Fiscal Rules in a Volatile World : A Welfare-Based Approach

A Welfare-Based Approach

Fiscal Rules in a Volatile World : A Welfare-Based Approach
It is widely agreed that a fiscal rule should boost discipline and credibility, reduce macroeconomic volatility, and be easily understood. To support such goals, a government may run structural surpluses and accumulate a precautionary cushion of assets on behalf of agents who do not enjoy access to capital markets. As an additional criterion,... READ MORE...

Publication date: March 2011
ISBN 9781455221004
$18.00

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