Four Observations about the Federal Budget

Four observations on the current and future federal budget are presented and discussed. These are (1) resumption of healthy economic growth will not be enough to close the gap between expenditures and revenues, (2) closing the gap will require significant changes in expenditures and/or revenues, (3) the pace of closing the gap involves difficult trade-offs, and (4) there is no shortage of feasible proposals for putting fiscal policy on a sustainable path.     

The Changing Nature of the Long-Run Federal Budget Problem

Although recent performance and the short-term outlook for the U.S. federal budget deficit have been favorable, the good news is not expected to continue. Low interest rates and slowly growing health costs have helped ease the burden of debt, but they are not expected to continue for very long. A likely combination of growing spending on Social Security, Medicare, and Medicaid and higher interest rates would increase the drag on the American economy. This paper analyzes which expenditures do and do not cause a significant increase in the federal debt and describes how a remedy implies difficult choices that require leaders of both political parties “to join hands and jump off the cliff together.”     

美国联邦预算管理法律体系演变与启示

美国联邦预算过程很大程度上是立法部门和行政部门争取预算控制权的斗争过程,立法部门和行政部门均力图通过规则和程序的改变来获得对预算的控制权。经过200多年联邦预算的发展演变,随着联邦预算法律体系的完善,美国形成了立法、行政系列相互独立、分工明确、相互制衡的预算资金分配机制,预算权成为立法部门制约政府行政权力扩张的重要工具。完善中国的预算管理法律体系,形成预算资金分配的相互制约机制,强化对政府预算权的控制,是当前中国构建法治化公共财政亟待解决的问题。     

联邦体制下的税制设计研究评述

财政联邦主义的思想不断发展,新的联邦体制在世界各地不断诞生.然而,一个有效率并且保障公平的联邦体制的真正确立决不可能一蹴而就,有许多问题需要不断地摸索和完善.联邦体制的税制设计就是其众多问题中尤其重要的一个.本文正是以Roger R.Gorgon(1983)的<联邦制下的最优税制>为切入点,对联邦体制下的税制设计研究进行一次回顾和介绍,并从中得到一些促进我国税制改革的启示.     

Advertising and the Federal Trade Commission: A Reposte

Abstract

Making advertisements which perform their basic function of selling goods and services in a competitive economy has become more difficult lately, largely due to increased intervention in advertising matters by the Federal Trade Commission and a broadening of their interest in all affairs relating to the market place. Somewhat paradoxically, this has had some favorable effects on the advertising business. It has encouraged greater attention to product performance. It has caused advertising to be more specific and accurate in what It says or implies. And it has accelerated the movement toward serious advertising self-regulation. But it's a short step from the sublime to the ridiculous. And in its vigorous efforts to regulate, the FTC has often overstepped its authority and has taken stupid—If not down-right dangerous—positions.     

基于跨年度预算平衡视角对预算稳定调节基金的思考

中国建立预算稳定调节基金,主要是为了实现对财政超收的有序管理、弥补赤字、满足跨年度预算平衡的需要.本文利用1994～2018年财政预决算数据,分析了中央和各省级政府预算稳定调节基金的年际变化率、区域差异、补充调入情况等,并基于跨年度预算平衡的视角,模拟测算了不同周期内各层级政府及不同省份的滚动跨年度预算平衡率.本文发现,预算稳定调节基金对于中央财政收支偏离和地方收入偏离的修正发挥了一定的作用,也提升了财政滚动跨年度预算的平衡率;而大多数省级政府实现滚动跨年度预算平衡的最佳周期为3年.本文还发现区域间基金规模差异明显、资金来源不稳定、跨年度预算平衡机制尚待健全、结余基金闲置沉淀等问题,并尝试从调整基金规模、健全中期预算与跨年度预算平衡的衔接、绩效管理这三个方面健全预算稳定调节基金制度.     

Keynote Speech: Federal Reserve Policy in the Post-Crisis Period

The Federal Open Market Committee (FOMC) engaged in a series of extraordinary monetary policy actions in the wake of the Global Financial Crisis of 2007–2008 to support economic activity in the United States. Interest rates were lowered to their effective lower bound and the Fed’s balance sheet was greatly expanded through a series of large-scale asset purchase programs. As the U.S. economy has recovered, “normalization” of monetary policy (which will be data-dependent) has drawn closer. This article reviews some factors that may impact the post-normalization course of monetary policy.     

