Global warming, sea level rise, and extreme weather events have made climate change a top priority for policymakers across the globe. But which policies are best suited to tackle the enormous challenges presented by our changing climate? This Article proposes that policymakers turn to prediction...

This paper argues that any assessment on the intentional stance of fiscal policy should be based upon all the information available to policymakers at the time of fiscal planning. In particular, real-time data on the discretionary fiscal policy "instrument", the structural primary balance,...

Due to the occurrence of fiscal foresight, conventional fiscal VAR models are naturally inclined to suffer from the phenomena of nonfundamentalness and noncausality, which may imply biased estimates. These problems have been widely identified in the fiscal literature, however until recently...

This paper examines the corporation tax forecasting techniques used by the Institute for Fiscal Studies. For current year forecasts a judgemental forecast is found to have performed better than relying solely on a simple model or information on the receipts available so far in the current...

This paper describes how stochastic population forecasts are used to inform and analyze policies related to government spending on the elderly, mainly in the context of the industrialized nations. The paper first presents methods for making probabilistic forecasts of demographic rates,...

In an influential paper, Devries et al. (2011) construct narrative series of tax- and spending-based fiscal adjustments for a panel of OECD countries. In this paper, we find that the adjustments based on spending cuts can be predicted on the basis of past output growth and other macroeconomic...

Traditional approaches use balance sheet assessment to forecast bank rescue costs and often underestimate real costs. Thus, governments commit to bailouts without credible forecasts of costs, which can lead to serious fiscal issues. We propose a new approach based on distributional information...

Since the outbreak of the European debt crisis, fiscal sustainability as a research area became more and more popular. This paper aims to assess the predicting power of the basic types of the following five fiscal sustainability indicators: primary gap (1), stationary tests for public debt (2),...

This paper describes how stochastic population forecasts are used to inform and analyze policies related to government spending on the elderly, mainly in the context of the industrialized nations. The paper first presents methods for making probabilistic forecasts of demographic rates,...

The increasing use of demand-side management as a tool to reliably meet electricity demand at peak time has stimulated interest among researchers, consumers and producer organizations, managers, regulators and policymakers, This research reviews the growing literature on models used to study...