Matches in SemOpenAlex for { <https://semopenalex.org/work/W3150236828> ?p ?o ?g. }
Showing items 1 to 73 of
73
with 100 items per page.
- W3150236828 abstract "An increasing number of countries are investigating the desirability of placing fiscal policy under certain rules or constraints. The IMF has applauded and encouraged the idea of such fiscal framework as a way of transplanting the improvements that the last decade has seen in the operation of monetary policy to the area of fiscal policy. However, analysing and assessing the performance of a government's fiscal policy requires an understanding of both the objectives and constraints under which governments operate. As we show in this paper under different assumptions about the completeness or otherwise of financial markets the imposition of debt limits can affect adversely the optimality of fiscal policy making them undesirable for policy purposes. The aim of this paper is to discover the objectives and constraints within which OECD governments conduct their fiscal policy. Only once this has been determined is it possible to assess the validity of imposing debt or deficit ceilings.Our results suggest that in the absence of a complete set of contingent government securities that debt limits are unable to discriminate between bad fiscal authorities and good fiscal authorities which have been unlucky. Further our simulations suggest that debt limits of the magnitude suggested in practice lead to substantially higher tax volatility than is optimal.Under a wide range of models and assumptions about exogenous stochastic processes we show that an optimising fiscal authority will at times wish to achieve a substantial increase in debt levels.More precisely, under the maintained assumption of Ramsey fiscal policy, we show that the model of incomplete markets fits the VAR observations on government debt much better than the assumption of complete markets. This is true across a large array of various models. Hence, it would seem that the issue of debt limits should be analyzed under this framework." @default.
- W3150236828 created "2021-04-13" @default.
- W3150236828 creator A5066087465 @default.
- W3150236828 creator A5075477053 @default.
- W3150236828 date "2000-01-01" @default.
- W3150236828 modified "2023-09-23" @default.
- W3150236828 title "The Fiscal Costs Of Debt Limits" @default.
- W3150236828 hasPublicationYear "2000" @default.
- W3150236828 type Work @default.
- W3150236828 sameAs 3150236828 @default.
- W3150236828 citedByCount "0" @default.
- W3150236828 crossrefType "posted-content" @default.
- W3150236828 hasAuthorship W3150236828A5066087465 @default.
- W3150236828 hasAuthorship W3150236828A5075477053 @default.
- W3150236828 hasConcept C10138342 @default.
- W3150236828 hasConcept C114708693 @default.
- W3150236828 hasConcept C120527767 @default.
- W3150236828 hasConcept C138885662 @default.
- W3150236828 hasConcept C139719470 @default.
- W3150236828 hasConcept C162324750 @default.
- W3150236828 hasConcept C17744445 @default.
- W3150236828 hasConcept C199539241 @default.
- W3150236828 hasConcept C2778137410 @default.
- W3150236828 hasConcept C2778489760 @default.
- W3150236828 hasConcept C2779931205 @default.
- W3150236828 hasConcept C41895202 @default.
- W3150236828 hasConcept C524878704 @default.
- W3150236828 hasConcept C556758197 @default.
- W3150236828 hasConcept C91602232 @default.
- W3150236828 hasConcept C94625758 @default.
- W3150236828 hasConceptScore W3150236828C10138342 @default.
- W3150236828 hasConceptScore W3150236828C114708693 @default.
- W3150236828 hasConceptScore W3150236828C120527767 @default.
- W3150236828 hasConceptScore W3150236828C138885662 @default.
- W3150236828 hasConceptScore W3150236828C139719470 @default.
- W3150236828 hasConceptScore W3150236828C162324750 @default.
- W3150236828 hasConceptScore W3150236828C17744445 @default.
- W3150236828 hasConceptScore W3150236828C199539241 @default.
- W3150236828 hasConceptScore W3150236828C2778137410 @default.
- W3150236828 hasConceptScore W3150236828C2778489760 @default.
- W3150236828 hasConceptScore W3150236828C2779931205 @default.
- W3150236828 hasConceptScore W3150236828C41895202 @default.
- W3150236828 hasConceptScore W3150236828C524878704 @default.
- W3150236828 hasConceptScore W3150236828C556758197 @default.
- W3150236828 hasConceptScore W3150236828C91602232 @default.
- W3150236828 hasConceptScore W3150236828C94625758 @default.
- W3150236828 hasLocation W31502368281 @default.
- W3150236828 hasOpenAccess W3150236828 @default.
- W3150236828 hasPrimaryLocation W31502368281 @default.
- W3150236828 hasRelatedWork W1561877242 @default.
- W3150236828 hasRelatedWork W1976555098 @default.
- W3150236828 hasRelatedWork W2037982255 @default.
- W3150236828 hasRelatedWork W2142627156 @default.
- W3150236828 hasRelatedWork W2275665476 @default.
- W3150236828 hasRelatedWork W2530514004 @default.
- W3150236828 hasRelatedWork W2559850008 @default.
- W3150236828 hasRelatedWork W2818190 @default.
- W3150236828 hasRelatedWork W2885912830 @default.
- W3150236828 hasRelatedWork W3122239488 @default.
- W3150236828 hasRelatedWork W3123373237 @default.
- W3150236828 hasRelatedWork W3123734074 @default.
- W3150236828 hasRelatedWork W3123925394 @default.
- W3150236828 hasRelatedWork W3124526114 @default.
- W3150236828 hasRelatedWork W3124968438 @default.
- W3150236828 hasRelatedWork W3125726246 @default.
- W3150236828 hasRelatedWork W3125940482 @default.
- W3150236828 hasRelatedWork W3147615590 @default.
- W3150236828 hasRelatedWork W2182821661 @default.
- W3150236828 hasRelatedWork W3121244570 @default.
- W3150236828 isParatext "false" @default.
- W3150236828 isRetracted "false" @default.
- W3150236828 magId "3150236828" @default.
- W3150236828 workType "article" @default.