Fiscal policy should be counter-cyclical, fiscal policy should be growth friendly.
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"Yes, I have favored more expansionary fiscal policy, and this is more expansionary fiscal policy," Mr. Summers said.
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Now that's one of the factors that we have to take into account fiscal policy potential fiscal policy changes and their impact.
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In the Spring Fiscal Policy bill later this year, the government will publish responses to the parliamentary report on the new fiscal policy framework.
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THERES ALSO FISCAL POLICY, AND FISCAL POLICY REALLY MATTERS ITS MORE EFFECTIVE WHEN THE INTEREST RATE IS AT ZERO AND THEN THE FISCAL POLICY DOESNT AFFECT THE INTEREST RATE SO A LARGE PART OF THE NEGATIVE ASPECT OF FISCAL POLICY, NAMELY THE RAISES TO THE INTEREST RATE, DOESNT HAPPEN, SO ITS MORE EFFECTIVE IN AFFECTING OUTPUT, AND PROBABLY THEREFORE A LITTLE WHILE LATER INFLATION.
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I don't know what that means for the public finances and fiscal policy but I doubt it will mean tighter fiscal policy, put it that way.
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Even the most ardent Keynesian proponent of fiscal policy activism would agree that the appropriate use of fiscal policy depends on the stage of the business cycle.
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Whatever the BOJ did/does will have little impact unless the measures are amplified by a concurrent fiscal policy response; we now know the hefty fiscal policy response isn't coming.
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Changes in fiscal policy are most likely to have a gradual impact, however, so the tension between the Fed and fiscal policy makers may play out mostly in coming years.
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Besides the fiscal policy outlook, expectations of a possible boost to the economy from fiscal policy, both in Japan and Europe, are supporting share prices and denting the appeal of low-yielding JGBs.
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Strangely, the ECB is not talking much about fiscal policy.
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"Fiscal policy needs to adapt to this fact," he said.
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This strange amalgam of views manifests itself in fiscal policy.
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Different election results would have made for different fiscal policy.
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Loosening fiscal policy has drawbacks, though, both political and economic.
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Fiscal policy is likely to become more stimulative, Dudley said.
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Fiscal policy should help avert it, as should monetary policy.
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Independence was also intended to impose discipline on fiscal policy.
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The bigger question mark, Williams said, is on fiscal policy.
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The second change is likely to come from fiscal policy.
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For bad trade policy is now begetting bad fiscal policy.
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But we have to take fiscal policy as it is.
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Monetary policy could also enhance the effect of fiscal policy.
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This episode coincides with a fading impact from fiscal policy.
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"We don't do fiscal policy at the Fed," he said.
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We get a much more aggressive fiscal policy response, 2500.
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I don't mean it's bad economics, or lousy fiscal policy.
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Yet recent fiscal policy has been confused and sometimes damaging.
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The tensions between monetary and fiscal policy will develop slowly.
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It must be aided by fiscal policy and structural policy.
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Different election results would have made for different fiscal policy.
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We've run out of room on fiscal policy, or almost.
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Albright is director of fiscal policy for Capital Policy Analytics.
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" Powell also acknowledged that "fiscal policy is becoming more stimulative.
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Fiscal policy A clear majority of economists felt that the primary objective of current fiscal policy should be to promote economic growth in the longer-term by deepening capital and increasing labor force participation.
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China's leaders have pledged to make fiscal policy "more active", following a debate among researchers from the central bank and finance ministry on whether fiscal policy should be used more actively to spur growth.
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"On more expansionary fiscal policy, I think many members of the open market committee and of the Federal Reserve Board have commented it would be useful to have a more expansionary fiscal policy," Fischer said.
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Any future falls will depend on the government's fiscal policy, he noted, adding that he was pleased to see that fiscal policy had become more disciplined as Riyadh worked to cut the state budget deficit.
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Uncertainty over fiscal policy can harm economic growth, sapping investors' confidence.
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|
Fiscal policy is an even more impaired instrument of demand management.
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There are things going on with fiscal policy that are stimulative.
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The first will be to get Mr Trump's fiscal policy straight.
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Despite their simplicity, spending rules can make fiscal policy more countercyclical.
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An IMF programme would also provide an anchor for fiscal policy.
|
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Fiscal policy is also set to provide more of a boost.
|
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Even so, Germany's fiscal policy is becoming a subject of debate.
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Italy's clash with the European Union over fiscal policy has fizzled.
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|
Will fiscal policy be able to jump start global economic growth?
|
|
We are seeing an increasing shift toward focus on fiscal policy.
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The pro-active fiscal policy should focus on boosting infrastructure investment.
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|
So, fiscal policy changes that spurred aggregate demand would be good.
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|
It is time for fiscal policy to play a bigger role.
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Namely, an expansionary fiscal policy would raise the equilibrium interest rate.
|
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Mr Ryan also seems to have gone quiet on fiscal policy.
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So a better credible fiscal policy in terms of the revenue.
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|
"Don't discount the fiscal policy uncertainty of the election," he said.
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|
The most important reform is a common, Europe-wide fiscal policy.
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What the world is going to need instead is fiscal policy.
|
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In other words, Congress had to go big on fiscal policy.
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|
All of these are examples of activist fiscal policy at work.
|
|
Deploying these programs will involve coordination of monetary and fiscal policy.
|
|
But the expansionary fiscal policy they sought is on the way.
|
|
Historically, substantial changes in fiscal policy do not take place immediately.
|
|
If monetary policy won't be enough, perhaps fiscal policy will be.
|
|
Officials also are less optimistic over getting help from fiscal policy.
|
|
Fiscal policy was too loose and monetary policy was too loose.
|
|
On this score, Mr. Trump's fiscal policy is a colossal failure.
|
|
Are they claiming that expansionary fiscal policy actually reduces interest rates?
|
|
First, Lerner really neglected the tradeoff between monetary and fiscal policy.
|
|
That's a big shift from the government's previously restrained fiscal policy.
|
|
But you see much less in Europe than you should — in part because of a continued adherence in some capitals to the old view of fiscal policy and in part because the institutions themselves are not built to accommodate the new view approach to fiscal policy, including no real institutions to coordinate or conduct fiscal policy on a European-wide level.
|
|
"Fiscal policy, as the minister said, is already expansionary in Germany and we estimate the impact of fiscal policy on GDP for this year to be between one quarter to one half percentage point," Weidmann said.
|
|
All of this heightens the urgency for a rethink of U.S. fiscal policy with a view to getting a better balance between fiscal policy and monetary policies so as to put less upward pressure on the dollar.
|
|
He has also said the government could "reset" fiscal policy, reinforcing the view that this government will take a less aggressive approach to fiscal policy than his predecessor George Osborne who favored tight budgets and spending restraints.
|
|
But the proposed expansionary fiscal policy stance could increase the budget deficit.
|
|
Instead, the gap may reflect differences in both monetary and fiscal policy.
|
|
Debt has continued to grow and aggregate fiscal policy has been procyclical.
|
|
Room for monetary and fiscal policy easing differs from country to country.
|
|
Abenomics' thinking on flexible fiscal policy and growth strategy is still effective.
|
|
THE FISCAL POLICY GOING TO BE MORE EXPANSIVE, BUT WITHOUT ANY DETAIL.
|
|
Economists take "proactive" fiscal policy to mean an increase in government spending.
|
|
The IMF argues that such an approach to fiscal policy is overdue.
|
|
"Even the fiscal policy effects are mostly in the future," he said.
|
|
GREENSPAN: I THINK THE ISSUE MORE GENERALLY, IT'S FISCAL POLICY THAT'S INVOLVED.
|
|
Elsewhere, governments can make use of a less risky tool: fiscal policy.
|
|
It's going to continue because fiscal policy is going to be supportive.
|
|
He edits the center's TaxVox fiscal policy blog and Daily Deduction newsletter.
|
|
First, fiscal policy should help, not hinder, the economy's still-incomplete recovery.
|
|
The full report, "Fiscal Policy Now Supporting Growth," is available at www.fitchratings.
|
|
It is the most important fiscal policy issue we have as conservatives.
|
|
Trump's proposed expansionary fiscal policy stance could, however, increase the budget deficit.
|
|
It is monetary policy that determines the price level, not fiscal policy.
|
|
That's why I think it imperative that we switch to fiscal policy.
|
|
He called the Olympic bill arbitrary, not to mention bad fiscal policy.
|
|
Shai Akabas is director of fiscal policy at the Bipartisan Policy Center.
|
|
Suahasil Nazara, the head of the ministry's fiscal policy office, on Jan.
|
|
It's possible for fiscal policy to enhance the effect of monetary policy.
|
|
But it's likely that any successor would maintain the current fiscal policy.
|
|
Why, then, didn't we get the fiscal policy we should have had?
|
|
ITALY'S NEW ECONOMY MINISTER SAYS EURO ZONE NEEDS MORE EXPANSIONARY FISCAL POLICY
|
|
The current rules of monetary and fiscal policy look ripe for renewal.
|
|
With fiscal policy, lawmakers can try to soften the effects of recessions.
|
|
And fiscal policy has become stimulative as well given the tax bill.
|
|
The use of fiscal policy — adjusting taxes and spending — has different problems.
|
|
However, each nation decides what to do in terms of fiscal policy.
|
|
It is the Fed's monetary policy plans, not its fiscal policy plans.
|
|
The third aim, reform of fiscal policy, is the hardest to achieve.
|
|
Here lies the danger in the fusion of monetary and fiscal policy.
|
|
I realize the importance of balancing budgets and enacting sound fiscal policy.
|
|
And fiscal policy has become stimulative, as well, given the tax bill.
|
|
Our conversations about the fiscal policy are about the emperor's latest apparel.
|
|
Trendy technology is no substitute for prudent fiscal policy and good governance.
|
|
I think fiscal policy wise there's a lot more they can do.
|
|
This idea reverses a decades-long trend away from active fiscal policy.
|
|
"Progressive taxation is a key component of effective fiscal policy," she said.
|
|
But Achuthan doesn't see fiscal policy, particularly tax cuts, moving the needle.
|
|
He also underscored his party's call for a shift in fiscal policy.
|
|
UK Finance Minister Philip Hammond, also hinted that he would use the Autumn Statement, a key UK fiscal policy statement set for the end of November, to "reset fiscal policy" if necessary in the wake of the Brexit vote.
|
|
Eliminates dynamic scoring as a technique for predicting the effects of fiscal policy.
|
|
And Hammond said on Friday the UK could reset fiscal policy if necessary.
|
|
We learned that fiscal policy works pretty much the way a Keynesian says.
|
|
One is focusing on fiscal policy, including government infrastructure spending and tax cuts.
|
|
Mr Hammond, who succeeded Mr Osborne in 2016, loosened fiscal policy a little.
|
|
We don't foresee a major fiscal policy shift or a commodity price shock.
|
|
Tsipras said that Greece needs to imlement a "prudent" fiscal policy post bailout.
|
|
"By logic, fiscal policy will have to play a bigger role," he said.
|
|
If anything it makes it more likely that we get looser fiscal policy.
|
|
In severe downturns Keynesian fiscal policy may be more effective than monetary measures.
|
|
A full hour was devoted to fiscal policy, welfare rules and public finances.
|
|
Instead, the chancellor said, fiscal policy would reflect "the new circumstances we face".
|
|
For that reason, Mr Trump's fiscal policy would send the national debt soaring.
|
|
Counter-cyclical fiscal policy makes the job of central bankers easier as well.
|
|
Across the euro area as a whole, fiscal policy is arguably too tight.
|
|
Romanian markets have been hit by unpredictable fiscal policy and growing economic imbalances.
|
|
If monetary policy has run out of road, there is always fiscal policy.
|
|
High taxes reduced inequality; fiscal policy was used to control the economic cycle.
|
|
Isarescu said uncertainties stem from fiscal policy and an election cycle in Romania.
|
|
Gender budgeting is a way for governments to promote equality through fiscal policy.
|
|
A new IMF report* looks at how fiscal policy can help tackle inequality.
|
|
Nevertheless, high public debt remains a key fiscal policy constraint and rating weakness.
|
|
Economic programmes comprise three big things: monetary policy, fiscal policy and structural reforms.
|
|
The use of fiscal policy is constrained by either politics or debt burdens.
|
|
Hence, the calls by some Fed officials for another round of fiscal policy.
|
|
At the same time, conservatives are building blockades on Trump-style fiscal policy.
|
|
Yet there are ways to make fiscal policy less politicised and more responsive.
|
|
"Growth in Uganda is also expanding, with more expansionary fiscal policy," Khan said.
|
|
While fiscal policy wobbles, economists are starting to fret about monetary policy, too.
