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Federal Budget Rules : The US Experience

Auerbach, Alan J. - 2008

In this paper, I review US federal budget rules and present some evidence on their possible effects. From an analysis of how components of the federal budget behaved under the different budget regimes, it appears that the rules did have some effects, rather than simply being statements of policy...

Persistent link: https://www.econbiz.de/10012464358

Do Budget Rules Work?

Poterba, James M. - 1996

The design of budget rules and institutions, long a neglected area in public finance and macroeconomics, has recently been thrust to center stage by the debate over a balanced budget amendment and other deficit-reduction measures in the United States. This paper describes the existing evidence...

Persistent link: https://www.econbiz.de/10012473306

Reforming Budgetary Language

Bradford, David F. - 2001

In the context of several examples of problems associated with present budgetary conventions, I revisit Musgrave's conceptual division of the government's program into Allocation, Distribution and Stabilization Branch subbudgets. I suggest progress towards Musgrave's ideal of a more informative...

Persistent link: https://www.econbiz.de/10012470218

The Fallacy of the Fiscal Theory of the Price Level

Buiter, Willem H. - 1999

or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …

Persistent link: https://www.econbiz.de/10012471482

Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs

Anderson, James E. - 1997

Government budget balance forces the endogenous use of distortionary tax instruments" when an exogenous reform is implemented. The aggregate efficiency of such reforms is based" on comparisons of simple summary measures of the Marginal Cost of Funds of the various tariff" or quota changes with...

Persistent link: https://www.econbiz.de/10012472633

Trade Reform with a Government Budget Constraint

Anderson, James E. - 1996

The standard theory of trade reform uses a passive government budget constraint, in which changes in tariff revenue are …

Persistent link: https://www.econbiz.de/10012473001

The Impact of Inflation on Budgetary Discipline

Aizenman, Joshua - 1995

This paper investigates budgetary rules for an economy characterized by inflation and volatile relative prices. We view the budgetary process as a limited contingencies contract between the treasury and the ministers. The budgetary process allows a minister, whose realized real budget falls...

Persistent link: https://www.econbiz.de/10012473531

Generational Accounts, Aggregate Saving and Intergenerational Distribution

Buiter, Willem H. - 1995

Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources and (when augmented with generation-specific propensities to consume out of life-time resources) on aggregate consumption and saving? The paper makes three points. First, the...

Persistent link: https://www.econbiz.de/10012473800

Insulation of Pensions from Political Risk

Diamond, Peter - 1994

There are many sources of political risk to public provision of pensions. This paper analyzes legislation to alter the retirement income system. This approach naturally recognizes that some changes in the system are good responses to social risks, while others generate such risks. Thus the...

Persistent link: https://www.econbiz.de/10012474012

Soft Budget Constraints, Taxes, and the Incentive to Cooperate

Aizenman, Joshua - 1990

This paper considers an economy where the macroeconomic equilibrium is the outcome of the conduct of an administration, consisting of a large number of decision makers whose horizon is uncertain, being endogenously determined by their behavior. Limited monitoring enables each decision maker to...

Persistent link: https://www.econbiz.de/10012475485

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