El enfoque de las reglas fiscales ante la discrecionalidad de la política pública

When an economy is in a crisis period, the policymakers implement an anticyclical policies or a smoothing cyclic to avoid the drop of social welfare. Thus, the authorities implement a policy of expansion of public spending with the purpose of reducing the effects of recession on the population's life level. However, the efficiency of this policy will depend on the health of public finances, structure and regulatory framework of the economy. The fiscal rules approach is considered as an empirical-theoretical tool that can be used by the governments to satisfy their policy objectives with the least social cost in periods of expansion and crisis. This document describes the fiscal rules approach taking into account the commitments adopted by the authority, with the aim of reduce the discretionary actions and maintaining the macroeconomic equilibrium.