Fiscal Rules and Countercyclical Policy : Frank Ramsey Meets Gramm-Rudman-Hollings /
Fiscal rules-legal restrictions on government borrowing, spending, or debt accumulation (like the Gramm-Rudman-Hollings Act in the United States)-have recently been adopted or considered in several countries, both industrial and developing. Previous literature stresses that such laws restrict counte...
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| フォーマット: | 雑誌 |
| 言語: | English |
| 出版事項: |
Washington, D.C. :
International Monetary Fund,
2003.
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| シリーズ: | IMF Working Papers; Working Paper ;
No. 2003/220 |
| オンライン･アクセス: | Full text available on IMF |
| 要約: | Fiscal rules-legal restrictions on government borrowing, spending, or debt accumulation (like the Gramm-Rudman-Hollings Act in the United States)-have recently been adopted or considered in several countries, both industrial and developing. Previous literature stresses that such laws restrict countercyclical government borrowing, thus preventing intertemporal equalization of marginal deadweight losses of taxation-an idea associated with Frank Ramsey. However, such literature typically abstracts from persistent current deficits that are financed by future tax increases. Eliminating such deficits may substantially reduce tax rate variability-the very goal of countercyclical borrowing-even over a finite horizon. Thus, Gramm-Rudman-Hollings and Frank Ramsey are not necessarily enemies and they may even be good friends!. |
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| 記述事項: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| 物理的記述: | 1 online resource (29 pages) |
| フォーマット: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| アクセス: | Electronic access restricted to authorized BRAC University faculty, staff and students |