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Record Nr. |
UNINA9910812320303321 |
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Autore |
Kumhof Michael |
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Titolo |
Chile’s Structural Fiscal Surplus Rule : : A Model-Based Evaluation / / Michael Kumhof, Douglas Laxton |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-4770-3 |
1-4527-2585-3 |
9786612843082 |
1-282-84308-7 |
1-4518-7235-6 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (56 p.) |
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Collana |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Fiscal policy - Chile |
Finance, Public - Chile |
Cement |
Ceramics |
Consumption |
Copper |
Deflation |
Economics |
Glass |
Income economics |
Inflation |
Investment & securities |
Investments: Metals |
Labor economics |
Labor Economics: General |
Labor |
Labour |
Macroeconomics |
Macroeconomics: Consumption |
Metals and Metal Products |
Price Level |
Prices |
Public finance & taxation |
Public Finance |
Revenue administration |
Revenue |
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Saving |
Taxation, Subsidies, and Revenue: General |
Wealth |
Chile |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. The Model; Figures; 1. Goods and Factor Flows in GIMF; A. Overlapping Generations Households; B. Liquidity Constrained Households; C. Manufacturers; D. Copper Producers; E. Unions; F. Import Agents; G. Distributors; H. Retailers; I. Government; J. Equilibrium and Balance of Payments; III. Calibration; IV. Choice of Countercyclical Coefficients; Tables; 1. Fiscal Policy Rules and Macroeconomic Volatility; 2. Policy Efficiency Frontiers; V. Choice of Surplus Target; 3. SFS Rule - Survey; 4. SFS Rule - Fiscal Accounts; 5. Balanced Budget Rule - Survey |
6. Balanced Budget Rule - Fiscal Accounts7. Aggressive Countercyclical Rule - Survey; 8. Aggressive Countercyclical Rule - Fiscal Accounts; 9. Surplus Target Shock - Survey; 10. Surplus Target Shock - Fiscal; VI. Summary; References; Appendices; 1. Population Growth; 2. Optimality Conditions for OLG Households; 3. Consumption and Wealth; 4. Optimality for Manufacturing Firms |
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Sommario/riassunto |
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The paper analyzes Chile's structural balance fiscal rule in the face of copper price shocks originating in foreign copper demand. It uses a version of the IMF's Global Integrated Monetary and Fiscal Model (GIMF) that includes a copper sector. Two results are obtained. First, Chile's current fiscal rule performs well if the policymaker puts a small weight on output volatility (relative to inflation volatility) in his/her objective function. A more aggressive countercyclical fiscal rule can attain lower output volatility, but there is a trade-off with (somewhat) higher inflation volatility and (much) higher volatility of fiscal variables. Second, given its current stock of government assets, Chile's adoption of a 0.5% surplus target starting in 2008 is desirable from a business cycle perspective. This is because the earlier 1% target would have required significant further asset accumulation that could only have been accomplished at the expense of greater volatility in fiscal instruments and therefore in GDP. |
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