Deficit Limits, Budget Rules, and Fiscal Policy

Deficit Limits, Budget Rules, and Fiscal Policy
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,... READ MORE...

Publication date: June 2005
ISBN 9781451861396
$15.00

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