Heresi, Rodrigo; Villacis, Daniela Villacreces - 2023
We study the welfare and macroeconomic implications of simple and implementable fiscal policy rules in commodity …. Using a multi-sector New Keynesian model estimated for the Chilean economy, we find that the welfare-maximizing fiscal … policy involves an actively countercyclical response to the tax revenue cycle. In contrast, the optimized response to the …