A Model-based Fiscal Taylor Rule and a Toolkit to Assess the Fiscal Stance /

This paper presents a model-based fiscal Taylor rule and a toolkit to assess the fiscal stance, defined as the change in the structural primary balance. This is built on the normative buffer-stock model of the government (Fournier, 2019) which includes key channels like hysteresis, cycle-dependent m...

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Detaylı Bibliyografya
Yazar: Fournier, Jean-Marc
Diğer Yazarlar: Lieberknecht, Philipp
Materyal Türü: Dergi
Dil:English
Baskı/Yayın Bilgisi: Washington, D.C. : International Monetary Fund, 2020.
Seri Bilgileri:IMF Working Papers; Working Paper ; No. 2020/033
Online Erişim:Full text available on IMF
Diğer Bilgiler
Özet:This paper presents a model-based fiscal Taylor rule and a toolkit to assess the fiscal stance, defined as the change in the structural primary balance. This is built on the normative buffer-stock model of the government (Fournier, 2019) which includes key channels like hysteresis, cycle-dependent multipliers and a risk premium. A simple fiscal Taylor rule prescribes the fiscal stance as a function of past government debt, past output gap and the past structural primary balance. Applications suggest several advanced economies could have better managed their fiscal stance over the last 20 years. Simulations provide fiscal stance recommendations over the medium-term.
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Fiziksel Özellikler:1 online resource (36 pages)
Materyal Türü:Mode of access: Internet
ISSN:1018-5941
Erişim:Electronic access restricted to authorized BRAC University faculty, staff and students