Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. European Department.
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| ISBN: | 1283516535
9781283516532
9781451991345
1451991347
1451912161
9781451912166
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| Notes: | Includes bibliographical references (page 17).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | The present formulation of the golden rule in the United Kingdom allows fiscal performance to be tested explicitly on an ex-post basis. However, it requires precise dating of the economic cycle, which can lead to significant controversy. Also, the need to aim for current balance or better "over the cycle" may force fiscal policy to be procyclical toward the end of cycles. Using dynamic stochastic simulations, the paper suggests that making the formulation of the golden rule forward-looking and independent of the dating of the economic cycle would reduce the risk of procyclicality and enhance macroeconomic stability
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| Other form: | Print version: Honjo, Keiko. Golden rule and the economic cycles. [Washington, D.C.] : International Monetary Fund, European Dept., ©2007
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| Standard no.: | 10.5089/9781451912166.001
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