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|z 9781463933814
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|a Gruss, Bertrand.
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|a Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances /
|c Bertrand Gruss, Jose L. Torres.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2012.
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|a 1 online resource (35 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|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.
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|a Mode of access: Internet
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|a Torres, Jose L.
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|a IMF Working Papers; Working Paper ;
|v No. 2012/038
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2012/038/001.2012.issue-038-en.xml
|z IMF e-Library
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