|
|
Such largesse is, in effect, fiscal policy financed by money instead of bonds.
|
|
On fiscal policy the FDP is at least as austere as the CDU.
|
|
Given the focus on austerity, we have seen limited focus on fiscal policy.
|
|
"I don't see fiscal policy being a major solution in Europe," asserted Weber.
|
|
In terms of fiscal policy, I share the same attitude towards the budget.
|
|
"The fiscal policy of the German government is already expansive," the spokeswoman added.
|
|
America needs a center-right party that will support common-sense fiscal policy.
|
|
It is essentially other countries' insurance against their governments pursuing profligate fiscal policy.
|
|
Mattie Duppler is the senior fellow for fiscal policy at National Taxpayers Union.
|
|
The uncertain message on fiscal policy in Washington would not help at all.
|
|
They question the sustainability of fiscal policy amid sluggish long-term growth forecasts.
|
|
Drastic reforms are needed to alleviate the potential consequences of current fiscal policy.
|
|
"Fiscal policy is sort of at its maximum accelerated right now," Kelly said.
|
|
Harry Stein is director of fiscal policy at the Center for American Progress.
|
|
That leaves fiscal policy, where ideas are swirling and political gamesmanship has begun.
|
|
Such a combination of monetary and fiscal policy is politically impossible right now.
|
|
"We need to get the fiscal policy out the door first," Kinahan said.
|
|
Whether fiscal policy can be more effective depends on how the economy reacts.
|
|
But they have cautioned that changes in fiscal policy could alter those plans.
|
|
In order to extend the cycle we're going to have to fiscal policy.
|
|
On Monday, European politicians called on Tsipras to continue a sound fiscal policy.
|
|
Jack Salmon is a Washington, D.C.-based researcher focused on federal fiscal policy.
|
|
The central bank overseas monetary policy while the finance ministry supervises fiscal policy.
|
|
"Whatever the BOJ did/does will have little impact unless the measures are amplified by a concurrent fiscal policy response; we now know the hefty fiscal policy response isn't coming," Christopher Vecchio, a currency strategist at DailyFX told CNBC via email.
|
|
When asked if the fiscal policy should be even more contractive, than what has already been proposed, he said that he saw room in the economy for the proposed budget but that a more expansive fiscal policy would not be prudent.
|
|
In recent speeches, Yellen and others have commented on the importance of fiscal policy.
|
|
The government holds responsibility over fiscal policy and Japan's public debt is very high.
|
|
The Fed's independence also means that it should never validate unreasonable fiscal policy choices.
|
|
"I think fiscal policy is the dominant trend in the United States," he said.
|
|
"It is important that we have tight fiscal policy during good times," she said.
|
|
FED'S DALY SAYS FISCAL POLICY NEEDS TO PLAY LARGER ROLE IN SMOOTHING ECONOMIC SHOCKS
|
|
However, Mr Hammond's all-things-to-all-men approach to fiscal policy creates hazards.
|
|
There is vast scope to make fiscal policy more efficient and fairer (see article).
|
|
At the margins, he adds, China is shifting to a more active fiscal policy.
|
|
What may sound simply like feminism infiltrating fiscal policy is thus also about efficiency.
|
|
"More conservative fiscal policy allows for softer monetary policy, and vice versa," she said.
|
|
Berkeley's Lee noted that Republicans have made inroads with some voters on fiscal policy.
|
|
ITALY'S ECONOMY MINISTER SAYS EUROPE WOULD NEED EXPANSIONARY FISCAL POLICY TO COUNTER ECONOMIC SLOWDOWN
|
|
Before the crisis, economists used to dismiss fiscal policy as a recession-fighting tool.
|
|
If that all sounds fairly small-bore, so is much of Labour's fiscal policy.
|
|
In the absence of monetary easing, Thailand must rely on more expansive fiscal policy.
|
|
Overall that year, the right-leaning organization gave Weld a B for fiscal policy.
|
|
Fiscal policy has been barely used—and has sometimes done more harm than good.
|
|
FISCAL policy has tumbled from the top of the political agenda with remarkable speed.
|
|
The optimal way forward requires a full integration of the euro area fiscal policy.
|
|
Hungary and Serbia were upgraded, due to narrowing external imbalances and tighter fiscal policy.
|
|
Jack Salmon is a Washington, D.C.-based economic researcher focused on federal fiscal policy.
|
|
Mr Trudeau scrapped the Conservatives' fiscal policy in part to preserve their other achievements.
|
|
A: I'm not as big an advocate of fiscal policy as some other people.
|
|
Economists and fiscal policy analysts have differing opinions regarding how much debt is sustainable.
|
|
Other economists joined in: Paul Krugman described the plans as "truly responsible fiscal policy".
|
|
Rational-expectations economists supposed that fiscal policy would be undermined by forward-looking taxpayers.
|
|
Q: Will we see fiscal policy take over from monetary policy in rich countries?
|
|
But the appeal of public banks extends beyond consumer protection to sound fiscal policy.
|
|
Pursuing undisciplined fiscal policy is not a good idea at the best of times.
|
|
The Fed has long sought help from fiscal policy to complement its monetary moves.
|
|
Barclays economist Rahul Bajoria said tighter fiscal policy next year also clouds growth outlook.
|
|
Over the medium term, U.K. fiscal policy looks to be heading towards calm waters.
|
|
But looking further out, U.K. fiscal policy appears to be heading towards a storm.
|
|
We're trying to do what makes sense given the fiscal policy that we're given.
|
|
These include fiscal policy, foreign exchange intervention and taxes and controls on foreign capital.
|
|
Fiscal policy management has been strong and the government has overachieved on its targets.
|
|
She also serves as a senior fellow for fiscal policy at National Taxpayers Union.
|
|
I don't think Republicans know anything about fiscal policy; I don't think they care.
|
|
"A virtuous circle between fiscal policy and financial conditions could instead boost economic activity".
|
|
Probably the most positive of the lot, and his fiscal policy plays well here.
|
|
"Typically fiscal policy does pay a major role when there are downturns," he said.
|
|
We know there's going to be fiscal policy and we're hearing more about that.
|
|
Three factors threaten it: the strength of institutions, fiscal policy and the global environment.
|
|
According to Fuchs, the new coalition government is unlikely to change its fiscal policy.
|
|
But we do not expect a marked shift in broad economic and fiscal policy.
|
|
With monetary policy changing, we need to see fiscal policy pick up the slack.
|
|
Your recent work on fiscal policy, which I found highly resonant, seems particularly germane.
|
|
But Britain's next prime minister will enter office committed to a looser fiscal policy.
|
|
Also, changes in fiscal policy or other economic policies could potentially affect the economic outlook.
|
|
A record net 35 percent of investors said fiscal policy is too tight, BAML said.
|
|
It needs to make a decision whether it wants closer union and closer fiscal policy.
|
|
The committee in its summary of economic projections noted "substantial uncertainty" about fiscal policy ahead.
|
|
Its presence should help contain further fiscal policy loosening, while maintaining the current economic policy.
|
|
Its finance minister, Berat Albayrak, is now also preaching the need for tighter fiscal policy.
|
|
The country needs looser fiscal policy in both the long term and the short term.
|
|
U.S. monetary and fiscal policy are already "accommodative," he said, meaning they support further growth.
|
|
China has been gradually easing monetary and fiscal policy in recent months to support growth.
|
|
Fiscal policy is stronger and more co-ordinated, Qingchi asserted, than it used to be.
|
|
Fiscal policy in the euro area is expected to be supportive of growth this year.
|
|
Finance Minister Uttama Savanayana said there was still fiscal policy space to use as appropriate.
|
|
A third argument about activist fiscal policy—that it is hard to get right—remains.
|
|
So they have often struggled to offset downturns by easing either monetary or fiscal policy.
|
|
Regardless of who takes the job, big changes in fiscal policy are seen as unlikely.
|
|
Dallas Fed President Robert Kaplan said the U.S. needs "intelligent" fiscal policy to increase growth.
|
|
State fiscal policy is driven largely by the booms and busts of the business cycle.
|
|
Fiscal policy remains focused on strengthening tax administration, while improving social assistance and public investment.
|
|
Fiscal policy should aim to support the economy while avoiding any side-effects, he added.
|
|
"I believe it is difficult to say next year's fiscal policy is accommodative," said Lee.
|
|
"There are two parts of conservatism, fiscal policy and limited government," the Arizona senator said.
|
|
IT NEEDS TO BE SUPPORTED, ACCOMPANIED WITH FISCAL POLICY AND WITH STRUCTURAL MEASURES, STRUCTURAL REFORMS.
|
|
KEY ASSUMPTIONS Fitch assumes the Bulgarian authorities will maintain continuity in economic and fiscal policy.
|
|
"Japan is conducting a powerful mix of flexible fiscal policy and quantitative easing," Kuroda said.
|
|
I think we need more on the fiscal policy side to create more economic growth.
|
|
But as long as monetary and fiscal policy work in tandem, demand should be resilient.
|
|
The cynicism is both familiar and breathtaking, but it isn't reserved for fiscal policy alone.
|
|
And we could do with some help from fiscal policy to get R-star up.
|
|
"There is still so much uncertainty toward fiscal policy in the United States," he added.
|
|
" He added: "So fiscal policy will need to play a much stronger role in future.
|
|
" He added: "So fiscal policy will need to play a much stronger role in future.
|
|
In fact, he expressed support for some of what Trump is doing regarding fiscal policy.
|
|
China will maintain prudent, neutral monetary policy and proactive fiscal policy in 2018, Xinhua said.
|
|
If focus is limited to just trade and fiscal policy, this woman is frightening. Why?
|
|
Q. One conclusion I often hear is that fiscal policy makers should be doing more.
|
|
A. There are times where the chair of the Fed does talk about fiscal policy.
|
|
The country is actually going backwards in three – fiscal policy, competition policy and labour reform.
|
|
But bulging debt across many Asian economies, tightening U.S. fiscal policy and the Sino-U.
|
|
Fiscal policy management has been strong, with the government continuing to over-achieve fiscal targets.
|
|
But she also highlighted fiscal policy and economic challenges abroad as potential pockets of uncertainty.
|
|
Conventional monetary policy doesn't work in a liquidity trap, but fiscal policy is highly effective.
|
|
We've been talking mostly about fiscal policy, but what should the Federal Reserve be doing?
|
|
Republican posturing on monetary policy was as insincere as the party's posturing on fiscal policy.
|
|
It's going to take a fiscal policy response to literally get money in people's pockets.
|
|
She also said changes in fiscal policy could affect how quickly the Fed raises rates.
|
|
With central banks impotent and fiscal policy undermined by supply bottlenecks, novel approaches are needed.
|
|
But first, they must find a way to overcome their diverse views on fiscal policy.
|
|
But the impact of expansionary fiscal policy peaked in the second quarter of this year.
|
|
The need for greater fiscal policy flexibility attracted much more support among economists in 2016.
|
|
"Fiscal policy should be careful not to encourage such exaggerations," Schaeuble told Der Spiegel magazine.
|
|
"Changes in fiscal policy or other economic policies could affect the economic outlook," she said.
|
|
But surely the pace of future rate hikes will depend in part on fiscal policy?
|
|
Many economists are wary of an amendment that would put a straightjacket on fiscal policy.
|
|
Motegi spoke after a meeting of the Council on Economic and Fiscal Policy on Tuesday.
|
|
Where I do think the debate is somewhat mixed is there seems to be an idea that Germany needs to expand its fiscal policy because they are the only country in Europe to have room and to create growth outside Germany by German fiscal policy.
|
|
Chair Yellen, in her press conference that followed the Fed's policymaking meeting, agreed when she said it is "far too early" to judge the effects of fiscal policy and that fiscal policy was only one of several factors that influence the Fed's policy stance.
|
|
Greater reliance on fiscal policy would require central banks and governments to co-ordinate more closely.
|
|
And it lacks a single set of fiscal-policy tools to go with its single currency.
|
|
Fiscal policy, which should bring growth back to the country, should be bullish for the dollar.
|
|
In other words, low rates are going to be pivotal to make aggressive fiscal policy work.
|
|
Our projections therefore do not include a substantial change in the fiscal policy stance for 2018.
|
|
Fiscal policy is trapped in gridlock and the government shutdown actually means a small fiscal tightening.
|
|
They do not share the French taste for flexibility in fiscal policy, preferring discipline and rules.
|
|
"It is important that there is a clear distinction between monetary and fiscal policy," Nowotny said.
|
|
And those things cannot be addressed by monetary policy or fiscal policy directly for that matter.
|
|
Moreover, the introduction of a budget with realistic guidelines could improve the predictability of fiscal policy.
|
|
As well as higher energy costs, they reflect loose fiscal policy and rapidly growing domestic credit.
|
|
As fiscal policy provided too little stimulus when it was required, the ECB bore the burden.
|
|
Trump has taken a gigantic step toward restoring prosperity with his tax-cut centered fiscal policy.
|
|
Officials have also promised to support the tight monetary policy with new arrangements in fiscal policy.
|
|
The pro-active fiscal policy has been in place since the depths of the global crisis.
|
|
Cheap money is a tired workhorse; the help of the fiscal policy is now crucially important.
|
|
Excluding the fiscal policy, there are only two sources: Low credit costs and rising export sales.
|
|
It needs to be supported and accompanied by fiscal policy and with structural measures and reforms.
|
|
The finance ministry has pledged a more active fiscal policy to help bolster China's slowing economy.
|
|
The Czech Republic ran public finance surpluses in the past two years, allowing looser fiscal policy.
|
|
The mistake was … the timing of the fiscal policy stimulus, which overheated the economy last year.
|
|
Monetary policy makers almost certainly need a helping hand in the form of expansionary fiscal policy.
|
|
Fitch expects no major change in economic and fiscal policy following the 5 March general elections.
|
|
Fitch expects fiscal policy to remain conservative and focused on generating surpluses for debt repayment purposes.
|
|
The result of this tinkering was that Mr Osborne's fiscal policy looked a little less austere.
|
|
In the United States, political polarization has brought fiscal policy — spending and taxes — to a standstill.
|
|
One, monetary policy will be following fiscal policy for the first time in about a decade.
