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Fiscal in sentence

6883 examples of Fiscal in a sentence

In terms of fiscal policy, most advanced economies’ public finances are suffering because policymakers have failed to implement sufficient supply-side structural reforms to control public-pension growth, reform growth-inhibiting taxes, and liberalize labor markets.
To be sure, large deficits can be benign or even desirable during recessions and wars, or when used to finance productive public investments; and in a deep, long-lasting downturn, with interest rates at or near zero, a well-timed, sensible fiscal response can theoretically help in the short term.
In economies where stimulus programs are carefully vetted and can be implemented quickly, any temporary government spending should be coupled with gradual fiscal consolidation, to minimize economic risk and long-term costs.
As history and theory indicate, this fiscal consolidation should happen through reduced future spending growth, especially on transfer payments.
As long as a fully-fledged political union remains a vision for the future, fiscal transfers must be legitimized by national parliaments.
Moreover, fiscal support is absent this time: QE1 and QE2 helped to prevent a deeper recession and avoid a double dip, respectively, because each was associated with a significant fiscal stimulus.
In contrast, QE3 will be associated with a fiscal contraction, possibly even a large fiscal cliff.
Even if the US avoids the full fiscal cliff of 4.5% of GDP that is looming at the end of the year, it is highly likely that a fiscal drag amounting to 1.5% of GDP will hit the economy in 2013.
With the US economy currently growing at a 1.6% annual rate, a fiscal drag of even 1% implies near-stagnation in 2013, though a modest recovery in housing and manufacturing, together with QE3, should keep US growth at about its current level in 2013.
Confidence is fragile in an environment characterized by ongoing deleveraging, macro uncertainties, weak labor-market growth, and a fiscal drag.
Ireland’s Moment of Fiscal DecisionDUBLIN – “The construction of Europe is an art,” former French President Jacques Chirac once said.
In March, having agreed on the fiscal treaty, the European Council turned its attention to reviving economic growth, which will be the key to long-term fiscal sustainability.
In Ireland, our attorney-general advised on the need to hold a referendum on the fiscal treaty, and we are now in the midst of the campaign.
The reasons we are backing the fiscal treaty are simple.
Most importantly, the fiscal treaty promises to ensure responsible budgeting throughout the eurozone.
By voting for the fiscal treaty, we can guarantee that stability and support – and thus guarantee continued confidence and investment in the Irish economy.
This involves putting our public finances in order, which the fiscal treaty allows.
In fact, far from adhering to the usual austerity narrative – according to which fiscal consolidation revives business confidence and thus investment and job creation – Spain’s return to growth partly reflects the easing of austerity since early 2014.
The Spanish government lacks the funds to counter this effect with public spending, and the eurozone lacks fiscal mechanisms to compensate weaker member states.
At the same time, finance takes on quasi-fiscal functions by excluding government fiscal deposits – government deposits in the national treasury, commercial banks’ fiscal savings, and central treasury cash managed through commercial-bank deposits – from the money supply.
Only by exerting a harder budget constraint on the state sector, limiting fiscal expansion, and reducing dependence on government-led investment can China’s excessive currency issuance be addressed in the long term.
But if there is no serious effort at fiscal consolidation, serious trouble lies ahead, both for the US and for the world economy.
Given large potential revenues – in 2008, the CBO estimated that one proposal would yield $145 billion in 2012 and more in subsequent years – it would make sense to dedicate a portion to cushioning the impact of higher energy prices on the poor, while applying the rest to the fiscal balance.
According to the CBO’s alternative fiscal scenario, growth in Social Security is comparatively modest, from 4.8% of GDP in 2010 to 6.2% in 2035.
According to CBO data, the ACA will reduce the long-term fiscal deficit by two percentage points of GDP per year.
It remains, more than any other single factor, the key to long-term fiscal sustainability.
The models used by all of the forecasting organizations dramatically underestimated the fiscal multiplier: the impact of changes in government spending on output.
Second, they overestimated the extent to which quantitative easing (QE) by the monetary authorities – that is, printing money – could counterbalance fiscal tightening.
Until recently, the OBR, broadly in line with the IMF, assumed a fiscal multiplier of 0.6: for every dollar cut from government spending, the economy would shrink by only 60 cents.
On this view, if fiscal austerity relieves households of the burden of future tax increases, they will increase their spending.
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