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- W2024359818 abstract "Fiscal closure rules that enforce the government’s intertemporal budget constraint are important elements of macroeconomic models. This article presents a systematic study of the different rules employed on different models, considering both their theoretical properties and their comparative behaviour in model simulations. For tax-difference rules targeting debt/GDP or deficit/GDP ratios and tax-level rules which include the MSG2 ‘incremental interest payments’ rule as a special case we show how both the steady-state implications and, to some extent, the short-run dynamics can be made comparable. Many of the theoretical equivalences are then observed in simulations of the MSG2, MULTIMOD and NIGEM models." @default.
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- W2024359818 date "2000-04-01" @default.
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- W2024359818 title "Fiscal policy rules in macroeconomic models: principles and practice" @default.
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- W2024359818 doi "https://doi.org/10.1016/s0264-9993(99)00026-7" @default.
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