Topic
Golden Rule (fiscal policy)
About: Golden Rule (fiscal policy) is a research topic. Over the lifetime, 661 publications have been published within this topic receiving 9789 citations.
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7 citations
TL;DR: This article explored the general welfare properties of government-created credit markets for education in a three-period overlapping generations model with physical and human capital and showed that the mere existence of public credit markets is second-best in nature, and cannot decentralize the optimum.
7 citations
TL;DR: The Latin American travels of composer, poet, and multimedia artist John Cage provide a means of exploring this. as mentioned in this paper point to the ways in which Cage's aesthetics of indeterminacy became a model for non-interventionist cultural diplomacy.
Abstract: Abstract: Non-interventionism was a guiding principle in Cold War era debates about the United States’ proper role in Latin American affairs, and it also serves as a paradigm for understanding inter-American cultural exchange during the period. The Latin American travels of composer, poet, and multimedia artist John Cage provide a means of exploring this. Cage’s writings about his visits to São Paulo and San Juan, as well as his correspondence with Latin American colleagues like Brazilian Poet Augusto de Campos, point to the ways in which Cage’s aesthetics of indeterminacy became a model for non-interventionist cultural diplomacy. This idealistic vision of hemispheric relations stands in stark contrast with the aggressive Cold War cultural policy initiatives that the US carried out throughout Latin America. However, as Cage’s reception at the 1985 Bienal de São Paulo indicates, non-interventionism’s manifestation as cultural practice became fraught in similar ways to its implementation as policy.
7 citations
Posted Content•
01 Jan 2005
TL;DR: In this article, the authors examine the link between fiscal rules and public investment both normatively and empirically and conclude that the focus on safeguarding the level of public investment is somewhat misplaced.
Abstract: This paper examines the link between fiscal rules and public investment both normatively and empirically. We first review the arguments for and against including public investment spending in a fiscal deficit rule. We then seek to assess the determinants of public investment, with a special focus on the role of the fiscal rules embodied in EMU. We conclude that there are practical difficulties precluding the introduction of a "golden rule" and that there is virtually no evidence that EMU would have affected public investment. Therefore, the focus on safeguarding the level of public investment is somewhat misplaced; instead, one should focus on safeguarding its productivity.
7 citations
TL;DR: In this article, the authors present a two-good, two-country overlapping generations model where emissions arise from production and each country has a domestic emission permit system. And they show that when one country unilaterally reduces her cap on emissions, her output available for domestic and foreign consumption diminishes more than in the other country.
Abstract: We present a two-good, two-country overlapping generations model where emissions arise from production and each country has a domestic emission permit system. When one country unilaterally reduces her cap on emissions, her output available for domestic and foreign consumption diminishes more than in the other country. With unchanged consumption expenditure shares for both goods the domestic terms of trade improve, while capital stocks decline in the reducing and less strongly in the non-reducing country. Improving terms of trade in the reducing country and falling capital stocks lead in total to welfare losses in both countries. However, if the country which unilaterally reduces her emission permits is a net creditor to the world economy and the Golden Rule applies, her own welfare loss remains below that of the non-reducing country.
7 citations