04786oam 22011294 450 991082686890332120200520144314.01-4623-5283-91-4527-5014-91-283-51613-61-4519-0884-99786613828583(CKB)3360000000443785(EBL)3014365(SSID)ssj0000942999(PQKBManifestationID)11523872(PQKBTitleCode)TC0000942999(PQKBWorkID)10974966(PQKB)10303033(OCoLC)712989255(IMF)WPIEE2006089(MiAaPQ)EBC3014365(IMF)WPIEA2006089(EXLCZ)99336000000044378520020129d2006 uf 0engur|n|---|||||txtccrOptions for Fiscal Consolidation in the United Kingdom /Dennis Botman, Keiko Honjo1st ed.Washington, 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 modelsDebt ManagementimfDebtimfDebts, PublicimfExpenditureimfExpenditures, PublicimfFiscal consolidationimfFiscal PolicyimfFiscal policyimfIncome taximfLabor taxesimfMacroeconomicsimfNational Government Expenditures and Related Policies: GeneralimfPersonal Finance -TaxationimfPersonal Income and Other Nonbusiness Taxes and SubsidiesimfPersonal income taximfPublic debtimfPublic finance & taxationimfPublic FinanceimfSovereign DebtimfTaxationimfWelfare & benefit systemsimfUnited KingdomimfFiscal policyEconometric models.Finance, PublicEconometric models.Debt ManagementDebtDebts, PublicExpenditureExpenditures, PublicFiscal consolidationFiscal PolicyFiscal policyIncome taxLabor taxesMacroeconomicsNational Government Expenditures and Related Policies: GeneralPersonal Finance -TaxationPersonal Income and Other Nonbusiness Taxes and SubsidiesPersonal income taxPublic debtPublic finance & taxationPublic FinanceSovereign DebtTaxationWelfare & benefit systemsBotman Dennis901784Honjo Keiko1617693International Monetary Fund.European Dept.International Monetary Fund.Fiscal Affairs Dept.DcWaIMFBOOK9910826868903321Options for Fiscal Consolidation in the United Kingdom4250888UNINA