Federal Economic Statistics: We Are on the Right Track

An overview of changes at the Federal economic statistical agencies. JEL Classification C800     

中期预算:理念变革与实践

在年度预算难以完成预算平衡任务的情况下,中期预算开始进入人们的视野。由于中期预算延长了预算编制的时间跨度,它更能够保证财政政策的一致性、透明性、有效性和可持续性。自20世纪80年代以来,中期预算已经成为很多国家构建新型财政管理模式的基本组成部分。1998年以来的部门预算等改革使我国具备了推行中期预算的基本条件。为此,借鉴国外经验,总结我国中期财政规划的不足,渐进地推进中期预算改革是提高我国政府决策和预算管理水平的重要举措。     

China''''s Economy:Time to Open to the Inside

December15,1999wasadayofgreathistoricsignificance.Onthatday,throughthesuccessfultalksbetweenChinaandtheUSAonWTOentry,Chinalitlasttookadecisivestepalongtheroadtoamarketeconomy.Inacomment,theWTOsecretarygeneralsaidthatChinahadopenedthe"doorofhistory."C...     

Exporting to the Federal Republic of Germany

Among Industrialised countries, the Federal Republic is certainly one of the largest markets able to absorb vast quantities of products from the LDCs of South East Asia. However, to open up this sales outlet with its formidable future, it will be necessary to operate an all-embracing marketing strategy.     

Managing Perplexity: Lessons from Inside the Romanian Business Culture

Despite the passage of several decades since the revolution of 1989, there is little professional literature designed to prepare foreign investors for the Romanian business culture. Visitors to this nation discover a friendly people who engage in business practices often characterized as perplexing, frustrating, and imbued with self-defeating actions. The communist period in Romania's history imbedded unethical behavior into the nation's culture, including the morally ambiguous practice of favor trading. This paper describes this central business activity and how it shapes business dealings and often undermines opportunities. The cultural context that created the favor trading environment is discussed, and methods for managing this perplexing practice are explained.     

A Neglected Aspect of the Debates on the EU Budget: Duration of the MFF

In May 2018, the European Commission published its proposal on the Multiannual Financial Framework (MFF) for the period 2021–2027. Preparation for the post-2020 MFF requires comprehensive analysis of the characteristic features of the EU budget and of the priorities that should be supported at the EU level. The duration of the MFF has not received great attention in academic analyses and official documents, but it has strategic importance in terms of achieving goals and implementing policies. This article analyses the advantages and disadvantages of five-year, seven-year and ten-year MFF durations, as well as their consequences.     

Whistle-Blowing for Profit: An Ethical Analysis of the Federal False Claims Act

This paper focuses on the 1986 Amendments to the False Claims Act of 1863, which offers whistle-blowers financial rewards for disclosing fraud committed against the U.S. government. This law provides an opportunity to examine underlying assumptions about the morality of whistle-blowing and to consider the merits of increased reliance on whistle-blowing to protect the public interest. The law seems open to a number of moral objections, most notably that it exerts a morally corrupting influence on whistle-blowers. We answer these objections and argue that the law is not objectionable on these grounds. Since there are no compelling moral objections to the law, it is appropriate and acceptable to judge the law in terms of its economic costs and benefits. We assess the most salient of these and conclude that the benefits outweigh the costs. We suggest that a mechanism similar to the Act should be considered for protecting stockholders’ interests in the private sector. We conclude by making several proposals for improving the existing legislation. The authors' names are listed in alphabetical order. An earlier version of this paper was presented to the Society for Business Ethics August 2004.     

Ethical Considerations in Organizational Politics: Expanding the Perspective

The aim of this study is to contribute to a conceptualization of organizational politics that underscores the possibility of developing positive political behavior at the workplace. In this respect, we seek to provide a context of re-evaluating the normative foundations of organizational politics. Normative issues are critically discussed in the context of mainstream ethical theories that illuminate the interaction of ethics and political behavior. More specifically, it is argued that a deontological framework is of particular importance for the proper management of negative political behavior, whereas a virtue-ethics context can be employed so as to foster positive political behavior at the workplace. Finally, the implications of this approach for organizational life and HRM processes and practices are taken into consideration.     

Youth unemployment in the Federal Republic of Germany

Although the youth unemployment ratio in Germany may appear low compared to other countries, it is regarded a severe economic and social problem. There is no doubt that it is an especially gross form of waste of resources and “disinvestment” of human capital. In the long run no country can afford to keep a considerable part of its population unemployed if future prosperity is to be maximized.     

从预算管理流程看我国政府预算管理改革

本文沿着政府预算管理流程,研究了我国政府预算管理存在的主要问题并提出了对策建议.研究认为:我国预算管理的问题主要是预算编制不完整、人大预算审批监督乏力、预算执行约束软化、预算审计和评估不能真正反映政府资金安全性及资金使用有效性.因此,本文建议采取构建6+1政府预算体系、通过权力制衡及技术调整改进预算编制、做实人大监督强化预算审批、硬化预算约束规范预算执行、强化国家审计及绩效评价的功能等措施,进行政府预算管理改革,以提高预算管理的合规性和预算管理绩效.