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Keywords:Fiscal policy 

Summary of the Report on the Competitiveness of Puerto Rico's Economy

Remarks before the Puerto Rico Chamber of Commerce Annual Convention, Fajardo, Puerto Rico.
Speech , Paper 86

Working Paper
The social value of risk-free government debt

This paper considers whether eliminating the stock of government debt outstanding would reduce welfare. It models an economy with three assets?currency, government bonds, and storage, a transactions role for money, and a demand for liquidity and thus a role for banks. The Friedman rule is not optimal in this economy, so there is potentially a role for interest-bearing, risk-free government bonds. Because the government must raise enough revenue to meet its interest obligations on any bonds outstanding, the social value of government debt hinges on whether the benefits from greater portfolio ...
Research Working Paper , Paper RWP 03-02

On the desirability of fiscal constraints in a monetary union

The desirability of fiscal constraints in monetary unions depends critically on whether the monetary authority can commit to follow its policies. If it can commit, then debt constraints can only impose costs. If it cannot commit, then fiscal policy has a free-rider problem, and debt constraints may be desirable. This type of free-rider problem is new and arises only because of a time inconsistency problem.
Staff Report , Paper 330

Impact of the Great Recession on public schools in the region

Remarks at the Quarterly Regional Economic Press Briefing, New York City.
Speech , Paper 74

Roadblocks to recovery (with apologies to W. H. Auden and Gershon Bleichroder)

"While it appears urgent, if not agreeable, to use massive public spending to stimulate an economy under duress, an economy cannot sustain long-term growth under the weight of significant fiscal burdens." ; Remarks before the World Affairs Council of Dallas/Fort Worth, Dallas, Texas, February 10, 2010.
Speeches and Essays , Paper 22

Working Paper
An empirical analysis of policy coordination in the United States, Japan and Europe

Coordination of macroeconomic policy has been a major topic at recent summit meetings, and has been the subject of a number of theoretical studies. However, relatively little empirical research exists on policy coordination. This paper is an attempt to help fill this gap. The paper considers the quantitative importance of the coordination of fiscal and monetary policy under flexible exchange rates. We also evaluate the mechanisms by which the effects of macroeconomic policy are transmitted abroad. The nature of the equilibrium reached in the absence of coordination is also analyzed, and the ...
International Finance Discussion Papers , Paper 286

Working Paper
Asymmetric shocks in a currency union with monetary and fiscal handcuffs?

This paper investigates the impact of the asymmetric shocks within a currency union in a framework that takes account of the zero bound constraint on policy rates, and also allows for constraints on fiscal policy. In this environment, we document that the usual optimal currency argument showing that the effects of shocks are mitigated to the extent that they are common across member states can be reversed. Countries can be worse off when their neighbors experience similar shocks, including policy-driven reductions in government spending.
International Finance Discussion Papers , Paper 1012

Conference Paper
Commentary: activist fiscal policy to stabilize economic activity

Proceedings - Economic Policy Symposium - Jackson Hole

The supply side consequences of U.S. fiscal policy in the 1980s

Research Paper , Paper 9129

Journal Article
Formation of fiscal policy: the experience of the past twenty-five years - commentary

Economic Policy Review , Issue Apr , Pages 29-32



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