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Shared Problem, Shared Solution: Benefits from Fiscal-Monetary Interactions in the Euro Area
This paper employs two established macroeconomic models to show that fiscal policy in the euro area can help monetary policy in reducing inflation. Specifically, a fiscal consolidation of 1 percent of GDP for two years and 0.5 percent in the third year across the euro area would ease the policy interest rate by 30-50 basis points relative to the baseline scenario, while lowering inflation. It would also put the public debt-to-GDP ratio on a downward path, with the output costs reversing after the second year. Additionally, a stronger fiscal contribution to the policy mix could mitigate financial fragmentation risks. In the current context of elevated inflation in all euro area economies, the findings suggest two key takeaways: first, synchronized fiscal and monetary policies offer gains even when monetary policy is unconstrained and, second, sharing the burden of lowering inflation through fiscal consolidation among euro area members is beneficial for union-wide inflation reduction, improving debt sustainability and inducing a lower policy rate path.
Exchange Rate Developments and Policies in the Caucasus and Central Asia
Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects the decline of oil and other commodity prices, weaker growth in Russia and China, depreciation of the Russian ruble, and appreciation of the U.S. dollar, to which CCA currencies have historically been linked. Weaker fiscal and current account balances and increased dollarization have complicated the picture. CCA countries entered this period with closely managed ER regimes and, in many cases, currencies assessed by IMF staff to be overvalued. CCA central banks have price stability as their main policy objective, and most have relied on ER stability to achieve this objective. Thus, the first policy response involved intervention in local foreign exchange (FX) markets, often with limited communication. In this context, the IMF staff has reviewed ER policy advice and implementation strategies for CCA countries.
Experience with Large Fiscal Adjustments
When policymakers have little option but to consider a sizable fiscal adjustment, they are confronted by the following questions: Can a large fiscal adjustment be implemented succesfully? How is a large adjustment best designed and implemented? What will be its impact on the economy? This Occasional Paper addresses these questions by describing the experience of countries that have undertaken large fiscal adjustments in the last three decades. It provides operational guidance to policymakers by identifying preconditions, common policy approaches, and institutional arrangements underlying successful and unsuccessful adjustment episodes.
Exchange Rate Developments and Policies in the Caucasus and Central Asia
Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects the decline of oil and other commodity prices, weaker growth in Russia and China, depreciation of the Russian ruble, and appreciation of the U.S. dollar, to which CCA currencies have historically been linked. Weaker fiscal and current account balances and increased dollarization have complicated the picture. CCA countries entered this period with closely managed ER regimes and, in many cases, currencies assessed by IMF staff to be overvalued. CCA central banks have price stability as their main policy objective, and most have relied on ER stability to achieve this objective. Thus, the first policy response involved intervention in local foreign exchange (FX) markets, often with limited communication. In this context, the IMF staff has reviewed ER policy advice and implementation strategies for CCA countries.
Post-Apartheid South Africa
This book provides a comprehensive review of recent economic developments in South Africa and the structural and policy challenges facing the authorities. Individual papers examine a range of topics such as unemployment and the labor market, recent trends in the private saving rate, the role of foreign direct investment in the development of South Africa’s economy, the human and economic repercussions of the HIV/AIDS epidemic, the role of fiscal policy in economic stabilization, inflation developments, liberalization of trade and capital transactions, exchange rate developments, and lessons from the rand crises of 1998 and 2001.
Nelson The Newsboy; Or, Afloat in New York - Horatio Alger Jr., Edward Stratemeyer
"Nelson the Newsboy" relates the adventures of a wide-awake lad in the great metropolis. The youth is of unknown parentage and is thrown out upon his own resources at a tender age. He becomes at first a newsboy, and from that gradually works up to something better. He is often tempted to do wrong—the temptation becoming particularly hard on account of his extreme poverty—but there is that in his make-up which keeps him in the right path, and in the end he becomes a victor in more ways than one. So much for the seamy side of life in New York, which, alas! is by far the greater side. On the other hand, there are those who are well-to-do and aristocratic who are interested in learning what ...
Papers and Proceedings of the Surgeon General's Conference on Agricultural Safety and Health
The purpose of this conference was to raise consciousness, build coalitions, disseminate information, and encourage action to prevent injury and diseases in agriculture. Covers surveillance; research in chemical, biological, mechanical and physical hazards; intervention (protecting agricultural workers from hazards, and safe behaviors among adults and children), and much more. Over 150 papers, poster and video abstracts. Charts, tables and maps. Index.
First Year Checkup
The California Department of Public Health has made concerted progress in its first year of operation toward improving the state¿s public health and safety under challenging circumstances. Though the environment has grown only more difficult, there is more work to be done. This report discusses further structural reforms the State must pursue to make the Public Health Department independent from the Health and Human Services agency. Contents: Public Health in California; Leadership and Organization; Public Health Infrastructure; Funding Limitations and Opportunities; Conclusion; The Commission¿s Study Process; Appendices. Sidebars and Charts.
We Remember
The connection between racism and environmental quality is increasingly visible. People of color in urban and rural areas are the most likely victims of industrial dumping, toxic landfills, uranium mining, and dangerous waste incinerators. This groundbreaking anthology grows out of the National People of Color Environmental Leadership Summit and brings together leading scholars, environmental leaders, and social justice activists of the emerging environmental justice movement.
