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|a BD-DhAAL
|c BD-DhAAL
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|a End, Nicolas.
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|a Trust What You Hear :
|b Policy Communication, Expectations, and Fiscal Credibility /
|c Nicolas End, Gee Hee Hong.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2022.
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|a 1 online resource (59 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 How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy announcements anchor expectations, based on the deviation of private expectations f rom official targets, for 41 countries. We find that policy announcements partly re-anchor expectations and that f iscal rules and strong fiscal institutions, as well as a good policy track record, contribute to magnifying this effect, thereby improving fiscal credibility. Conversely, empirical analysis suggests that markets reward credibility with more favorable sovereign financing conditions.
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|a Mode of access: Internet
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|a Fiscal Policies and Behavior of Economic Agents
|2 imf
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|a Fiscal Policy
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|a Macroeconomic Policy and Macroeconomic Aspects of Public Finance
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|a Structure, Scope, and Performance of Government
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|a Studies of Particular Policy Episodes
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|a Hong, Gee Hee.
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|a IMF Working Papers; Working Paper ;
|v No. 2022/036
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2022/036/001.2022.issue-036-en.xml
|z IMF e-Library
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