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Simple, implementable fiscal policy rules /
This paper analyzes the scope for systematic rules-based fiscal activism in open economies. Relative to a balanced budget rule, automatic stabilizers significantly improve welfare. But they minimize fiscal instrument volatility rather than business cycle volatility. A more aggressively countercyclic...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, DC] :
International Monetary Fund (IMF),
©2009.
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| Colección: | IMF working paper ;
WP/09/76. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | This paper analyzes the scope for systematic rules-based fiscal activism in open economies. Relative to a balanced budget rule, automatic stabilizers significantly improve welfare. But they minimize fiscal instrument volatility rather than business cycle volatility. A more aggressively countercyclical tax revenue gap rule increases welfare gains by around 50 percent, with only modest increases in fiscal instrument volatility. For raw materials revenue gaps the government should let automatic stabilizers work. The best fiscal instruments are targeted transfers, consumption taxes and labor taxes. |
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| Descripción Física: | 1 online resource (41 pages) : color illustrations |
| Bibliografía: | Includes bibliographical references (pages 38-41). |
| ISBN: | 1451916582 9781451916584 1462359817 9781462359813 1452784388 9781452784380 9786612842979 6612842970 1282842978 9781282842977 |
| ISSN: | 2227-8885 ; |