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Junior Finance Minister Jayant Sinha said the tight fiscal policy could allow for further monetary easing.
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Authorities will continue to implement a proactive fiscal policy and a prudent monetary policy, Xinhua said.
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While monetary policy is effective, it is limited and requires coordination with a proactive fiscal policy.
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With the U.S. economy at approximately full employment, was stimulus of this scope sound fiscal policy?
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She also noted that fiscal policy makers could play a role in addressing any future crises.
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Pursuing expansionary fiscal policy at this juncture risks causing long-term interest rates to rise sharply.
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Both Fed officials and outside economists argue that stronger growth requires action by fiscal policy makers.
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The party unveiled its first detailed fiscal policy on Tuesday, just weeks away from the Sept.
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"Fiscal policy is more likely to respond in the short term," Citi economist Josh Williamson said.
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That said, Germany could pursue a fiscal policy that's more likely to stimulate the global economy.
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The women we talked to cared deeply about education, immigration, fiscal policy, racism, and gun control.
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In the simplest math of fiscal policy, lower taxes plus more spending equal higher budget deficits.
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Like the work on fiscal policy, it will of course be ignored by people in power.
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And in his prepared testimony for the hearing, Mr. Powell noted the stimulus from fiscal policy.
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Fiscal policy, like so much of governance in America, has been perverted by right-wing partisanship.
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The Italian said on Thursday that it was high time for fiscal policy to take charge.
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But again, what we wanted was the effect of fiscal policy at the zero lower bound.
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This concept plays a central role in monetary policy, and some role in fiscal policy too.
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"For now, fiscal policy can do the heavy-lifting," said Ling, referring to the upcoming budget.
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Regulatory policy and fiscal policy are independent dimensions, and they can be rebundled in different packages.
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And it has a history of being the successful path taken for fiscal policy since 1981.
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The new message from the meeting today is that fiscal policy will become incrementally more expansionary.
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"Giving money to people in whatever form, it's a fiscal policy task," Mr. Draghi said Thursday.
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"Giving money to people in whatever form, it's a fiscal policy task," Mr. Draghi said Thursday.
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OSCAR MUNOZ: Well, Mr. Cooperman your fiscal policy and philosophy is always something we've aligned with.
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Li also reiterated China will implement proactive fiscal policy and prudent monetary policy, and prioritize employment.
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However, the government also increased net lending to the economy, representing a quasi-fiscal policy loosening.
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Dubbed "Abenomics," the strategy is based on bold monetary easing, flexible fiscal policy and structural reform.
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Fiscal policy, too, is constrained by Japan's huge public debt - the biggest among major industrialized nations.
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"The uncertainty surrounding fiscal policy has not disappeared" he told the Assiom-Forex conference on Saturday.
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"Changes in fiscal policy or other economic policies could potentially affect the economic outlook," she said.
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"Fiscal policy, as the minister said, is already expansionary in Germany and we estimate the impact of fiscal policy on GDP for this year to be between one quarter to one half percentage point," Weidmann said at a joint news conference with Finance Minister Olaf Scholz.
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In making fiscal policy and other decisions the focus should be on how that can be improved.
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The forecasts were submitted to the Council on Economic and Fiscal Policy (CEFP), the government's advisory panel.
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On Friday, Italy's prime minister Giuseppe Conte said no alternative fiscal policy would work for the country.
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Chair Yellen has indicated that if fiscal policy becomes expansive that could very well be the case.
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"It's true good coordination of monetary and fiscal policy is very important for Abenomics," another source said.
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However, there are some early indications that fiscal policy might become more focussed on bringing down debt.
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The upshot is that the fiscal policy of the incoming administration has very little room to maneuver.
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Do I think we need to be more attentive to the importance of fiscal policy in recessions?
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Their only way to offset that loose monetary policy is with a prudent fiscal policy, he said.
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"In the U.S. we have not had credible fiscal policy since (2008)," Janjuah told CNBC in London.
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The third was the shift in the developed world after 2010 to a more austere fiscal policy.
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If current fiscal policy were maintained, by the 2060s public debt would be worth 250% of GDP.
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We are all geared for that ... I have maintained that the fiscal policy should be counter cyclical.
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The big problem with Romer-Bernstein was not that they over-estimated the effectiveness of fiscal policy.
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A flurry of commentators have since declared that economists are fundamentally rethinking their ideas about fiscal policy.
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DUDLEY: WHAT I'D LIKE TO DO IS ENSURE THAT FISCAL POLICY AND MONETARY POLICY ARE WELL ALIGNED.
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Kostin's conclusion: "Put simply, enormous tax and fiscal policy uncertainty will exist for almost all of 2017."
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Gigaba said fiscal policy would not be done simply in the interests of big business and capital.
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Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.
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The Fed will protect its credibility with rate rises if the fiscal policy mix and inflation warrant.
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Concerns over the government's fiscal policy have increased borrowing costs on several occasions since March's general election.
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"A modest and reliable fiscal policy doesn't allow much more wiggle room (to cut taxes)," Schaeuble said.
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But as the Fed adopted a more dovish stance on fiscal policy, the market heated up again.
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Why does Donald Trump think that fiscal policy in the United States will be any more successful?
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But either way, in a war between fiscal policy and monetary policy, the central bank always wins.
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He added however that Greece needs to implement a "prudent" fiscal policy in the post-bailout period.
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If you would allow me I would tell you how we think that fiscal policy can help.
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But Talavera said predicting the path of fiscal policy in Spain is difficult given the political instability.
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Germany refused, arguing that the euro area was not a federal state with a unified fiscal policy.
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The fiscal policy can't help either as a result of budget strictures and the soaring public debt.
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"They are focused on the right thing, because fiscal policy is a big wildcard here," Zandi said.
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"It puts the fiscal policy agenda in jeopardy," said Ben Jang, portfolio manager at Nicola Wealth Management.
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Bernanke noted Thursday that fiscal policy "does have a role to play" on top of monetary policy.
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In the advanced economies, expansionary monetary policy is lending support, as is fiscal policy in some countries.
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Michael LaFaive is director of the Morey Fiscal Policy Initiative with the Mackinac Center for Public Policy.
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Mr Abe is now likely to use fiscal policy to try and sustain some level of growth.
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A fiscal policy expert, he also served as director of fundraising on Ron Paul's 2008 presidential campaign.
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|
There was also consensus that fiscal policy needs to play a larger role in promoting economic growth.
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Moreover, the eurozone had no centralized fiscal policy that could help member countries that ran into trouble.
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These failures and the austere fiscal policy run by the government raised a backlash from the left.
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|
Rapid inflation, a tanking currency and political influence on fiscal policy has plunged Turkey's economy into crisis.
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He said changes were needed in Germany's energy policy and its stance on euro zone fiscal policy.
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In the long run, fiscal policy is sustainable if it stabilizes the ratio of debt to GDP.
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Indeed, it might take another 2009-scale global financial crisis to shock legislators into expansionary fiscal policy.
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But then fiscal policy went off track, which you can see by the big red clockwise loop.
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Fiscal policy needs to be more proactive, prudent monetary policy needs to be more flexible, it said.
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In a mirror image, central banks are starting to encroach on fiscal policy, the territory of governments.
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Politicians and people are in control of fiscal policy do what they can to reflect popular preferences.
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"Inherited many problems & is addressing them," James Parrott, of the nonpartisan Fiscal Policy Institute, wrote on Twitter.
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|
His research focuses on monetary and fiscal policy, structural reforms, currency unions, financial globalization and economic history.
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The government's budgetary rules are "voodoo fiscal policy", said Robert Habeck, the party's co-leader, this week.
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|
Both Democrats and Republicans will also probably seek Ms. Yellen's blessing for their views on fiscal policy.
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|
Mr Mitsotakis must deal with twin legacies of the crisis: paralysed banks and cripplingly tight fiscal policy.
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|
The agreement between Fine Gael and Fianna Fail suggests that fiscal policy settings will be largely maintained.
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The statement repeated G20 pledges to "use fiscal policy flexibly" to strengthen growth, job creation and confidence.
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|
Some even contend that fiscal policy actions are more heavily back-end loaded in a president's term.
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|
And they've got plenty of monetary and fiscal policy tools to deal with the short term shocks.
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|
Second, the government has much more powerful tools in its hands in the form of fiscal policy.
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Compacts, then, are multilateral disarmament agreements that would help suffocate poor fiscal policy choices among competing states.
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" Mr. Williamson describes the tax cuts enacted by Republicans as a "dessert-first approach to fiscal policy.
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"I think we're waiting for government policy response, for fiscal policy to kick in and so I think the markets are looking for a fiscal policy response across many economies," Stephen Halmarick, head of global markets research at Commonwealth Bank of Australia, told CNBC's "Capital Connection" on Wednesday.
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Some hope that the Tories will embrace a more expansionary fiscal policy, which could pep up economic growth.
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Strict monetary and fiscal policy is starting to bring stability, but at the cost of a deep recession.
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|
China will maintain proactive fiscal policy and prudent monetary policy and keep macro-economic policies stable, Li said.
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|
The central government has called for a "more active" fiscal policy, including tax cuts, to support the economy.
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Such a fiscal policy would also create serious problems for the Fed and the economy as a whole.
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Overall, he said the stock market is improving as people anticipate fiscal policy under President-elect Donald Trump.
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Do I think we need to radically change in good times and bad the rule around fiscal policy?
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Siluanov also said that Russia's fiscal policy should remain prudent and balanced in order to minimize external shocks.
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Japan saw an additional boost Monday on news that the government has plans for more aggressive fiscal policy.
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Most fiscal policy — either tax cuts or spending increases — do have positive demand effects in the short run.
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"Therefore, investment-focused fiscal policy and active continuation of structural reforms are imperative at this juncture," Dua said.
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Jonathan Bydlak is a fiscal policy expert and president of the Institute for Spending Reform, which spearheads SpendingTracker.org.
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Imagine that, in the face of a highly stimulatory fiscal policy, the Federal Reserve starts to tighten aggressively.
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"What we're looking for through these fiscal policy aims is to reduce the cost of capital," Dujovne said.
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One is Mr Blanchard's stature and past job—the IMF has long been associated with austere fiscal policy.
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It is unlikely that the government will prioritise long-term fiscal policy against its short-term electoral aims.
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It is awkward, therefore, that the role of fiscal policy as a recession-fighting tool is only growing.
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Because Europe lacks a centralised fiscal policy—itself a failure of politicians—the onus is on individual countries.
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Work was in progress to further strengthen the policy mix, tightening fiscal policy via spending cuts, he added.
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The constraints facing central banks suggest better hopes for the second way forward—greater reliance on fiscal policy.
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A lack of revenue visibility is to blame, which could be partially addressed by more aggressive fiscal policy.
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A wide range of possible fiscal policy tools and approaches could enhance the cyclical stability of the economy.
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Fischer did say the Fed needs to keep rates low and would be helped by stronger fiscal policy.
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Tight fiscal policy has contributed to weak growth, but high frequency data point to an improvement in 27Q2495.
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Moscovici made clear that the call for looser fiscal policy applied mainly to those who could afford it.
