04732oam 22011054 450 991078869820332120230828235749.01-4623-5283-91-4527-5014-91-283-51613-61-4519-0884-99786613828583(CKB)3360000000443785(EBL)3014365(SSID)ssj0000942999(PQKBManifestationID)11523872(PQKBTitleCode)TC0000942999(PQKBWorkID)10974966(PQKB)10303033(OCoLC)712989255(MiAaPQ)EBC3014365(IMF)WPIEE2006089(EXLCZ)99336000000044378520020129d2006 uf 0engur|n|---|||||txtccrOptions for Fiscal Consolidation in the United Kingdom /Dennis Botman, Keiko HonjoWashington, D.C. :International Monetary Fund,2006.1 online resource (24 p.)IMF Working Papers"March 2006."1-4518-6349-7 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL AND CALIBRATION""; ""III. MACROECONOMIC EFFECTS OF ALTERNATIVE FORMS OF FISCAL CONSOLIDATION""; ""IV. SENSITIVITY ANALYSIS AND FISCAL POLICIES IN THE REST OF THE WORLD""; ""V. COMBINING FISCAL ADJUSTMENT AND TAX REFORM""; ""VI. CONCLUSIONS""; ""REFERENCES""This paper examines the macroeconomic effects of different timing and composition of fiscal adjustment in the United Kingdom using the IMF’s Global Fiscal Model. Early consolidation dampens aggregate demand in the short term, but increases output in the long term as smaller primary surpluses are needed as a result of lower interest payments. Reducing government transfers or current government spending provides larger gains than increasing taxes, in particular compared to raising corporate or personal income taxes. We show that these conclusions are robust under alternative behavioral assumptions and parameterizations. A reduction in global saving would make early consolidation more urgent from both cyclical and long-term perspectives. Finally, we show that tax reform aimed at increasing incentives to save could provide support to fiscal consolidation measures.IMF Working Papers; Working Paper ;No. 2006/089Fiscal policyGreat BritainEconometric modelsFinance, PublicGreat BritainEconometric modelsMacroeconomicsimfPersonal Finance -TaxationimfPublic FinanceimfTaxationimfPersonal Income and Other Nonbusiness Taxes and SubsidiesimfDebtimfDebt ManagementimfSovereign DebtimfFiscal PolicyimfNational Government Expenditures and Related Policies: GeneralimfPublic finance & taxationimfWelfare & benefit systemsimfPublic debtimfFiscal consolidationimfLabor taxesimfPersonal income taximfExpenditureimfIncome taximfDebts, PublicimfFiscal policyimfExpenditures, PublicimfUnited KingdomimfFiscal policyEconometric models.Finance, PublicEconometric models.MacroeconomicsPersonal Finance -TaxationPublic FinanceTaxationPersonal Income and Other Nonbusiness Taxes and SubsidiesDebtDebt ManagementSovereign DebtFiscal PolicyNational Government Expenditures and Related Policies: GeneralPublic finance & taxationWelfare & benefit systemsPublic debtFiscal consolidationLabor taxesPersonal income taxExpenditureIncome taxDebts, PublicFiscal policyExpenditures, PublicBotman Dennis901784Honjo Keiko1558714International Monetary Fund.European Dept.International Monetary Fund.Fiscal Affairs Dept.DcWaIMFBOOK9910788698203321Options for Fiscal Consolidation in the United Kingdom3823309UNINA