economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged … would have followed with primary budget balance and without the distortions in real interest rates caused by surprise …

government. As a first approximation, that environment can be summed up in terms of the individual's budget constraint and levels …

This paper provides alternative measures of federal budget surpluses over 10-year and long-term horizons. Official … baseline budget forecasts are based on a series of statutory requirements that may be at variance with reasonable expectation … long-term imbalances in social security and the rest of the budget implies that, under plausible definitions of current …

cuts in defence spending. These surpluses follow a period (the eighties) of rather exceptional budget deficits. This paper … investigates the origin, size, and expected future patterns of the U.S. budget balance. It discusses how different political forces …

budget constraint is a constraint on the government's instruments that must be satisfied for all admissible values of the … predetermined variables in the government's budget constraint; and anomalous behaviour of the equilibrium' price sequences …

Government budget balance forces the endogenous use of distortionary tax instruments" when an exogenous reform is …

The standard theory of trade reform uses a passive government budget constraint, in which changes in tariff revenue are … government budget constraint is active, meaning that tariff revenue cuts must be offset by distortionary fiscal policy changes … economies with active government budget constraints …

In this paper we collect detailed information on the budget institutions of Latin American countries. We classify these …

By discussing the available theoretical and empirical literature, this paper argues that budget procedures and budget … institutions do influence budget outcomes. Budget institutions include both procedural rules and balanced budget laws. We …