04901oam 22011294 450 991078840770332120230828235822.01-4623-2862-81-4519-9845-71-283-51602-01-4519-0823-79786613828477(CKB)3360000000443774(EBL)3014359(SSID)ssj0000943022(PQKBManifestationID)11505581(PQKBTitleCode)TC0000943022(PQKBWorkID)10975308(PQKB)10069329(OCoLC)712989253(MiAaPQ)EBC3014359(IMF)WPIEE2006027(EXLCZ)99336000000044377420020129d2006 uf 0engur|n|---|||||txtccrProcyclical Fiscal Policy : Shocks, Rules, and Institutions: A View From Mars /Paolo ManasseWashington, D.C. :International Monetary Fund,2006.1 online resource (41 p.)IMF Working Papers"January 2006."1-4518-6287-3 Includes bibliographical references (p. 36-39).""Contents""; ""I. INTRODUCTION""; ""II. REVIEW OF THE LITERATURE""; ""III. METHODOLOGY""; ""IV. THE DATA""; ""V. ESTIMATION RESULTS""; ""VI. CONCLUSIONS""; ""References""This paper assesses the roles of shocks, rules, and institutions as possible sources of procyclicality in fiscal policy. By employing parametric and nonparametric techniques, I reach the following four main conclusions. First, policymakers' reactions to the business cycle is different depending on the state of the economy-fiscal policy is "acyclical" during economic bad times, while it is largely procyclical during good times. Second, fiscal rules and fiscal responsibility laws tend to reduce the deficit bias on average, and seem to enhance, rather than to weaken, countercyclical policy. However, the evidence also suggests that fiscal frameworks do not exert independent effects when the quality of institutions is accounted for. Third, strong institutions are associated to a lower deficit bias, but their effect on procyclicality is different in good and bad times, and it is subject to decreasing returns. Fourth, unlike developed countries, fiscal policy in developing countries is procyclical even during (moderate) recessions; in "good times," however, fiscal policy is actually more procyclical in developed economies.IMF Working Papers; Working Paper ;No. 2006/027Fiscal policyEconometric modelsBusiness cyclesEconometric modelsMacroeconomicsimfPublic FinanceimfProduction and Operations ManagementimfFiscal PolicyimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfStabilizationimfTreasury PolicyimfNational Deficit SurplusimfNeural Networks and Related TopicsimfPositive Analysis of Policy-Making and ImplementationimfMacroeconomics: ProductionimfDebtimfDebt ManagementimfSovereign DebtimfPublic finance & taxationimfOutput gapimfFiscal rulesimfFiscal stanceimfFiscal policyimfPublic debtimfProductionimfEconomic theoryimfDebts, PublicimfCzech RepublicimfFiscal policyEconometric models.Business cyclesEconometric models.MacroeconomicsPublic FinanceProduction and Operations ManagementFiscal PolicyComparative or Joint Analysis of Fiscal and Monetary PolicyStabilizationTreasury PolicyNational Deficit SurplusNeural Networks and Related TopicsPositive Analysis of Policy-Making and ImplementationMacroeconomics: ProductionDebtDebt ManagementSovereign DebtPublic finance & taxationOutput gapFiscal rulesFiscal stanceFiscal policyPublic debtProductionEconomic theoryDebts, PublicManasse Paolo118988International Monetary Fund.Fiscal Affairs Dept.DcWaIMFBOOK9910788407703321Procyclical Fiscal Policy3850048UNINA