Deficit limits, budget rules, and fiscal policy /
Saved in:
| Author / Creator: | Manasse, Paolo, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, Fiscal Affairs Dept., 2005. |
| Description: | 1 online resource (19 pages) : illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/05/120 IMF working paper ; WP/05/120. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12494847 |
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| 049 | |a MAIN | ||
| 050 | 4 | |a HG3810 |b .I4525 2005 no.120 | |
| 100 | 1 | |a Manasse, Paolo, |e author. |0 http://id.loc.gov/authorities/names/no95020043 | |
| 245 | 1 | 0 | |a Deficit limits, budget rules, and fiscal policy / |c prepared by Paolo Manasse. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, Fiscal Affairs Dept., |c 2005. | ||
| 300 | |a 1 online resource (19 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/05/120 | |
| 588 | 0 | |a Online resource; title from title screen (viewed on October 15, 2013). | |
| 500 | |a "June 2005." | ||
| 504 | |a Includes bibliographical references (page 19). | ||
| 520 | |a The paper presents a simple model for discussing the effects of deficit limits and budget rules on fiscal policy. I find that limits on deficit-output ratios provide incentives to implement procyclical policies when the economy is in intermediate states, and countercyclical policies only in very "good" and very "bad" economic times. As a result, fiscal "reaction functions" are not monotonically related to the state of the economy. Deficit limits are found to exert discipline only provided the limit is tight and the expected sanction large, albeit at a relatively large welfare cost. Moreover, when fiscal choices are made under a veil of ignorance about the output gap, an increase in volatility is likely to raise the level of the budget deficit. Finally, concerning the design of fiscal frameworks, when excessive deficits arise from a political bias, deficit limits should be symmetric and not state-contingent | ||
| 505 | 0 | |a Contents -- I. INTRODUCTION -- II. A SIMPLE MODEL OF FISCAL POLICY -- III. DEFICIT LIMITS -- IV. CONCLUSIONS -- REFERENCES | |
| 546 | |a English. | ||
| 650 | 0 | |a Fiscal policy |x Econometric models. | |
| 650 | 0 | |a Budget deficits |x Econometric models. | |
| 650 | 0 | |a Economic stabilization |x Econometric models. | |
| 650 | 6 | |a Politique fiscale |x Modèles économétriques. | |
| 650 | 6 | |a Déficit budgétaire |x Modèles économétriques. | |
| 650 | 6 | |a Stabilisation économique |x Modèles économétriques. | |
| 650 | 7 | |a Budget deficits |x Econometric models. |2 fast |0 (OCoLC)fst00840406 | |
| 650 | 7 | |a Economic stabilization |x Econometric models. |2 fast |0 (OCoLC)fst00902087 | |
| 650 | 7 | |a Fiscal policy |x Econometric models. |2 fast |0 (OCoLC)fst00925810 | |
| 655 | 4 | |a Electronic books. | |
| 710 | 2 | |a International Monetary Fund. |b Fiscal Affairs Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n81027435 | |
| 776 | 0 | 8 | |i Print version: |a Manasse, Paolo. |t Deficit limits, budget rules, and fiscal policy. |d [Washington, D.C.] : International Monetary Fund, Fiscal Affairs Dept., 2005 |w (OCoLC)61132225 |
| 830 | 0 | |a IMF working paper ; |v WP/05/120. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2005/120/001.2005.issue-120-en.xml |y INTERNATIONAL MONETARY FUND |
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| 928 | |t Library of Congress classification |a HG3810.I4525 2005 no.120 |l Online |c UC-FullText |u http://elibrary.imf.org/view/journals/001/2005/120/001.2005.issue-120-en.xml |z INTERNATIONAL MONETARY FUND |g ebooks |i 12138784 | ||