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Deficit limits, budget rules, and fiscal policy

Author: Paolo Manasse; International Monetary Fund. Fiscal Affairs Department,
Publisher: [Washington, D.C.] : International Monetary Fund, Fiscal Affairs Dept., 2005.
Series: IMF working paper, WP/05/120.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
The paper presents a simple model for discussing the effects of deficit limits and budget rules on fiscal policy. I find that limits on deficit-output ratios provide incentives to implement procyclical policies when the economy is in intermediate states, and countercyclical policies only in very "good" and very "bad" economic times. As a result, fiscal "reaction functions" are not monotonically related to the state  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Manasse, Paolo.
Deficit limits, budget rules, and fiscal policy.
[Washington, D.C.] : International Monetary Fund, Fiscal Affairs Dept., 2005
(OCoLC)61132225
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Paolo Manasse; International Monetary Fund. Fiscal Affairs Department,
ISBN: 1283512866 9781283512862 9781451906752 1451906757
OCLC Number: 231401119
Notes: "June 2005."
Description: 1 online resource (19 pages) : illustrations.
Series Title: IMF working paper, WP/05/120.
Responsibility: prepared by Paolo Manasse.

Abstract:

The paper presents a simple model for discussing the effects of deficit limits and budget rules on fiscal policy. I find that limits on deficit-output ratios provide incentives to implement procyclical policies when the economy is in intermediate states, and countercyclical policies only in very "good" and very "bad" economic times. As a result, fiscal "reaction functions" are not monotonically related to the state of the economy. Deficit limits are found to exert discipline only provided the limit is tight and the expected sanction large, albeit at a relatively large welfare cost. Moreover, when fiscal choices are made under a veil of ignorance about the output gap, an increase in volatility is likely to raise the level of the budget deficit. Finally, concerning the design of fiscal frameworks, when excessive deficits arise from a political bias, deficit limits should be symmetric and not state-contingent.

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