The Perils of Tax Smoothing : Sustainable Fiscal Policy with Random Shocks to Permanent Output /
If permanent output is uncertain, tax smoothing can be perilous: both debt levels and tax rates are difficult to stabilize and may drift upwards. One practical remedy would be to target the debt. However, our simulations confirm that such a policy would require undesirably volatile fiscal adjustment...
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| Formato: | Revista |
| Lenguaje: | English |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
2005.
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| Colección: | IMF Working Papers; Working Paper ;
No. 2005/207 |
| Acceso en línea: | Full text available on IMF |