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Macroeconomic and welfare costs of U.S. fiscal imbalances /
In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that failing to address the fiscal imbalances associated with current federal fiscal polic...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Colección: | IMF working paper ;
WP/12/38. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Gruss, Bertrand, |e author. | |
| 245 | 1 | 0 | |a Macroeconomic and welfare costs of U.S. fiscal imbalances / |c Bertrand Gruss and José L. Torres. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
| 300 | |a 1 online resource (35 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF working paper ; |v WP/12/38 | |
| 500 | |a At head of title: Fiscal Affairs Department. | ||
| 500 | |a Title from PDF title page (IMF Web site, viewed January 31, 2012). | ||
| 500 | |a "January 2012." | ||
| 520 | 3 | |a In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that failing to address the fiscal imbalances associated with current federal fiscal policies for a prolonged period would result in a significant crowding-out of private investment and a severe drag on growth. Compared to adopting a reform that gradually reduces federal debt to its pre-crisis level, postponing debt stabilization for two decades would entail a permanent output loss of about 17 percent and a welfare loss of almost 7 percent of lifetime consumption. Moreover, the long-run welfare gains from the adjustment would more than compensate the initial losses associated with the consolidation period. | |
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. The Model; A. Preferences; B. Occupational Choice; C. Consumer's Problem; D. Entrepreneur's Problem and Financial Intermediation; E. The Government; F. Aggregates; G. Market Clearance; H. Timing of Events; I. Equilibrium; III. Calibration; IV. The Policy Experiments; A. The Delay Scenario; B. The Adjust Scenarios; V. Results; A. The Long-Run Effects; B. The Transitional Dynamics; C. Overall Welfare Cost of Delaying Fiscal Consolidation; VI. Conclutions; Tables; 1. Calibration. | |
| 505 | 8 | |a 2. Non-Interest Expenditures from the U.S. Federal Government as a percentage of GDP (2007)3. Steady State Comparison; Figures; 1. Projections from CBO alternative scenario, Long Term Budget Outlook of 2011; 2. Primary expenditures in the delay and adjust scenarios; 3. Primary deficit in the delay scenario and CBO's forecasts; 4. CBO's Alternative Fiscal Scenario and the Bowles-Simpson Commission's plan; 4. Differences in the percentage of total wealth held by the top percentiles in the delay and passive adjust scenarios. | |
| 505 | 8 | |a 5. Discounted sum of utility in steady state by wealth percentiles in delay and passive adjust scenarios6. Model Simulations-Fiscal Variables; 7. Model Simulations-Main Macroeconomic Variables; 8. Share of Entrepreneurs in Economy; 9. Present Discounted Sum of Utility by Deciles; References. | |
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Fiscal policy |z United States |x Econometric models. | |
| 650 | 0 | |a Debts, Public |z United States |x Econometric models. | |
| 651 | 0 | |a United States |x Economic conditions |x Econometric models. | |
| 650 | 6 | |a Politique fiscale |z États-Unis |x Modèles économétriques. | |
| 650 | 6 | |a Dettes publiques |z États-Unis |x Modèles économétriques. | |
| 650 | 7 | |a Debts, Public |x Econometric models |2 fast | |
| 650 | 7 | |a Economic history |2 fast | |
| 650 | 7 | |a Fiscal policy |x Econometric models |2 fast | |
| 651 | 7 | |a United States |2 fast |1 https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq | |
| 700 | 1 | |a Torres, José L., |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Fiscal Affairs Department, |e issuing body. | |
| 758 | |i has work: |a Macroeconomic and welfare costs of U.S. fiscal imbalances (Text) |1 https://id.oclc.org/worldcat/entity/E39PCGvgJdbQP9tVwPGh7btqHy |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 830 | 0 | |a IMF working paper ; |v WP/12/38. | |
| 856 | 4 | 0 | |u https://ebookcentral.uam.elogim.com/lib/uam-ebooks/detail.action?docID=1606554 |z Texto completo |
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