câmara dos Deputados.

The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.

This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes that a negative correlation between Fed rate and deficit arises whenever the two policy authorities share a common stabilization objective. However, when budget balancing concerns lead to a drastic deficit reduction the Fed may reduce the Fed rate in order to smooth the impact of fiscal policy, which results in a positive correlation between these two policy instruments. The empirical results show (i) a significant negative comovement between Fed rate and deficit and (ii) that deficit and output gap Granger-cause the Fed funds rate during the post-Volcker era, but the opposite is not true.

Optimal fiscal policy in a multisector model with minimum expenditure requirements

This paper investigates optimal fiscal policy in a static multisector model. A Ramsey type planner chooses tax rates on each good type as well as spending levels on each good type subject to an exogenous total expenditure constraint and requirements that some minimum amount of spending be undertaken in each sector. It is shown that optimal policy does not equally spend in each sector but instead results in one of the minimum expenditure constraints binding.

Copia del Informe confidencial titulado "Información Religiosa", en el que se reproducen opiniones de diferentes autoridades eclesiásticas ante la situación de los sacerdotes vascos encarcelados.

Fecha: 5-2-1940 (>1970 copia) / Unidad de instalación: Carpeta 45 - Expediente 2-11 / Nº de pág.: 8 (mecanografiadas)

Copia de una carta remitida por Alberto Onaindia al Cardenal Maglione, Secretario de Estado del Vaticano. En la misma informa de la situación de los sacerdotes presos en Carmona.

Fecha: 19-2-1940 / Unidad de instalación: Carpeta 45 - Expediente 2-12 / Nº de pág.: 2 (mecanografiadas)

Should Fiscal Policy be different in a Non-Competitive Framework?

Published as an article in: Journal of Monetary Economics, 2003, vol. 50, issue 6, pages 1311-1331.