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Indeed, rules that have recently been adopted, such as Europe's fiscal compact, constrain rather than harness fiscal policy.
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And markets might begin to question the signalling function of Thursday's announcement as it relates to fiscal policy.
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With fiscal policy easing in both America and Europe, monetary policy will need to be tightened, he reckons.
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|
Among the considerations were the recent softness in inflation, the government shutdown and the path of fiscal policy.
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|
When there are drains, the solution is to tweak fiscal policy to create gains, not to restrict migration.
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|
So there are some things pulling down growth and less support this year than last from fiscal policy.
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"In some cases, fiscal policy for the last couple of years has actually been pro-cyclical," Thomsen said.
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If monetary easing is reaching its limits, fiscal policy may be needed to try to revive the economy.
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His remarks come amid expectations for higher economic growth this year and more aggressive fiscal policy in Washington.
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Fiscal policy remains focused on strengthening tax administration, tackling the grey economy, improving social assistance and public investment.
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|
"It's a very hard to think of a Fed chair that was silent on fiscal policy," Calabria said.
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Beyond expansionary fiscal policy, slowing inflation and the prospect of further interest rate cuts are encouraging investor interest.
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Yet, on the margin, any additional fiscal policy support from the government will help further accelerate business investment.
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LIESMAN: AND ONE OF THE THINGS YOU HAVE TO BE GUIDED BY IS THE EXPECTATIONS FOR FISCAL POLICY.
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"There are two parts of conservatism, fiscal policy and limited government," Flake told CNN's Jake Tapper on Tuesday.
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|
Respondents cited geopolitical risk as their biggest fears, followed by U.S. fiscal policy, China, oil and rising rates.
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As the government loosened fiscal policy, the Central Bank prematurely slashed its benchmark interest rate in 2011-12.
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The reason why Syriza is collapsing is because it has been co-opted to an unworkable fiscal policy.
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Tighter fiscal policy, including cuts to energy subsidies, has helped Morocco reduce its current-account and budget deficits.
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The U.S. will likely not feel any of the effects of current fiscal policy until its too late.
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|
James M. Hohman is the director of fiscal policy at the Mackinac Center for Public Policy in Michigan.
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|
On top of the monetary policy cycle, fiscal policy is playing an unusual role in the current expansion.
|
|
But EU officials see little prospect of a more expansionary German fiscal policy before next year's general election.
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|
Macron knows he cannot change German economic policies to get a pro-growth monetary and fiscal policy mix.
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|
He specializes in fiscal policy, particularly tax reform, international tax competition, and the economic burden of government spending.
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|
"To assume that fiscal policy will extend the cycle is a classic case of hope triumphing over experience."
|
|
Jonathan Bydlak is a fiscal policy expert and the founder and president of the Institute for Spending Reform.
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James Hohman is the director of fiscal policy at the Mackinac Center for Public Policy in Midland, Mich.
|
|
"The Chinese have more ability to deal with monetary and fiscal policy relative to the US," he said.
|
|
The 2017 budget is largely consistent with the five-year fiscal policy statement introduced to parliament last spring.
|
|
There is absolutely no imperative whatsoever for the Federal Reserve to enforce anti-inflation discipline on fiscal policy.
|
|
EU rules on government deficits and debt have become an important anchor for fiscal policy in the V4.
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|
The tax code is built upon bad fiscal policy, which is, needless to say, bad for the nation.
|
|
The nonprofit Fiscal Policy Institute estimated that 24 million legal residents, including nine million children, would be affected.
|
|
Fitch does not expect any change would have a marked effect on the conduct of future fiscal policy.
|
|
The main purpose of the budget request is to formally lay out the administration's stance on fiscal policy.
|
|
But in today's America, sound fiscal policy at the federal level rarely seems to be on the table.
|
|
More business support is in the pipeline—and it will certainly go beyond bank lending into fiscal policy.
|
|
"Fiscal policy response, from the large economies around the world, would be a very welcome thing," Halmarick said.
|
|
Since then, however, fiscal policy has become perverse: first austerity despite high unemployment, now expansion despite low unemployment.
|
|
Jonathan Bydlak is a fiscal policy expert and the founder and president of the Coalition to Reduce Spending.
|
|
So you wanted to look for examples of major shifts in fiscal policy that didn't reflect automatic stabilizers.
|
|
Michael LaFaive is senior director of fiscal policy for the Mackinac Center for Public Policy in Midland, Mich.
|
|
And while central banks are hamstrung by low rates, fighting low inflation will increasingly fall to fiscal policy.
|
|
When the economy is weak and unemployment is high, an expansionary fiscal policy would help support the economy.
|
|
Flexible fiscal policy should not be ruled out as trade and other external risks raise uncertainty, it added.
|
|
So the draft budget partially loosens the conservative fiscal policy which Rouhani adopted after taking power in 2013.
|
|
"Our fiscal policy was to do everything we could to live within our means," he said in 21962.
|
|
The FY18 budget appears to signal that a cycle of expansionary fiscal policy is coming to an end.
|
|
BANK OF ENGLAND'S CARNEY SAYS CLEAR GAINS WOULD COME FROM COORDINATION WITH OTHER PUBLIC POLICY, INCLUDING FISCAL POLICY
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Some economists have criticized Indrawati for her conservative fiscal policy at a time when economic growth is slowing.
|
|
The Supercommittee failed because lawmakers couldn't agree on how to cut spending or reform the nation's fiscal policy.
|
|
A move to soften bail-in rules may be part of the more lenient stance on fiscal policy.
|
|
Flexible fiscal policy should not be ruled out as trade and other external risks raise uncertainty, it added.
|
|
Fiscal policy may be highly effective and could even have positive side effects, like "crowding in" private investment.
|
|
If tighter fiscal policy from the Fed slows growth, a Republican presidential victory in November will become likely.
|
|
America's loose fiscal policy—and the tighter stance of countries like Germany and the Netherlands—are more obvious culprits.
|
|
Moore said less about monetary policy than fiscal policy over the years, and his views have been less consistent.
|
|
"If you ask where the policy space is, fiscal policy should be the first line of defense," he said.
|
|
The committee also said fiscal policy should be flexible and growth-friendly, but should be mindful of debt sustainability.
|
|
Through responsible budget practices and responsive fiscal policy, Utah persevered through the economic recession and climbed to the top.
|
|
The main reasons for the underperformance are delays to pension reform, the government's tight fiscal policy and high unemployment.
|
|
Central banks have asked politicians for years to use fiscal policy more constructively and address structural problems plaguing economies.
|
|
It also signaled that Labour's expansionary fiscal policy would not automatically result in tighter monetary policy in coming years.
|
|
Officially, China is committed to a "proactive fiscal policy", meaning that the government will spend to prop up growth.
|
|
Nicolás Dujovne, the treasury minister, took on Mr Caputo's brief as well, giving him greater control over fiscal policy.
|
|
Mr Draghi credits QE with driving economic recovery at a time when fiscal policy and export demand were unsupportive.
|
|
Fiscal policy is not addressing income inequality and other structural issues that are constraining out put and depressing prices.
|
|
Instead, American fiscal policy is being run by people who have bought into the mantra that deficits don't matter.
|
|
No wonder some people are asking: Is the EU's attack on Italy's fiscal policy part of a different agenda?
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LIESMAN: HOW DOES THAT CHANGE YOUR OUTLOOK FOR POLICY, IF THERE IS INDEED GOING TO BE MORE FISCAL POLICY?
|
|
Combine all this with the fact that the U.S. is also in the midst of an expansionary fiscal policy.
|
|
The route to boosting the economy may then lie more in the fiscal policy rather than the monetary policy.
|
|
Failure to recover from recession, coupled with significant deviation from stated macroeconomic and fiscal policy aims, would be negative.
|
|
In the next crisis, fiscal policy, rather than monetary policy, is going to be the first line of defense.
|
|
Overall, the EU will continue to loosen fiscal policy in 2017 owing to political pressures and minimal market discipline.
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LIESMAN: HAVE YOU YET FACTORED IN ANY POSSIBILITY OF FISCAL POLICY INTO YOUR FORECAST AND INTO YOUR RATE FORECAST?
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|
It added, however, that it not believe a decision to raise the expenditure ceiling would weaken fiscal policy credibility.
|
|
But 20 years on, EU countries have failed to coordinate complementary fiscal policy that could boost the monetary union.
|
|
Germany, the main target of the Gallic call for more spending, reckoned its fiscal policy was already pretty expansionary.
|
|
"The most important anchor point of fiscal policy for this year is a primary surplus of 1%," he said.
|
|
Rectifying this will require a mix of growth-friendly measures in fiscal policy, regulation, and structural reforms, analysts say.
|
|
The fiscal policy response to the drop in oil prices has not prevented a significant deterioration in public finances.
|
|
This would come at a time of low growth with monetary policy at its limits and fiscal policy constrained.
|
|
However, uncertainty surrounding the incoming administration's policy focus, particularly with regards fiscal policy, will make the Fed's outlook difficult.
|
|
The "rational expectations" school, led by Robert Lucas, argued that fiscal policy would be undermined by forward-looking taxpayers.
|
|
Over the next several months, Williams told Reuters on Thursday, fiscal policy will not matter much to monetary policy.
|
|
Ironically, looser fiscal policy as advocated by Trump may suit the Fed, because it wants to raise interest rates.
|
|
It's better to think about fiscal policy — your tax plans, your spending plans — over the medium and long run.
|
|
Combined with also fiscal policy that guarantees market access and financing conditions, good financing conditions for the Greek economy.
|
|
He will have to renegotiate debt (yet again), maintain a tight fiscal policy and restore confidence in the peso.
|
|
Unfortunately, another key part of the fiscal policy portfolio, which is the automatic response of taxes, will be compromised.
|
|
"We're going to have a more expansive fiscal policy," Finance Minister Felipe Larrain was quoted saying in El Mercurio.
|
|
The translation for investors is that the Fed will be raising interest rates should fiscal policy stimulus be forthcoming.
|
|
He is a fiscal policy expert and also served as director of fundraising on Ron Paul's 2008 presidential campaign.
|
|
He is a fiscal policy expert and also served as director of fundraising on Ron Paul's 2008 presidential campaign.
|
|
The space for countercyclical fiscal policy is underpinned by government debt metrics that are much stronger than peer medians.
|
|
The official said monetary policy, fiscal policy and economic reforms were the three classic options discussed as policy tools.
|
|
He added that fiscal policy could also help reduce policy uncertainty, and encourage the private sector to resume investing.
|
|
America's military is overstretched, even depleted in some areas; fiscal policy is a mess; politics and society are divided.
|
|
And we know that he sees fiscal policy as no different; he has already talked about renegotiating U.S. debt.
|
|
A radically different fiscal policy would prompt more reevaluation, Tarullo said at a Wall Street Journal CEO Council event.
|
|
But Williams also called for changes to fiscal policy, perhaps tying tax rates or government spending to unemployment rates.
|
|
Another factor, of course, that we are taking into consideration in our monetary policy is the future fiscal policy.
|
|
"We've got an explosive combination of monetary and fiscal policy right now," Jones told CNBC's "Squawk Box" on Wednesday.
|
|
S. trade war would be smaller than feared, with the U.S. fiscal policy package potentially outweighing any negative impact.
|
|
" EDWARD GLOSSOP, LATIN AMERICA ECONOMIST, CAPITAL ECONOMICS: Urzua's resignation "hints that loose fiscal policy may be on the way.
|
|
Some economists and business leaders have said fiscal policy steps will be necessary on top of central bank action.
|
|
A broad, sustained program of bold fiscal policy will be needed to reduce the impact of damaging economic outcomes.
|
|
Under the EU's excessive deficit procedure, Italy could be forced to quickly tighten fiscal policy or face possible fines.
|
|
The former chancellor is tall, grey and with a sense of humour that matches his fiscal policy: extra-dry.
|
|
In 2005, he left the firm to focus on fiscal policy as a scholar at the Bipartisan Policy Center.
|
|
His reforms — major overhauls of France's labor market, along with symbolic changes in fiscal policy — are so far unchecked.
|
|
It also happened near the end of 21 as the Federal Reserve started to tighten fiscal policy, Cramer said.
|
|
It died in 1999 because of political gamesmanship in Albany, not because of any reasoned debate over fiscal policy.
|
|
And then he offered a new definition of fiscal policy by calling systematic budget surpluses an expansionary fiscal stance.
|
|
Steps already taken to loosen fiscal policy have raised European Commission concerns about the possibility of overshooting budget targets.
|
|
That said, the risks of a fiscal policy misstep are mounting, and that could overwhelm actions by central banks.
