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- W1532432690 abstract "In this paper we consider the real-time implementation of a fiscal policy rule based on tax smoothing (Barro (1979) and Bohn (1998)). We show that the tax smoothing approach, augmented by fiscal habit considerations, provides a surprisingly accurate description of US budget surplus movements. In order to investigate the robustness of the policy implications of the rule, we construct a real-time US fiscal data set, complementing the data documented by Croushore and Stark (2001). For each variable we record the different vintages, reflecting the remeasurements that occur over time. We demonstrate that the easily constructed rule provided a useful benchmark for policy analysis that is robust to real-time remeasurements." @default.
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- W1532432690 date "2004-06-16" @default.
- W1532432690 modified "2023-09-27" @default.
- W1532432690 title "A Real Time Tax Smoothing Based Fiscal Policy Rule" @default.
- W1532432690 doi "https://doi.org/10.17863/cam.5447" @default.
- W1532432690 hasPublicationYear "2004" @default.
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