|
|
|
|
| LEADER |
02118cas a2200253 a 4500 |
| 001 |
AALejournalIMF005703 |
| 008 |
230101c9999 xx r poo 0 0eng d |
| 020 |
|
|
|c 5.00 USD
|
| 020 |
|
|
|z 9781451872354
|
| 022 |
|
|
|a 1018-5941
|
| 040 |
|
|
|a BD-DhAAL
|c BD-DhAAL
|
| 100 |
1 |
|
|a Kumhof, Michael.
|
| 245 |
1 |
0 |
|a Chile's Structural Fiscal Surplus Rule :
|b A Model-Based Evaluation /
|c Michael Kumhof, Douglas Laxton.
|
| 264 |
|
1 |
|a Washington, D.C. :
|b International Monetary Fund,
|c 2009.
|
| 300 |
|
|
|a 1 online resource (54 pages)
|
| 490 |
1 |
|
|a IMF Working Papers
|
| 500 |
|
|
|a <strong>Off-Campus Access:</strong> No User ID or Password Required
|
| 500 |
|
|
|a <strong>On-Campus Access:</strong> No User ID or Password Required
|
| 506 |
|
|
|a Electronic access restricted to authorized BRAC University faculty, staff and students
|
| 520 |
3 |
|
|a The paper analyzes Chile's structural balance fiscal rule in the face of copper price shocks originating in foreign copper demand. It uses a version of the IMF's Global Integrated Monetary and Fiscal Model (GIMF) that includes a copper sector. Two results are obtained. First, Chile's current fiscal rule performs well if the policymaker puts a small weight on output volatility (relative to inflation volatility) in his/her objective function. A more aggressive countercyclical fiscal rule can attain lower output volatility, but there is a trade-off with (somewhat) higher inflation volatility and (much) higher volatility of fiscal variables. Second, given its current stock of government assets, Chile's adoption of a 0.5% surplus target starting in 2008 is desirable from a business cycle perspective. This is because the earlier 1% target would have required significant further asset accumulation that could only have been accomplished at the expense of greater volatility in fiscal instruments and therefore in GDP.
|
| 538 |
|
|
|a Mode of access: Internet
|
| 700 |
1 |
|
|a Laxton, Douglas.
|
| 830 |
|
0 |
|a IMF Working Papers; Working Paper ;
|v No. 2009/088
|
| 856 |
4 |
0 |
|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2009/088/001.2009.issue-088-en.xml
|z IMF e-Library
|