|
|
Best yet, in combination, my tax, health care and Social Security reforms would collectively make our fiscal policy sustainable.
|
|
To take but one example, he's preached that the Bible has a very clear message on U.S. fiscal policy.
|
|
"Those committees that deal with economics and fiscal policy are going to be very busy [next year]," he said.
|
|
Sam Brownback, governor of Kansas, slashed taxes in what he called a "real live experiment" in conservative fiscal policy.
|
|
Germany is opposed to French proposals of a common fiscal policy for fear of being robbed by fiscal miscreants.
|
|
If expenditures don't pop, however, it may prompt stronger resistance to getting monetary and fiscal policy back to normal.
|
|
For the first time in recent years, however, there is a real possibility of significant changes in fiscal policy.
|
|
I know everyone likes to talk about fiscal policy in terms of what does it mean for the outlook.
|
|
In the medium term, we assume broad continuity in fiscal policy and steady progress towards an EU association agreement.
|
|
She testifies regularly in Congress on a wide range of topics relating to federal spending, subsidies, and fiscal policy.
|
|
They emphasized, however, the need to maintain stable economic development through fiscal policy, while still reducing reliance on debt.
|
|
Hong Kong has eased fiscal policy by roughly 5% of GDP and Singapore by half of that, he said.
|
|
Fiscal policy — temporary hikes in government spending and aid to vulnerable workers — is the usual backup to monetary easing.
|
|
Over the years, Moore said less about monetary policy than fiscal policy, and his views have been less consistent.
|
|
I wrote my speech on what I called the "new view" of fiscal policy for a conference of Europeans.
|
|
Restoring the federal revenue base should therefore be the major goal of fiscal policy in the next few years.
|
|
The Federal Reserve raised interest rates last month against the backdrop of a tightening labor market and expansionary fiscal policy.
|
|
On Thursday, Junior Finance Minister Jayant Sinha acknowledged that a tight fiscal policy will help in further monetary policy easing.
|
|
I would also hope that fiscal policy changes will be consistent with putting U.S. fiscal accounts on a sustainable trajectory.
|
|
Investors were looking for clues about what the central bank thought of President-elect Donald Trump's proposed fiscal policy measures.
|
|
That would mean tighter fiscal policy: Casado has criticised Sanchez's perceived profligacy, even though the proposed budget was relatively modest.
|
|
The notion foreign investment could be attracted through fiscal policy could be "very supportive" for the dollar, Saint-Georges said.
|
|
What we learned was that fiscal policy works pretty much the way a Keynesian pretty much would say it does.
|
|
Government spending, meanwhile, has grown faster than personal spending as Beijing adopted an active fiscal policy to stabilize the economy.
|
|
And, perhaps most importantly for the current environment, it takes into account neither sentiment nor expected changes in fiscal policy.
|
|
Shirai was also sceptical of the government expanding fiscal policy, another frequently mentioned possibility for boosting Japan's anaemic economic growth.
|
|
That would secure a narrow majority in the parliament and help keep his fiscal policy and reform plans on track.
|
|
Tria is an economist who is seen by investors as a bulwark against Salvini's push for more expansionary fiscal policy.
|
|
They may well be right on condition that the Chinese, the Europeans and the Japanese underwrite our expansionary fiscal policy.
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RATES Over the years, Moore said less about monetary policy than fiscal policy, and his views have been less consistent.
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"Currency markets are generally supportive [of tight fiscal policy]," said Neil Jones, head of FX hedge fund sales at Mizuho.
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He expects a tighter fiscal policy, Brexit and further uncertainty to trim growth from 3% this year to 2.5% next.
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Fischer said more fiscal policy could change the Fed's view of what the underlying neutral rate is for the economy.
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Instead, the euro zone should have some centralised counter-cyclical fiscal policy, as Emmanuel Macron, France's president, has called for.
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If Britain were to leave without a deal, for example, Mr Hammond might have to rethink fiscal policy from scratch.
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As always, it would be important to ensure that any fiscal policy changes did not compromise long-run fiscal sustainability.
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The IMF in February said fiscal policy must be "immediately anchored" in a plan to stabilize and reduce debt levels.
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Now we will want to watch and see how it manifests itself in actual movement and change in fiscal policy.
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German Finance Minister Wolfgang Schaeuble told the meeting on Friday that monetary and fiscal policy in Europe had been exhausted.
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To avoid similar mistakes in the future, they are now urging a unified fiscal policy to complete the monetary union.
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"Greece has done extremely well in terms of fiscal consolidation, but the fiscal policy mix is growth unfriendly," Thomsen said.
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In part, this is because governments have been so reluctant, since 2009, to use fiscal policy to stimulate their economies.
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Among other themes, we expect a new fiscal policy framework which will lay down the medium term debt/deficit path.
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It also needs high-flying tech leaders, says Takeshi Niinami, who sits on the council for economic and fiscal policy.
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The firm maintains that boosts from fiscal policy are largely priced into the market and unlikely to last much longer.
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Thomas Aiello is a policy and government affairs associate with the National Taxpayers Union, a nonprofit focused on fiscal policy.
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The fact that fiscal policy is going to be a little stimulative adds a little additional support for the economy.
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Fiscal policy, trade policy, and regulatory policies are all on the table and up for review in the Trump administration.
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Truth No. 5: Although undoubtedly a heavy political lift, placing U.S. fiscal policy on a sustainable course is surprisingly straightforward.
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Fiscal policy negotiations between the two main political parties broke down in January 2017 over disagreements on the 2017 budget.
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The pursuit of innovations in monetary policy, he said, is diverting needed attention from the inaction of fiscal policy makers.
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Fiscal hawks and nonpartisan budget watchdogs criticized Republican leaders for what they consider a massive breach of responsible fiscal policy.
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In light of positive output gaps, rising core inflation and pro-cyclical US fiscal policy, this might not be unreasonable.
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And it's obvious that the uncertainty of the U.S. trade and fiscal policy is 2 challenges for increasing interest rate.
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That means fiscal policy may play a bigger role in reflating growth when Japan faces another economic downturn, he said.
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Hence, the first pillar: renewed focus on debt reduction, fiscal policy to raise domestic revenues, and greater exchange rate flexibility.
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I think in broad brush, saying that the monetary-fiscal policy mix may not be exactly right is probably appropriate.
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Why it matters: Rapid inflation, a tanking currency and political influence on fiscal policy has plunged Turkey's economy into crisis.
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"We'll obviously act flexibly on fiscal policy as needed, looking at how the economy performs," Aso told parliament on Tuesday.
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Does it really make any economic sense to use up further room for fiscal policy maneuvers in the good times?
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"When you see pivots like this, that means something else is coming," Gundlach said, noting the possibility of fiscal policy.
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The bank said the government's softer fiscal policy, including higher social spending, also posed a considerable risk to inflation expectations.
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Investors rushed to U.S. assets as they bet his expansionary fiscal policy will boost U.S. growth, inflation and interest rates.
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However, the U.S. trade deficit has been larger and more persistent than can be explained by U.S. fiscal policy alone.
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Angela Merkel is looking to move the EU forward, and a more unified fiscal policy is the logical next step.
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An effective public health response necessarily requires limits on economic activity; an effective fiscal policy response can offset the damage.
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In other words, fiscal policy (which Congress controls) and monetary policy (which the Fed controls) are working at cross-purposes.
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Key to a credible European response to deal with the coronavirus would be coordinated monetary and fiscal policy, Zahn said.
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Instead, governments will have to stimulate demand via fiscal policy — a process that could run into some serious legislative roadblocks.
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"It was driven by the concern that monetary policy could get caught in the wake of fiscal policy," he said.
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Now the euro zone is flirting with recession and governments are not helping by being slow to loosen fiscal policy.
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Key to a credible European response to deal with the coronavirus would be coordinated monetary and fiscal policy, Zahn said.
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"Fiscal policy is calling the shots today," said David Carter, chief investment officer at Lenox Wealth Advisors in New York.
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Monetary and fiscal policy will be of limited effect until prices more broadly reflect a very high probability of recession.
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I lean right on fiscal policy, but left on social issues and have supported policies pushed by both major parties.
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He has written on a number of economic issues, including: fiscal policy, inequality, minimum wages, infrastructure spending, and rent control.
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Draghi may use his last meeting to urge governments to use fiscal policy more effectively to boost growth and inflation.
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With U.S. fiscal policy on hold following the initial Obama budget stimulus, monetary policy became the only game in town.
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Second, strong monetary, exchange rate and fiscal policy frameworks could safeguard developing and emerging economies in a fragile economic environment.
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Japan's vaunted reputation for punctuality, much admired by visitors to the World Cup, seems not to apply to fiscal policy.
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He persuaded Clinton to manage a responsible fiscal policy, raising taxes early on, despite cries of doom from the Republicans.
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Mr. Carney recommended that governments consider fiscal policy tools, like tax cuts or public spending increases, if a downturn hits.
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She said Powell will stick to the Fed's dual mandate on inflation and employment and not veer into fiscal policy.
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"Tax cuts and infrastructure spending represent a much more expansionary fiscal policy than we've had in some time," he said.
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China also will maintain proactive fiscal policy and prudent monetary policy in the second half of the year, Yang said.
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The expected slowdown comes even as the fiscal policy of the new Social Democratic government helps to support economic growth.
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The combination of rising labour costs, expansionary fiscal policy, and a strong nominal exchange rate support the real exchange rate.
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At the root of conservatism is strong and effective fiscal policy; therefore, attention should be paid to these key factors.
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Our fiscal policy is fundamentally very, very appreciated, because we reduce our deficit from 3% to 1.6% in four years.
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In this situation, you have the new view: monetary policy may not be fully effective, so fiscal policy is needed.
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With Greece still challenged by its debt overhang, the fiscal policy stance of the new government will be closely watched.
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"It means we are now telling the Italian government that we need to have data, figures, measures, that demonstrate clearly that goals on fiscal policy, on deficits, that were agreed in December are met this year and that we also have to have serious reassurance for 313 that fiscal policy is sound," he said.
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But its use can lead to policies that reflect the thinking of a particular school of economic, monetary, and fiscal policy.
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At the higher end of the housing market, income gains have outstripped rental increases, according to the DC Fiscal Policy Unit.
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"If you start to apply expansionary fiscal policy... markets start to penalize Italian government bonds," de Guindos told a news conference.
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"Monetary policy has taken a back seat to fiscal policy, which I think is a good thing," said GW&K's Clark.
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Draghi is exactly right that more of the heavy lifting should be done by politicians via structural reform and fiscal policy.
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China has said it will pursue a more proactive fiscal policy this year as the world's second-largest economy further slows.
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In addition to the late-year bounce, Arone expects even more juice for the market next year from new fiscal policy.
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That's when we should find out more about the size, shape and timing of fiscal policy, infrastructure spending and tax reforms.
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First, the lack of a clear winner in last week's elections means fiscal policy is likely to be looser than before.
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"The point of running this country, the point of economic and fiscal policy is not to make stock averages go higher."
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This improvement is the result of favourable external conditions, strong domestic consumption and investment, as well as sound fiscal policy management.
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Spending has been held down for years by the past failure of efforts to more fundamentally reorder the government's fiscal policy.
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"So, this uncertainty is weighing down on European growth and it cannot be resolved by monetary or fiscal policy," Weber said.
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But it is also an opportunity for the euro zone to begin building a better, more durable approach to fiscal policy.
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Fresh from an election victory, the Turkish strongman now seems poised to take even greater control of monetary and fiscal policy.
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Yet Britons are fed up with the Tories' austere fiscal policy, as the large vote for Jeremy Corbyn's Labour Party suggested.
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"Therefore, there will be no baton handed off from the Fed to fiscal policy as we slide into recession, " he added.
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Many Latin American economies are at least more resilient and less volatile than they were, thanks to more responsible fiscal policy.
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The result will be stop and start fiscal policy and a Fed that might have to hike and then reverse course.
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"QE is joined by fiscal policy or helicopter money or it runs the risk of being discontinued altogether," he told CNBC.
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"There will be concerns the decision could signal that the government is about to change tack on fiscal policy," Collins said.
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"Chairman Powell admits that really it is fiscal policy that has any possibility at all of stimulating the economy," Kelly said.
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But Trump's plans for aggressive fiscal policy, the likes of which hasn't been since before the Great Recession, have renewed fears.
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So we are seeing a gradual but broad-based shift in policy towards loosening fiscal policy in order to lift growth.
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Now it's up to governments with more pro-active fiscal policy to step in as the ECB cannot do it alone.
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I say we've got to take the crack cocaine pipe away and start focusing on real fiscal policy and structural reforms.
