IMF Fiscal Affairs and Research Departments Conference on Fiscal Policy; Implementation Lags of Fiscal Policy

摘要

The global financial crisis and the ensuing sharp decline in economic activity has led to a renewed focus on the role of fiscal policy. Many governments around the world have been implementing fiscal stimulus packages, and many have also provided substantial support to the ailing financial sectors. In addition, countries are witnessing the impact of automatic stabilizersrevenue collections have declined sharply and some expenditure programs have automatically increased in response to the decling activity. These fiscal policy measures raise many critical questions: how effective is discretionary fiscal policy in stimulating acivity; how long are implementation lags, and can they be reduced; what is the role of automatic stabilizers, and what are the tradeoffs in enhancing them; what is the impact of quantitative easing on interest rates; and what role can be played by fiscal rules and independent councils to anchor expectations with regard to government solvency.