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Cyclical Fiscal Rules for Oil-Exporting Countries.

Author: Stephen Snudden
Publisher: International Monetary Fund, 2013.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on the source of oil price fluctuations and the oil exporters' structural characteristics. The output-inflation tradeoff is of  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Stephen Snudden
ISBN: 1306193850 9781306193856
OCLC Number: 865660328
Description: 1 online resource
Contents: Cover; Contents; I. Introduction; II. Model and Calibration; 1. The Fiscal Rule; 2. Monetary Policy Rule; 3. Calibration; 4. Methodology; III. Results; 1. Temporary Demand and Supply Shocks to the Price of Oil; 1.1 Efficient Fiscal Policy to Temporary Increases in the Price of Oil; 1.2 Inflation and Output Volatility Tradeoff; 2. Implications under Alternative Structural Characteristics; 2.1. Private or Public Ownership; 2.2. Intensity of Oil in Output/Exports; 2.3. Foreign Ownership of Oil; 2.4. Composition of the Non-Oil Tax Revenues; 2.5. Oil Intensity in the Consumption Basket. 3. Implications under Alternative Policy Assumptions3.1. Fixed Exchange Rate Regimes; 3.2. Joint Monetary Policy Considerations; 3.3. Debt Volatility; 3.4. Policy Objectives; IV. Conclusions; V. References; VI. Tables and Figures; VII. Technical Appendix; VIII. Appendix of the Calibration.

Abstract:

Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on the source of oil price fluctuations and the oil exporters' structural characteristics. The output-inflation tradeoff is of particular concern for oil exporters relative to non-oil exporters due to the pass through of oil prices into headline inflation. Fiscal rules are best when coordinated with inflat.

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