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Governments used both monetary and fiscal policy with gusto in the years after the second world war to maintain full employment.
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"I think market participants likely are anticipating shifts in fiscal policy that will stimulate growth and perhaps raise earnings," she said.
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Japan has been pursuing fiscal policy ever since its own debt crisis, with very mixed results, it has to be said.
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The CEFP met earlier on Monday to debate consumer prices and fiscal policy, which is where the advisers made their recommendations.
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Only a small share of public spending needs to be affected for fiscal policy to be an effective recession-fighting weapon.
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He added that anything Trump outlines in terms of fiscal policy is only likely to spur the Fed's rate hike agenda.
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Li reiterated that China has policy tools to cope with challenges and can step up fiscal policy support for the economy.
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In other words, by providing incentives for investment and job creation, fiscal policy can support productivity gains and faster economic growth.
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Baudot-Trajtenberg also said she was worried about a likely rise in Israel's debt burden amid some loosening of fiscal policy.
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Last week, people started taking the Fed [hikes] out again, because there were low expectations we're going to get fiscal policy.
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The Fed is rolling up its sleeves and preparing to get out in front of an expansion spurred by fiscal policy.
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"Going to the retirement trough certainly is one possibility," said Shai Akabas, director of fiscal policy at the Bipartisan Policy Center.
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Fitch expects fiscal policy continuity following the re-election in June of the Labour government led by Prime Minister Joseph Muscat.
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If Mr Kuroda's monetary-regime shift was not as decisive as hoped, fiscal policy has proved unexpectedly powerful—albeit unhappily so.
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As a result, fiscal policy will most likely be delayed at least until a new administration takes office in early 2017.
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Governments could take a strong lead with fiscal policy by, for example, borrowing at record-low rates to fund infrastructure projects.
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Furthermore, the Federal Reserve is already lifting interest rates away from the zero bound at which fiscal policy is particularly effective.
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The central bank's ongoing inaction is more than anything a manifestation of Erdogan's political control over Turkey's fiscal policy, experts say.
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The CEFP met earlier on Monday to debate consumer prices and fiscal policy, which is where the advisers made their recommendations.
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On the fiscal policy side, Abe has had trouble instituting tax reforms, which he has wanted to implement for several years.
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A: I am optimistic about the effectiveness of fiscal policy, especially investments in infrastructure, technology, and higher and pre-school education.
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"They want more information, they want to understand where fiscal policy is going and how this effects our plans," he said.
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"If we could choose freely we would prefer a fiscal policy that does not add fuel to the fire," Rohde said.
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The Federal Reserve raised its interest rates on Wednesday against the backdrop of a tightening labor market and expansionary fiscal policy.
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Eskesen said there were questions over how stimulative the Trump administration's fiscal policy would be and the composition of the package.
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In addition to noneffective monetary policy, Dalio thinks the implementation of fiscal policy will most likely fall prey to political intervention.
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"Too many political leaders don't understand the importance of fiscal policy in fighting recessions and making crucial public investments," he said.
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"No monetary and fiscal policy unfortunately can alter the spread of the virus," Simona Gambarini, markets economist at Capital Economics, said.
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Ms. Yellen also said that the Fed would evaluate changes in fiscal policy in deciding how quickly to raise interest rates.
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Compared with monetary policy, the market is more concerned about the issue of when the supporting fiscal policy will be implemented.
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Fiscal policy is more effective in providing support for workers furloughed or home sick, or businesses that can't pay their bills.
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However, Ashbourne suggested that, unlike recent developments across a number of major economies, fiscal policy is unlikely to provide much support.
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"YCC, which intends to maintain short- and long-term rates quite low, would make fiscal policy even more effective," he said.
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Risk appetite was mostly firm after Beijing promised to pursue a more "vigorous" fiscal policy, stepping up efforts to support growth.
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Xiao has maintained an expansionary fiscal policy since he took over from Lou, who now heads the nation's social security fund.
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The fact is, fiscal policy introduced by the Republicans and the president has helped the Fed make this transition, demonstrably so.
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Inflation is generated, or not, by interactions among economic shocks, consumer and employer psychology, demographics, fiscal policy and, yes, monetary policy.
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The European Central Bank has urged governments to focus on fiscal policy because the room for more monetary easing is limited.
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Top leaders also committed to increasing the quality and effectiveness of fiscal policy while monetary policy would be flexible and appropriate.
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Some executives see less chance of changes in fiscal policy, like tax cuts, that might accelerate economic growth, the minutes said.
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One is that fiscal policy has not always pulled in the same direction as monetary policy during his eight-year tenure.
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The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.
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"The market is in consolidation phase awaiting progress on fiscal policy while nervous about President Trump's ability to maintain the support of the Republican majority in the face of his lack of prioritization as to what is important (fiscal policy) and what is not (wiretap allegations)," said Stephen Weiss of Short Hills Capital Partners in an email.
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These seemingly-conflicting goals are contained in a budget outline released on Friday by the Council on Economic and Fiscal Policy (CEFP).
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Another strut was a strict fiscal policy to keep public-sector wages in check and thus in line with those in industry.
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So this collision course between increasing rates and a more restrictive fiscal policy is going to spill over into the general economy.
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The gains drove market valuations recently to their highest since 2004, even with little progress in Washington on the fiscal policy front.
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Another key finding is that U.S. fiscal policy acts as a serious disincentive to work longer hours or harder for more pay.
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Fitch forecasts GGGD to rise to 53.7% in 2016 and rise over the medium-term without a tightening of fiscal policy settings.
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Potential US military retrenchment could increase defence spending in Europe, Asia, and the Middle East, adding to pressures for looser fiscal policy.
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LIESMAN: MINUTES OF THE MEETING YESTERDAY SHOWED THAT ABOUT HALF THE PARTICIPANTS RAISED THEIR OUTLOOK BECAUSE OF THE TEXPECTATIONS OF FISCAL POLICY.
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They only have the fiscal policy to play with because the monetary policy is in the hands of the European Central Bank.
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So the authors make their most controversial proposal - when interest rates are close to zero, monetary and fiscal policy should be coordinated.
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Brussels has threatened Italy with disciplinary action that would entail closer oversight of its fiscal policy and could eventually lead to fines.
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"We're probably dealing with a slightly less hawkish Fed in the near term, and U.S. fiscal policy could be delayed," he said.
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As governments tightened fiscal policy from 2010 onwards, it sometimes seemed that central banks were left to revive the global economy alone.
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"Fiscal policy should be tightened to eliminate the monetization of deficits, thus helping to reduce inflation and buttress macroeconomic stability," it said.
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Public debt levels are high in some countries, such as India, and credible fiscal policy rules prohibit further fiscal stimulus in Indonesia.
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FDP party leader Christian Lindner said that changes were needed in Germany's energy policy and its stance on euro zone fiscal policy.
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"Fiscal policy is a bit loose for this stage of the economic cycle but it's not a ratings weakness," Vartapetov told Reuters.
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China's campaign to shore up slowing growth has seen it roll out fiscal policy measures and pump liquidity into the banking system.
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While they all share the same currency and monetary policy applies equally, fiscal policy is a matter decided at the national level.
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Higher growth expectations coupled with higher inflation prospects could lead countries such as the U.S., Japan and Germany to ease fiscal policy.
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We're just looking for some clarity on what happens postelection and what happens with fiscal policy that will be key determinants thereafter.
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Chen also said China will continue to implement "prudent monetary policy and proactive fiscal policy," to ensure its economic growth remains stable.
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The Fed expects three interest rate hikes in 2017, partly as a result of the changes in fiscal policy expected under Trump.
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With a budget surplus somewhere between 1.23 and 1 percent of GDP, there is plenty of room for an expansionary fiscal policy.
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Fabio Balboni of HSBC, a bank, expects fiscal policy to add 0.2-0.3 percentage points to the zone's GDP growth this year.
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The bank also said in its minutes that a revision of its policy stance may be considered, should fiscal policy deviate significantly.
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In recent decades, most recessions have been brought on by mistakes in some combination of fiscal policy, monetary policy and financial supervision.
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Turkey's toxic cocktail of regional political tension, domestic governance worries and monetary and fiscal policy uncertainty continues to frustrate any attempted rebound.
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A senior U.S. Treasury official said Washington will call on G20 countries this week to use fiscal policy to boost global demand.
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"A modest loosening of fiscal policy is unlikely to offer much support," said Lee Hardman, a currency analyst with MUFG in London.
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"Cutting taxes and reducing costs are a key initiatives in implementing active fiscal policy and ensuring a stable economy," said the cabinet.
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Central bank chief Zhou Xiaochuan on Sunday called for greater use of fiscal policy to grapple with domestic growth and structural problems.
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At his confirmation hearing, Powell avoided any direct critique or endorsement of the pending legislation, telling lawmakers fiscal policy was their domain.
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"Accommodative monetary and fiscal policy settings have assisted with the adjustment by boosting interest rate sensitive areas of the economy," he added.
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"In light of the still high debt levels in the EU, we see no possibility for an expansionary fiscal policy," he said.
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One big reason for this so-called "Trump bump" is the hope, if not the expectation, that fiscal policy might be changing.
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The International Monetary Fund has welcomed the finance ministry plan as it should help to rebuild reserves, improving predictability of fiscal policy.
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IMF Deputy Managing Director Tao Zhang, said Bosnia needed to improve its business climate, enhance fiscal policy and safeguard financial sector stability.
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In view of the substantial uncertainty, about half of the participants did not incorporate explicit assumptions about fiscal policy in their projections.
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Conservative monetary and fiscal policy, combined with a sharp fall in the rouble, has allowed Russia to maintain low but stable growth.
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It is now adding significant control over fiscal policy, in particular income tax, to the substantial autonomy it has enjoyed since 1999.
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One can see why, as the Tax Reform Act of 1986 came close to meeting all the criteria of good fiscal policy.
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In a deflationary world, fiscal policy — government spending — is more important than monetarismGovernments now have more fiscal "space" to invest and build.
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Tight government budgets in countries like Brazil and Mexico make it more difficult to counter slowing or contracting growth with fiscal policy.
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The Centre for European Economic Research (ZEW) said that a new position spearheading fiscal policy would add little value to the continent.
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" On growth strategy: "We all agreed that there are three elements we need to pursue: structural reforms, monetary policy and fiscal policy.
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Finally, the government will use fiscal policy to prop up growth, in effect transferring debt from corporate balance-sheets to its own.
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But that enthusiasm has also waned in the absence of much detail on fiscal policy in his first 10 days in charge.
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SO, WE'RE DEFINITELY GOING TO BE INVOLVED THERE BUT UNFORTUNATELY, THE FEDERAL RESERVES POWERS WITH RESPECT TO FISCAL POLICY ARE EXTREMELY LIMITED.
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In 2013, we saw how even at the zero bound for interest rates, monetary policy is still more powerful than fiscal policy.
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He underlined that the rising presence of populist parties is a risk for Italy's fiscal policy, given their policies to increase spending.
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LONDON (Reuters Breakingviews) - Is it time for Rome to leave the euro in order to take back control of its fiscal policy?
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You will have expertise on a broad range of US policy issues, including fiscal policy, White House politics, immigration, and trade policy.
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Let's turn our energy to the likes of true immigration reform, Affordable Care Act repair, tax reform, regulatory reduction, and fiscal policy.
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"Changes in fiscal policy or other economic policies could potentially affect the economic outlook," said Yellen, underscoring the uncertainty over economic policy.
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Taking a more proactive approach to fiscal policy would ensure a more effective response when consumer spending falls and companies reduce hiring.
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But with fiscal policy likely to be loosened to cushion the economy from the Brexit shock, borrowings could rise in coming months.
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He also repeated that fiscal policy is on an unsustainable path and could limit the ability to respond to an economic downturn.
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In terms of domestic demand, fiscal policy remains supportive across much of the region, with several emerging economies implementing ambitious infrastructure plans.
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The Bank of Japan's (BoJ) stimulus measures are gaining traction, as evident from tightening labour market conditions, and fiscal policy remains supportive.
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China must also continue to implement a proactive fiscal policy while keeping monetary policy prudent, Xi was cited by Xinhua as saying.
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"With the deficits we are running up, it's not likely (fiscal policy) will be helpful in the next recession either," he said.
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As the former budget committee chairman, Ryan has to view these principle tenets of Trump's fiscal policy as mathematically challenged at best.
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Unlike fiscal policy — government spending and taxation controlled by the president and Congress — it cannot direct funds to specific people in need.
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"The Bund selloff is about some long-term expectations for fiscal policy," said Peter Chatwell, head of rates at Mizuho in London.
