04948oam 22011774 450 991095517200332120250426110850.0978661284041897814623769951462376991978145275110814527511029781282840416128284041X97814518693161451869312(CKB)3170000000054990(EBL)1607805(SSID)ssj0000943965(PQKBManifestationID)11503314(PQKBTitleCode)TC0000943965(PQKBWorkID)10982749(PQKB)10356343(OCoLC)647099025(MiAaPQ)EBC1607805(IMF)WPIEE2008069(IMF)WPIEA2008069WPIEA2008069(EXLCZ)99317000000005499020020129d2008 uf 0engur|n|---|||||txtccrAchieving a Soft Landing : The Role of Fiscal Policy /Daniel Leigh1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (25 p.)IMF Working PapersIMF working paper ;WP/08/69Description based upon print version of record.9781451913842 1451913842 Includes bibliographical references.Contents; I. Introduction; II. Methodology; III. Results: Macroeconomic Effects of Fiscal Policy Tightening; Figures; 1. Domestic Risk Premium and the Debt-to-GDP Ratio; 2. Exogenous Permanent Cut in Public Consumption of 0.5 Percent of GDP; 3. Exogenous Permanent Cut in Public Investment of 0.5 Percent of GDP; IV. Results: Fiscal Policy and Macroeconomic Stability; 4. Private Savings Shock and Strength of Fiscal Policy Response; 5. Markup Shock and Strength of Fiscal Policy Response; 6. Efficiency Frontier: Markup Shock7. Efficiency Frontier for Different Monetary Policy Response Parameters8. Temporary Fall in Risk Premium by 100 Basis Points; 9. Risk Premium Shock and Strength of Fiscal Policy Response; V. Conclusions; ReferencesThis paper utilizes an open-economy New Keynesian overlapping generations model to assess the extent to which fiscal policy, along side an inflation-forecast-based monetary policy, could enhance macroeconomic stability in Colombia. The model simulations indicate that, in addition to stabilizing output and inflation, a stronger response of the fiscal balance to excess tax revenue would reduce the burden on the central bank of adjusting interest rates, lessen the associated degree of exchange rate volatility, and contribute to a more stable external current account balance. The analysis also assesses how the success of fiscal policy in enhancing macroeconomic stability depends on the type of shock, the response of monetary policy, and the length of fiscal policy implementation lags.IMF Working Papers; Working Paper ;No. 2008/069Fiscal policyColombiaEconometric modelsMonetary policyColombiaEconometric modelsCapacityimfCapitalimfDeflationimfFiscal PolicyimfFiscal policyimfFiscal stanceimfInflationimfIntangible CapitalimfInvestmentimfInvestments: GeneralimfMacroeconomicsimfPrice LevelimfPricesimfPublic finance & taxationimfPublic FinanceimfReturn on investmentimfRevenue administrationimfRevenueimfSaving and investmentimfTaxation, Subsidies, and Revenue: GeneralimfColombiaimfFiscal policyEconometric models.Monetary policyEconometric models.CapacityCapitalDeflationFiscal PolicyFiscal policyFiscal stanceInflationIntangible CapitalInvestmentInvestments: GeneralMacroeconomicsPrice LevelPricesPublic finance & taxationPublic FinanceReturn on investmentRevenue administrationRevenueSaving and investmentTaxation, Subsidies, and Revenue: General336.861Leigh Daniel1815832DcWaIMFBOOK9910955172003321Achieving a Soft Landing4372652UNINA