Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy : Lessons from Gabon

Lessons from Gabon

Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy : Lessons from Gabon
While models based on Friedman's (1957) permanent-income hypothesis can provide oilproducing countries with long-run fiscal targets, they usually abstract from short-run costs associated with consolidation. This paper proposes a model that takes such adjustment costs (or "habits") into account. Further operational realism is added by permitting... READ MORE...

Publication date: August 2006
ISBN 9781451864533
$15.00

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