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The urgency of aiding areas hit by Harvey may also complicate a broader fiscal policy showdown that is coming in late September.
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"Colombia will suffer from depressed investment and tighter fiscal policy," said William Jackson, chief emerging market economist at Capital Economics in London.
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Otherwise, there's the risk that Congress or the president may limit the Fed's autonomy or undermine the economy with counterproductive fiscal policy.
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Opinion Columnist As many people have pointed out, the Trump tax represented a total break with the normal principles of fiscal policy.
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The market is going to focus on the three legs of the policy stool - monetary policy, fiscal policy and health care policy.
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Lannoo told CNBC the euro zone needs a common fiscal policy — this would make their response in times of crisis much quicker.
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Paul Krugman Opinion Columnist I'm currently sitting in a room full of men in grey suits, talking about monetary and fiscal policy.
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As a consequence "planning and leading fiscal policy remains demanding", the bank added in its monthly report on economic and financial developments.
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The dollar index is down about 10 percent for the year amid an increasingly uncertain outlook for U.S. monetary and fiscal policy.
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The deal embodies Congress's longstanding approach to fiscal policy, in which the sacrifices largely consist in letting others have what they want.
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First, no budget in my 250 years of following fiscal policy has attempted to reallocate outlays as radically as this budget does.
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That means that the Trump administration will need fiscal policy — government spending and tax cuts — rather than relying on the Federal Reserve.
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Basically, we're trying to assess the current state of the U.S. economy, which has lots of implications for monetary and fiscal policy.
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Dalio thinks there are multiple ways to reverse this, including a coordination of monetary and fiscal policy, as well as increased taxes.
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But Frederik Ducrozet, an ECB-watcher at Pictet Wealth Management, notes that lower interest payments make it easier to loosen fiscal policy.
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The Commission paper underlined that governments had to move quickly because it took time for fiscal policy changes to affect the economy.
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Just this week, Nomura boosted its 2018 GDP expectations to 3 percent from 2.7 percent — citing the benefits of current fiscal policy.
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The budget was the first chance for the minority coalition to put its stamp on fiscal policy since taking power in January.
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While there are a lot of tensions around fiscal policy and those developments, in my view this decision stands on its own.
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The 2019 deficit number will be particularly important to understand the direction that the government will take in terms of fiscal policy.
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Finance Minister Michael Noonan said on Wednesday that basing fiscal policy on a growth figure of 26 percent would be a mistake.
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"I would also hope that fiscal policy changes will be consistent with putting U.S. fiscal accounts on a sustainable trajectory," she said.
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Stanley Fischer, the Fed's vice chairman, said Thursday that uncertainty about federal fiscal policy may be weighing on the economy once again.
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In this projection, the staff scaled back its assumptions regarding the magnitude and duration of fiscal policy expansion in the coming years.
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Whereas we all know that we need to take further steps on the banking union on our fiscal policy on our reform agenda.
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In advanced economies, financial conditions remain very supportive, the drag from fiscal policy tightening has gone, and the investment cycle is firming up.
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On fiscal policy we had austerity as a panic over debt, which led to drastic austerity in countries that didn't really need it.
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Yet government bond prices have risen somewhat in recent weeks though specifics on fiscal policy remain foggy before Trump takes office on Friday.
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Mr. Trump and the Congressional leadership have an opportunity to redesign a supportive fiscal policy, without destabilizing cyclically and structurally fragile public finances.
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Trump is depending on those same sales tactics to win over a nation and Congress that have come to resist fiscal policy, instinctually.
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"The pressure on yuan to fall is short-term ... from the Fed rate rise and Donald Trump's potential expansionary fiscal policy," Liao said.
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During the first half of the decade, despite tough trade measures, the deficit surged because of loose fiscal policy and tight monetary policy.
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Looser fiscal policy could boost the economy, reducing the chances of interest rate cuts over the coming months from the Bank of Canada.
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"Fiscal policy should be the first line of defense" if overseas headwinds threaten to derail Japan's economic recovery, Brekk told Reuters on Thursday.
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"Love thy neighbor" turns out to be good fiscal policy; jurisdictions comparatively less responsive to their minority communities may have more to lose.
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For their part, the Chinese show little sign of backing down, and have promised to use fiscal policy to soften any domestic blow.
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On fiscal policy, the Liberal-National coalition has touted its record as a strong economic manager, a message that has resonated with voters.
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"Fiscal policy will be an important part of the story," she said when asked about the chances of a rate move this year.
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"So when the recession hits this summer, the Fed will be out of dry powder and fiscal policy will be paralyzed, " concluded Stockman.
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It's the EU institution in charge of overseeing fiscal policy, negotiating international trade deals and representing the different member states in Brexit talks.
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"The thing I believe folks want to see is a discussion of fiscal policy," says CIBC's Patrick Bennett, discussing his G20 wish-list.
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Naidoo said monetary policy needed to assess whether the economy was "too cold or too hot" and whether fiscal policy was acting normally.
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Now, there is talk about loosening up on fiscal policy during a time when there is a lot of debt in the world.
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And a given dose of monetary policy, fiscal policy will have more power than in a system that is weaker and more fragile.
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And for political reasons there is very little room to maneuver for fiscal policy at the moment both in the US and Europe.
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Meanwhile, fiscal policy could become a bigger source of surprises next year, mostly in the form of more stimulus, particularly in developed markets.
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The economists urged Berlin and Paris to broaden their discussion beyond fiscal policy, saying the focus on a euro zone budget was problematic.
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And to the degree you can support that by expansionary fiscal policy, if you have latitude for it, that's a better policy mix.
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"In the short run political uncertainty is likely to have limited impact on fiscal policy," noted Fitch, a ratings agency, after the elections.
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Beijing is scaling back subsidies to push automakers to focus more on technological improvements instead of relying on fiscal policy, the report said.
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Last week, Banco de México, or Banxico, the country's central bank, highlighted the U.S. election as a risk in its fiscal policy assessment.
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When markets do make that realization, financing will dry up and the country will pay a heavy price for its fiscal policy recklessness.
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Chinese state radio on Monday reported the country's cabinet signaling a shift to a more 'vigorous' fiscal policy featuring a corporate tax cut.
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But from the standpoint of fiscal policy, two things are clear: some tax rates are going down and some spending is going up.
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Time is money The long-term economic outlook for the U.S. is constructive based on fiscal policy changes that are in the offing.
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Fiscal policy involves setting government spending and tax rates, whereas monetary policy involves money supply and interest rates set by a central bank.
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BUT I CAN TELL YOU, IF YOU WANT TO GIVE ADVICE TO GERMAN ECONOMIC OR FISCAL POLICY, YOU HAVE TO KNOW SOME FACTS.
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At the peak of the Trump fiscal policy reform expectations earlier this year, 10-year U.S. Treasury yields had risen above 2.60 percent.
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When it comes to policy, we're talking about monetary policy by the Federal Reserve and fiscal policy by the Trump administration and Congress.
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Furman added that even fiscal policy has as much room now as it did pre-crisis, in part because interest rates are lower.
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However, Fitch expects the improved economic outlook to offset around half of the impact from the looser fiscal policy on public debt ratios.
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Finance Minister Taro Aso said it's natural that monetary and fiscal policy should work as one to pull Japan out of deflation completely.
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They were all "gridlock years" in Washington, with government shutdowns in '1003 and '13, and so far stymied fiscal-policy efforts this year.
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AND NOW WE HAVE THE EXACT OPPOSITE/ SO WE'VE GOT FISCAL POLICY THAT LITERALLY CAME FROM ANOTHER GALAXY AND WE HAVE MONETARY LAXITY.
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Orpo said his party's views on "the economy, employment and fiscal policy...were decidedly far from how (Rinne) sees this ensemble," he said.
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The STOXX 600 ended January down 0.4 percent, as expectations of major fiscal policy overhauls faded, overshadowed by Trump's controversial and protectionist policies.
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We also saw Congress take a significant step toward more expansionary fiscal policy in the form of the first cut at tax reform.
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He has testified on fiscal policy before Congress and state legislative committees, and has appeared on networks including C-SPAN and Fox News.
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The IMF staff also called on advanced economies to rely less on monetary policy and more on fiscal policy to support economic growth.
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"I agree that monetary policy cannot do all things without the help of fiscal policy and structural policies," Mr. Kuroda said on Saturday.
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Monitoring of economic and fiscal policy by the EU in the context of the European Semester has bolstered macroeconomic stability and structural reforms.
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TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Friday that strong economic fundamentals and trust in fiscal policy help determine currency levels.
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Consensus on a coordinated fiscal policy has been elusive, and the Federal Reserve has largely borne the burden of maintaining economic stability alone.
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As I have pointed out on a number of occasions, Mr. Ryan is fundamentally a con man on his signature issue, fiscal policy.
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It's not clear where that phrase originates, but it's become a staple of fiscal policy debates in DC, and for very good reason.
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China and the U.K. will establish a new joint expert group to exchange views on macroeconomic and fiscal policy, the joint statement said.
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There are five primary reasons the 2628-year budget window is a hindrance to sound fiscal policy in the context of tax reform.
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"I think fiscal policy ... uncertainty is quite high at the moment," she said, referring to policies that Congress and the White House control.
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Overall, nations that are fiscally more conservative are reluctant to share fiscal policy with other nations that tend to spend above their limits.
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"As fiscal policy loosens, the deficit does increase quite substantially in the near term," said Jeremy Lawson, chief economist at Aberdeen Standard Investments.
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I think the second thing that's happening with the Fed — is the Fed is kinda drifting into the netherworld of doing fiscal policy.
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Easy money, he declared, was part of a conspiracy to "bail out fiscal policy," that is, an effort to help President Barack Obama.
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A radical argument for fiscal policy to create money and hand it out to the public is sometimes referred to as "helicopter money".
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A radical argument for fiscal policy to create money and hand it out to the public is sometimes referred to as "helicopter money".
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But it should be clear, they can't make up for inadequate fiscal policy on the part of the federal, state, and local governments.
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The group committed to large-scale fiscal support on top of the $5 trillion of targeted fiscal policy, economic measures and guarantee schemes.
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In response to a question from the audience, she described fiscal policy as "one of many factors" that might influence the Fed's plans.
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Even if there is more of a widespread embrace of fiscal policy as the virus's economic impact broadens, the politics will be fraught.
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You see a bit of that in how subsequent conflicts over United States fiscal policy during the Obama years generated less market volatility.
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He's less likely to comment on recent tariffs President Donald Trump has threatened against China, though he probably will talk about fiscal policy.
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"Japan's fiscal policy isn't expansive enough for helicopter money to work in the first place," said an official familiar with the BOJ's thinking.
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An increasingly uncertain outlook for U.S. monetary policy and fiscal policy has taken a toll on the greenback this year, according to analysts.
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James M. Hohman is director of fiscal policy at Mackinac Center for Public Policy, a research and educational institute located in Midland, Mich.
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The implication is that even if the right fiscal policy is implemented, it may prove to be less effective at averting a recession.
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Obviously I don't have any particular insights into what the new Congress or the new administration is going to do around fiscal policy.
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It's clear that the latest generation of Republican leaders views fiscal policy through the same rose-colored lenses as their supply-side predecessors.
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"The only thing left for comfort is the Saudi government, its fiscal policy and ability to sustain the dividends," said a fund manager.
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KEY ASSUMPTIONS Fitch assumes that Macedonia will continue to pursue monetary and fiscal policy measures consistent with its currency peg to the euro.
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"There's just a lot of moving parts to people's take-home pay," said Gordon Gray, director of fiscal policy at American Action Forum.
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Michael LaFaive is senior director of fiscal policy for the Mackinac Center for Public Policy, a free-market research institute based in Michigan.
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His remarks come as Abenomics reaches a turning point, with the boost to growth from the monetary and fiscal policy components tapering off.
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We continue to assume some loosening in fiscal policy led by tax cuts, but the likelihood has diminished since the start of 2017.
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The week has seen a deluge of headlines on emergency monetary and fiscal policy action from central banks and governments around the world.
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"It's never been tested," Gordon Gray, director of fiscal policy for the conservative American Action Forum and a former policy adviser for Sens.
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But policymakers, not the Fed, will have to answer to consumers if they end up taking a hit from unsuccessful fiscal policy, Zentner contended.
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Germany, Slovakia and others are pushing to introduce a sovereign insolvency mechanism, which would put market pressure on governments to conduct prudent fiscal policy.
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They think people should think critically about fiscal policy, see what is bad or wrong about tax cuts, and then fight to resist them.
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Fed members' business contacts indicated general confidence about the prospects for growth, while citing several potential obstacles once fiscal policy started to wear off.
