Design of fiscal consolidation packages and model-based fiscal multipliers in Croatia

The widening fiscal deficits and the increase of public debt triggered by the COVID-19 crisis suggest that fiscal policy makers will have to engage in substantial fiscal consolidation in order to stabilize public finances in the mid run. However, the implementation of a fiscal consolidation package, if it is not properly designed, can be detrimental for growth and even lead to a self-defeating outcome. To avoid this undesirable scenario, fiscal policy makers should rely on growth-friendly consolidation packages. We have built semi-structural macro-fiscal model of the Croatian economy to retrieve fiscal multipliers, analyse the design of the policy package and provide model-based evaluation of the macroeconomic effects of this consolidation episode. Our results indicate that the fiscal consolidation implemented during the EDP was not growth-friendly and that it was partially self-defeating. We hope that our results can help fiscal policy makers to avoid similar policy mistakes in future fiscal consolidations.</p

Macro and micro effects of fiscal policy - experience from the Covid-19 pandemic: introduction to the thematic issue of Public Sector Economics

Guest editors Milan Deskar-Škrbić and Darjan Milutinović selected articles that provide analytical background for discussions on the economic and fiscal effects of the pandemic recession

Matematička analiza i komparativna statika složenog dobra

Sadržaj ovog rada je sveobuhvatna analiza složenog dobra koja se oslanja na proporcionalnu promjenu cijena. Posebna se pažnja pridaje svojstvima izvedene funkcije korisnosti iz kojih proizlaze negativno nagnute i konveksne krivulje indiferencije. Prednost izvedenog problema efikasne raspodjele ograničenog dohotka očituje se u znatno manjem broju varijabli odlučivanja. Inducirane preferencije alternativno opisuje indirektna funkcija korisnosti i zamjena dualnih varijabli potvrđuje teorem o složenom dobru. Raspravu upotpunjava komparativno statička analiza koja obuhvaća suvremeni zakon potražnje za novcem kojim se supstituira bilo koje dobro