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En aquesta tesi, treballo en tres assajos independents sobre política fiscal. Tot i que la motivació està relacionada amb els reptes brasilers, els resultats serveixen de referència a altres economies en desenvolupament. En el primer capítol, discuteixo les respostes de les polítiques en un context de recessió profunda, avaluant diferents normes fiscals. En el segon capítol, estudio la política fiscal òptima quan un país experimenta un augment brusc dels ingressos fiscals a causa de la pèrdua de recursos naturals no renovables. El capítol 3 explora l'impacte de la despesa pública en el benestar dels ciutadans en diferents àmbits d'actuació del govern. Junts, aquests capítols aporten una contribució a un ampli espectre de discussions sobre política fiscal. A l'hora d'avaluar diferents normes fiscals i les seves implicacions per a les decisions polítiques, exploro la rellevància d'obrir un espai fiscal a un govern que apliqui una política anticíclica, fins i tot trobant proves que aquesta política no és desitjable com a norma general. A més, en estudiar polítiques òptimes a l'hora d'enfrontar-nos a un risc inesperat de recursos naturals, mostro la importància d'un comportament responsable de l'estalvi del govern per desafiar la incertesa en la gestió de la riquesa intergeneracional. Finalment, estudiar l'impacte de la despesa pública en el benestar de les persones posa de manifest que potser els governs no utilitzen de manera eficient els pagaments d'impostos dels ciutadans. ; En esta tesis, trabajo en tres ensayos independientes sobre política fiscal. Si bien la motivación se relaciona con los desafíos brasileños, los resultados sirven de referencia a otras economías en desarrollo. En el primer capítulo, analizo las respuestas de política en un contexto de recesión profunda, evaluando distintas reglas fiscales. En el segundo capítulo, estudio la política fiscal óptima cuando un país experimenta un aumento abrupto de los ingresos fiscales debido a una ganancia inesperada de recursos naturales no renovables. El Capítulo 3 explora el impacto del gasto público en el bienestar de los ciudadanos en distintas áreas de acción del gobierno. Juntos, estos capítulos aportan una contribución a un amplio espectro de debates sobre política fiscal. Al evaluar las distintas reglas fiscales y sus implicaciones para las decisiones de política, exploro la relevancia de abrir el espacio fiscal para que un gobierno implemente una política contracíclica, incluso encontrando evidencia de que esta política no es deseable como regla general. Además, al estudiar las políticas óptimas cuando se trata de una ganancia inesperada de recursos naturales, muestro la importancia del comportamiento de ahorro gubernamental responsable para desafiar la incertidumbre en la gestión de la riqueza intergeneracional. Finalmente, al estudiar el impacto del gasto público en el bienestar de las personas, se destaca que tal vez los gobiernos no estén utilizando de manera eficiente los pagos de impuestos de los ciudadanos. ; In this thesis, I work on three independent essays concerning fiscal policy. Even though the motivation relates to the Brazilian challenges, the results serve as references to other developing economies. In the first chapter, I discuss policy responses in a deep recession context, assessing distinct fiscal rules. In the second chapter, I study optimal fiscal policy when a country experiences an abrupt increase in fiscal revenues due to a nonrenewable natural resource windfall. Chapter 3 explores the impact of public expenditures on citizens' well-being in distinct government action areas. Together, these chapters bring a contribution to an ample spectrum of fiscal policy discussions. In assessing distinct fiscal rules and their implications for policy decisions, I explore the relevance to open fiscal space to a government implement a countercyclical policy, even finding evidence that this policy is not desirable as a general rule. In addition, by studying optimal policies when dealing with a natural resource windfall, I show the importance of responsible government savings behavior to challenge uncertainty in intergenerational wealth management. Finally, studying the impact of public expenditures on people's well-being highlights that maybe governments are failing to use in an efficient way citizens' tax payments.

This paper studies the optimal behavior of a democratic government in its use of fiscal policies to redistribute income. I present a stochastic dynamic general equilibrium model with heterogeneous agents to analyze (1) the differences between the effects on the optimal tax rate of permanent and nonpermanent perturbations and (2) the relationship between initial inequality and both steady-state levy and income distribution. In addition, the optimal fiscal policy for the transition is calculated. The analysis leads me to three main conclusions. First, there are no important differences between how taxes respond to a permanent or nonpermanent perturbation. Second, the initial inequality has a huge effect on both actual levy and actual income distribution. And finally, the Chari, Christiano, and Kehoe (1992) result, i.e., taxes on labor are roughly constant over the business cycle, holds only if the productivity ratio is constant. In addition, the model implies a positive correlation between inequality and tax rate, just as in the basic literature.

The aim of the research is: to evaluate the fiscal policy in Latvia in accordance with the theoretical and practical conclusions of scientific investigations in the world, to determine the main fiscal risks and to find fiscal policy gaps in national government budgeting as well as in the use of funds and to define recommendations for making a sustainable fiscal policy in the country. At present, economic development in the world and Europe, the geopolitical situation, the migration of the population as well as the domestic problems of the development of Latvia pose new challenges to the government's fiscal policy; they create new fiscal risks and problems that require strong fiscal discipline and an efficient fiscal policy. The fact that Latvia did not have fiscal reserve resources for easier survival of the crisis is a severe and painful lesson about the errors in the fiscal policy. New circumstances that have occurred recently have to be taken into account by the policy makers. In order to build an effective fiscal policy, the following has to be found out: the most important factors of impact, whether they are of objective or subjective nature, and what fiscal risks may threaten the performance of individual fiscal indicators, and how big must be the fiscal security reserve.

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarizes the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also outlines ongoing competitiveness problems in southern Europe, discusses the so-called austerity policy of the Troika, comments on QE and presents two alternative paths for the future development of Europe.

This book aims to empirically and theoretically study how income inequality and demographic change affected fiscal policy and subsequent economic growth globally in the past decades from four perspectives. First, it briefly reviews the dynamic changes of income sources that contribute to inequality. Second, it distinguishes between income inequality induced by differences in labor productivity and income inequality induced by differences in capital income. Third, it briefly reviews the dynamic changes of tax composition in the age of demographic change. Last, it discusses the impacts of changes in age structure on the extent of taxes on income relative to expenditure. This book offers a comprehensive discussion to understand and analyze the reason, performance and challenge of fiscal policy and economic growth from the perspective of inequality and demographics. In addition to students, teachers and researchers in the areas of equity, demography, political economy and economic policy, this book is also of great interest to policy makers, planners and non-government agencies who are concerned with understanding and addressing poverty-related and aging-related issues in developed and developing countries.