 | Procyclical Fiscal Policy : Shocks, Rules, and Institutions: A View From Mars Author/Editor: Paolo Manasse. Release Date:January, 2006 This paper assesses the roles of shocks, rules, and institutions as possible sources of procyclicality in fiscal policy. By employing parametric and nonparametric techniques, I reach the following more...
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| Deficit Limits, Budget Rules, and Fiscal Policy Author/Editor: Paolo Manasse. Release Date:June, 2005 The paper presents a simple model for discussing the effects of deficit limits and budget rules on fiscal policy. I find that limits on deficit-output ratios provide incentives to implement more...
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| Predicting Sovereign Debt Crises Author/Editor: Axel Schimmelpfennig, Nouriel Roubini, Paolo Manasse. Release Date:November, 2003 We develop an early-warning model of sovereign debt crises. A country is defined to be in a debt crisis if it is classified as being in default by Standard & Poor's, or if it has access to more...
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