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Rates remain historically low, and moving to three expected hikes from two in 2017 was not exactly a shocking move to tighter fiscal policy.
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The investment firm made the call after a "watershed" year politically, socially and economically has shifted market focus from monetary policy to fiscal policy.
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It's difficult to keep up with all the company's blunders, not to mention the complicated fiscal policy and regulatory debates the incident has fueled.
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The firing lead at least in part to two credit downgrades to "junk" and a spike in investor concerns over the direction fiscal policy.
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"We obviously have an important role to play as it relates to fiscal policy," Jeffries, a New York Democrat, said in an emailed statement.
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If so, we can look forward to Trump going harder on trade, looser — still fiscal policy and even more vociferous attacks on the Fed.
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The reason this one component of fiscal policy remains so hotly debated and highly politicized is because Americans are largely divided over its impact.
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"The boost from an expansionary fiscal policy suggests any downgrade to the BOJ's inflation forecast won't be too big," said one of the sources.
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We can't say much about the fiscal policy because the president says he will roll out his tax and spending program in late March.
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Greek fiscal policy is now "in a much sounder basis than before" but banks' non-performing loans were still a "soft spot", he said.
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A second, related problem is that fiscal policy is constrained by the lack of clarity over what kind of Brexit Britain is heading for.
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If there are any future changes to fiscal policy, but everything will take place within the budget rule, then inflationary risks are very limited.
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In many European countries, including Italy and France, there's very little room for governments to use fiscal policy to stimulate the economy, Weber said.
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A futures recording just shy of current levels would mean that investors expect the Fed to maintain its current monetary fiscal policy, Cramer said.
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EVER since the Presidential election, markets have focused on the potential for fiscal policy—tax cuts and spending increases—to boost the American economy.
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"Logically then, knowing that the fiscal policy response is absent, the BOJ likely withheld its 'big bazooka' for a more appropriate time," he added.
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"Looser fiscal policy would exacerbate the vulnerabilities that have accumulated in Turkey's economy in recent years," Tuvey said, citing the wide current account deficit.
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But analysts believe the central bank may not rush to ease policy given the government is leaning more on fiscal policy to support growth.
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"There's quite a strong argument that fiscal policy ought to change," Nick Timothy, who once did most of the prime minister's thinking, said recently.
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"But there are uncertainties over the Trump administration, and if fiscal policy will expand or not, or if the economy will accelerate," he said.
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I MEAN, AT THIS POINT ALL WE HAVE AN EXPECTATION BY THE MARKETS THAT FISCAL POLICY IS GOING TO TURN MORE STIMULATIVE OVER TIME.
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Rubio's approach to world affairs essentially repeats the "let's have it all and who cares if it adds up" mentality of his fiscal policy.
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"Creating strong fiscal policy that promotes economic growth and greater opportunity for all Americans should be at the top of that list," he said.
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Nearly half of global consumption is accounted for by China which is expected to further stimulate the economy using monetary and fiscal policy tools.
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So I think in the last four years, fiscal policy has been, on balance, simulative, and contributed to improving performance of the Japanese economy.
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Summers said Trump is pursuing policies — such as a proposed border tax for companies and other fiscal policy changes — that would boost the currency.
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Earlier in the hearing, the central bank chief issued another warning about U.S. fiscal policy, which he again called "unsustainable" over the long run.
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A prudent fiscal policy during the boom years has allowed for a modest fiscal expansion to offset the effects of weak exports and investment.
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" EDWARD PARK, deputy chief investment officer at Brooks Macdonald in London: "One thing you can be sure about is (Johnson) ...wants looser fiscal policy.
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As a result, it is unlikely that the government will raise its expenditure ceilings which have served as a key anchor for fiscal policy.
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Although economists remain broadly in favour of central-bank independence, the amount of new research affirming the importance of stimulatory fiscal policy is growing.
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Sisi also named four new deputy ministers - a deputy planning minister and three deputy finance ministers for treasury affairs, tax policy and fiscal policy.
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"The economy should continue to expand rapidly over the coming months, supported by looser fiscal policy ahead of next year's general election," he said.
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Fiscal policy buffers were also being diminished as the ratio of government debt to GDP has been rising in the United States, he cautioned.
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Coming so deep into an expansion, the fiscal policy change should provide additional staying power for an expansion that already had plenty of momentum.
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What we need now is a corresponding fiscal policy that can help drive more of the benefits of growth to the American wage earner.
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The market was expecting structural reforms being implemented in both monetary and fiscal policy to support credit growth, investment and ultimately corporate earnings growth.
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Traditionally the RBA avoids commenting on fiscal policy, so Lowe's very public pleas for help have been taken as a sign of his urgency.
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"The insistence on the 'black zero' (a balanced budget) is voodoo fiscal policy... We'll need massive investments in climate protection," Habeck told Deutschlandfunk radio.
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" Yet Lee urged blacks to infiltrate the Republican Party and fight from within for "a free society, a sound fiscal policy and civil rights.
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Nick Hanauer and Zach Silk talk with Chye-Ching Huang, the director of federal fiscal policy at The Center on Budget and Policy Priorities.
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It would be far better if European governments used fiscal policy to increase demand by investing in roads, bridges, railroads, ports and other infrastructure.
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This raised concerns by the central bank that the government could be loosening fiscal policy as Israel headed to an election year in 2.93.
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"That would be nothing other than completely mixing monetary policy and fiscal policy and would not be compatible with central bank independence," he said.
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And the Italian government has embarked on both an expansionary fiscal policy and a program of tax cuts, albeit trimmed down from initial proposals.
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By the same token, it was Blue Dog Democrats' incorrect ideas about fiscal policy that prevented Democrats from adequately stimulating the economy in 2009.
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"The policy room is not that big, as we've been doing a lot on both monetary and fiscal policy fronts (already)," said another source.
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The International Monetary Fund said in February that Lebanon's fiscal policy needed a consolidation plan that stabilized debt and then began to reduce it.
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Capital Economics believes China's fiscal policy will become even more supportive, which would be most likely achieved by relaxing constraints on off-budget borrowing.
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To appease them, von der Leyen pledged more ambitious carbon dioxide emissions targets, a more growth-oriented fiscal policy and taxing big tech companies.
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"There is scope to think about particularly fiscal policy in a more systematic and comprehensive way than we have so far," the official added.
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The GAO and others have offered options for policymakers to consider that would place the fiscal policy focus squarely on spending and revenue decisions.
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Faced with rising headwinds to the economy, policymakers are shifting their priorities to reducing risks to growth by gradually easing monetary and fiscal policy.
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"Most of the options are broadly 'fiscal policy,' and result in larger government budget deficits, but there are lots of different flavors," Sheets wrote.
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"This is exactly the wrong fiscal policy at the wrong time," said Maya MacGuineas, the president of the Committee for a Responsible Federal Budget.
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Toshimitsu Motegi, Japan's economic and fiscal policy minister, held preliminary talks with Robert E. Lighthizer, the United States trade representative, on Monday in Washington.
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The European Commission has threatened Italy with a procedure that would entail closer oversight of its fiscal policy and could eventually lead to fines.
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"Policy measures, particularly fiscal policy or even interest rate cuts, do not address directly to these issues," Cheo told CNBC's "Street Signs" on Thursday.
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In a post-Covid-19 world, globalization could be curtailed, the dollar's dominant reserve status could be challenged, and fiscal policy could become looser.
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The ruling Communist Party's Politburo said on Friday it would step up macroeconomic policy adjustments and pursue more proactive fiscal policy, state media reported.
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Third, fiscal policy must act as the stimulus-of-last-resort if economies weaken and inflation falls while interest rates can fall no further.
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"We view fiscal policy as a crucial way of combating climate change," said Paolo Mauro, deputy director of Fiscal Affairs Department at the IMF.
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South Korea raised its growth outlook for this year on Tuesday and vowed to maintain an expansionary fiscal policy that would support job creation.
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He said the EU could be flexible in some areas, including fiscal policy, but that adherence to the rule of law was not negotiable.
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Finland's 'AA+' IDRs also reflect the following key rating drivers: Finland has a track record of sound fiscal policy management and economic policy execution.
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Italy will now be the first test case of the euro area fiscal policy run by Germany and its proxies at the EU Commission.
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Trump administration officials fired back at the IMF, arguing the lender had a vested interest in preventing the U.S. from revamping its fiscal policy.
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Though not in charge of decisions, it was important for central banks to contribute to the debate over reforms and fiscal policy, he said.
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"And, we have a little bit of uncertainty obviously on the fiscal policy side or at least on the [Trump] administration side," he added.
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Market sentiment was also impacted by news that China's State Council is ready to deliver a more "vigorous" fiscal policy as the economy cools.
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The deficit figure is in line with what the Congressional Budget Office, the official government scorekeeper of federal fiscal policy, projected earlier this month.
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"If this continues there will be scope for monetary accommodation, so a sort of loosening of monetary policy as fiscal policy tightens," he said.
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"We don't believe equity de-rating is likely this year given expansionary fiscal policy, supportive global central banks, and attractive leverage and opportunity spreads."
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If the baton is passed toward fiscal policy, that would mean higher inflation and lead to a rotation toward cyclical stocks such as financials.
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Democrats are seeking a very different set of changes in fiscal policy, but they too argue the federal debt is not an urgent problem.
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The Fiscal Policy Institute estimates New York could see about $26 million in fees for license applications and car registration, and the gasoline tax.
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BEIJING (Reuters) - China set a 2018 budget deficit target that's lower than last year's ratio even as it said "proactive" fiscal policy remains unchanged.
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"Monetary policy space could be more limited in some jurisdictions, increasing the desirability that fiscal policy supplement it if a downturn materializes," he said.
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The spill-over effect from monetary and fiscal policy adjustments in other countries could have an impact on China's financial security, Xi said, without elaborating.
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Nevertheless, whichever parties form the next government will face macroeconomic challenges and fiscal policy choices that will have a bearing on Iceland's sovereign credit metrics.
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Europe's fiscal policy needs a shift away from austerity toward a common pact for tax collection and investments, which would trigger social and ecological innovations.
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So someone in that age group who has resources with a present value of $21 million can spend $232 million of it after fiscal policy.
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"Some of the participants but not all of the participants did incorporate some assumptions of the change in fiscal policy into their projections," she said.
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He published in the American Enterprise Institute's in-house journal and was the director of fiscal policy studies at the Cato Institute for many years.
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"Our forecast represents a baseline for the year, but potential fiscal policy changes could impact consumers and the economy," NRF Chief Economist Jack Kleinhenz said.
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Structural and foreign trade policies are equally complex, but the scope for policy action there is much bigger than in the monetary-fiscal policy mix.
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But as for the projections from Fed officials, Mester acknowledged that there was uncertainty on what fiscal policy could come out of Trump's White House.
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"Fiscal policy should enhance efficiency, implement larger-scale tax cuts and fee reductions and substantially increase the size of local government special bonds," Xinhua said.
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By lowering rates on long-term government bonds, QE can also loosen borrowing constraints on the government and perhaps allow it to ease fiscal policy.
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In addition to the monetary policy shifts, which now see little chance of a rate hike or cut this year, there are fiscal policy questions.
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" "Europe's fiscal policy needs a shift away from austerity toward a common pact for tax collection and investments, which would trigger social and ecological innovations.
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"Leaving debt on a rising path will constrain Israel's ability to use fiscal policy to cushion shocks to the economy," it said in a report.
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The Treasury Secretary is responsible for creating our domestic and international fiscal policy, as well as tax policy, regulation, and the management of public debt.
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The two parties, whom analysts say would have very few differences on fiscal policy, have "very profound differences" in health, housing and education, Martin said.
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Some economists think that national fiscal policy alone is insufficient, particularly if countries that most need stimulus are constrained by fears of provoking bond markets.
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WE DON'T KNOW WHAT THE FISCAL POLICY IS, WE DON'T KNOW HOW BIG IT IS AND WE DON'T KNOW WHEN IT'S ACTUALLY GOING TO OCCUR.
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Turkey also was mired in a debt and banking crisis, and Erdogan was seen manipulating the central bank and fiscal policy to improve the economy.
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Last month's jobs report showed a strong consumer, but business investment is low as investors and business owners juggle new tariffs and fiscal policy uncertainty.
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According to this analysis by the Brooking's Institute, between 2011 and 2014, fiscal policy cut about 1 percentage point per year from real GDP growth.
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The story of the American economy in the past eight years is one of tension between an aggressive "monetary" policy and a nonexistent "fiscal" policy.
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On the other hand, the looming effects of Trump's loose fiscal policy could lead to higher interest rates, which might dampen growth and corporate earnings.
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