Interaction between Fiscal and Monetary Policy in a Dynamic Nonlinear Model

Bertella, Mário Augusto; Rego, Henio A.; Neris, Celso; Silva, Jonathas N.; Podobnik, Boris; Stanley, H. Eugene

doi:10.1371/journal.pone.0118917

Cited by 6 publications

(5 citation statements)

References 24 publications

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“…Nonlinear dynamic interaction between monetary policy aimed at achieving the target level (targeting) or inflation, or economic growth through the selection of simple rules for establishing the necessary rate of interest rate and fiscal policy changes, as a measure of which the size of public debt is used, is considered (Bertella, Rego, Neris, Silva, Podobnik and Stanley 2015;Denisova, Rukina, Samoylova and Takmazyan, 2017). V.A.…”

Section: Discussionmentioning

confidence: 99%

Model for Integrating Monetary and Fiscal Policies to Stimulate Economic Growth and Sustainable Debt Dynamics

Slepov¹,

Бурлачков²,

Danko³

et al. 2017

ERSJ

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This article examines the main integration trends of the state's monetary and fiscal policy in influencing economic growth and maintaining the sustainability of public debt. It is argued that the relationship between these trends of macroeconomic regulation is predetermined, on the one hand, by the potentially negative impact of fiscal expansion from the point of view of inflation, and by the negative impact of a likely state default in failing to refinance the debt from the Ministry of Finance, on the other hand. The paper studies the selected array of statistical data using the fiscal policy multipliers concept, the relationship between the effect of increase/decrease in budget expenditures, the slowdown in economic activity and the efforts by the Central Bank to offset fiscal measures, on the one hand, and the ratio of an increase/decrease in budget revenues and debt expenditures used to finance the budget investments, on the other hand. It is revealed that the investments are effective if implementing budget expenditures in the presence of the GDP gap and unrealized expectations of economic agents, while reducing spending in such a situation will intensify the recession. The GDP growth determined by these investments should provide the tax effect sufficient to cover the expenses. Otherwise, there can be negative effects of debt that establishes the need for measures to refinance public debt by the Central Bank. The conclusions of the paper can be used to assess the possible integration of monetary and fiscal policy based on various states.

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Section: Discussionmentioning

confidence: 99%

Model for Integrating Monetary and Fiscal Policies to Stimulate Economic Growth and Sustainable Debt Dynamics

Slepov¹,

Бурлачков²,

Danko³

et al. 2017

ERSJ

View full text Add to dashboard Cite

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“…The costs were converted from Reais (Brazilian currency) to US dollars and adjusted to the cost schedule of June 2021 ( https://economia.acspservicos.com.br/indicadores_iegv/iegv_dolar.html , i.e. 1 Real = US 5.0313 ), in order to avoid that the effect of inflation on the medical inputs influences the analysis [ 37 ]. The conversion of monetary values into terms of GDP per capita was utilized for international comparison purposes.…”

Section: Methodsmentioning

confidence: 99%

Cost-effectiveness of a second opinion program on spine surgeries: an economic analysis

Antonioli,

Tavares Malheiro,

Damazio Teich

et al. 2023

BMC Health Serv Res

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Background In this study we proposed a new strategy to measure cost-effectiveness of second opinion program on spine surgery, using as measure of effectiveness the minimal important change (MIC) in the quality of life reported by patients, including the satisfaction questionnaire regarding the treatment and direct medical costs. Methods Retrospective analysis of patients with prior indication for spine surgery included in a second opinion program during May 2011 to May 2019. Treatment costs and outcomes were compared considering each patients’ recommended treatment before and after the second opinion. Costs were measured under the perspective of the hospital, including hospital stay, surgical room, physician and staff fees and other costs related to hospitalization when surgery was performed and physiotherapy or injection costs when a conservative treatment was recommended. Reoperation costs were also included. For comparison analysis, we used data based on our clinical practice, using data from patients who underwent the same type of surgical procedure as recommended by the first referral. The measure of effectiveness was the percentage of patients who achieved the MIC in quality of life measured by the EQ-5D-3 L 2 years after starting treatment. An incremental cost-effectiveness ratio (ICER) was calculated. Results Based upon the assessment of 1,088 patients that completed the entire second opinion process, conservative management was recommended for 662 (60.8%) patients; 49 (4.5%) were recommended to injection and 377 (34.7%) to surgery. Complex spine surgery, as arthrodesis, was recommended by second opinion in only 3.7% of cases. The program resulted in financial savings of -$6,705 per patient associated with appropriate treatment indication, with an incremental effectiveness of 0.077 patients achieving MIC when compared to the first referral, resulting in an ICER of $-87,066 per additional patient achieving the MIC, ranging between $-273,016 and $-41,832. Conclusion After 2 years of treatment, the second opinion program demonstrated the potential for cost-offsets associated with improved quality of life.

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“…The hospital costing methodology considers the apportionment of the labor force used in the hospital care process including fees and charges, based on the average time and number of professionals required for the activity. The costs were converted from Reais (Brazilian currency) to US dollars and adjusted to the cost schedule of June 2021 (https://economia.acspservicos.com.br/indicadores_iegv/iegv_dolar.html), in order to avoid that the effect of in ation on the medical inputs in uences the analysis [37].…”

Section: Economic Assessmentmentioning

confidence: 99%

Cost-effectiveness of a second opinion program on spine surgeries: an economic analysis

Antonioli

Malheiro

Teich

et al. 2023

Preprint

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Background In this study we proposed a new strategy to measure cost-effectiveness of second opinion program on spine surgery, using as measure of effectiveness the minimal important change (MIC) in the quality of life reported by patients, including the satisfaction questionnaire regarding the treatment and direct medical costs.Methods Retrospective analysis of patients with prior indication for spine surgery included in a second opinion program during May 2011 to May 2019. Treatment costs and outcomes where compared considering each patients’ recommended treatment before and after the second opinion. Costs were measured under the perspective of the hospital, including hospital stay, surgical room, physician and staff fees and other costs related to hospitalization when surgery was performed and physiotherapy or infiltration costs when a conservative treatment was recommended. Reoperation costs were also included. For comparison analysis, we used data based on our clinical practice, using data from patients who underwent the same type of surgical procedure as indicated by the first referral. The measure of effectiveness was the percentage of patients who achieved the MIC in quality of life measured by the EQ-5D-3L 2 years after starting treatment. An incremental cost-effectiveness ratio (ICER) was calculated.Results Based upon the assessment of 1,088 patients that completed the entire second opinion process, conservative management was recommended for 662 (60.8%) patients; 49 (4.5%) were recommended to infiltration and 377 (34.7%) to surgery. Complex spine surgery, as arthrodesis, was recommended by second opinion in only 3.7% of cases. The program resulted in financial savings of -$6,705 per patient associated with appropriate treatment indication, with an incremental effectiveness of 0.077 patients achieving MIC when compared to the first referral, resulting in an ICER of $-87,066 per additional patient achieving the MIC, ranging between $-273,016 and $-41,832.Conclusion After 2 years of treatment, the second opinion program demonstrated the potential for cost-offsets associated with improved quality of life.

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Interaction between Fiscal and Monetary Policy in a Dynamic Nonlinear Model

Cited by 6 publications

References 24 publications

Model for Integrating Monetary and Fiscal Policies to Stimulate Economic Growth and Sustainable Debt Dynamics

Model for Integrating Monetary and Fiscal Policies to Stimulate Economic Growth and Sustainable Debt Dynamics

Cost-effectiveness of a second opinion program on spine surgeries: an economic analysis

Cost-effectiveness of a second opinion program on spine surgeries: an economic analysis

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