کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
968200 | 931466 | 2011 | 28 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Fiscal rules in a volatile world: A welfare-based approach
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
It is widely agreed that a fiscal rule should boost discipline and credibility. A rule should also reduce macroeconomic volatility and be easily understood. Toward such ends, a government may run structural surpluses. In so doing, the government accumulates a precautionary cushion of assets on behalf of agents who do not enjoy access to capital markets. As an additional criterion, that level of assets should be bounded. We provide an example of a structural surplus rule that satisfies all such criteria. In our general equilibrium simulations, we show that such a rule benefits credit-constrained consumers but may hurt others.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Policy Modeling - Volume 33, Issue 4, July–August 2011, Pages 649–676
Journal: Journal of Policy Modeling - Volume 33, Issue 4, July–August 2011, Pages 649–676
نویسندگان
Carlos J. Garcia, Jorge E. Restrepo, Evan Tanner,