05120oam 22012254 450 991097247760332120250426110813.0978661382847797814623286281462328628978145199845014519984579781283516020128351602097814519082371451908237(CKB)3360000000443774(EBL)3014359(SSID)ssj0000943022(PQKBManifestationID)11505581(PQKBTitleCode)TC0000943022(PQKBWorkID)10975308(PQKB)10069329(OCoLC)712989253(MiAaPQ)EBC3014359(IMF)WPIEE2006027(IMF)WPIEA2006027WPIEA2006027(EXLCZ)99336000000044377420020129d2006 uf 0engur|n|---|||||txtccrProcyclical Fiscal Policy : Shocks, Rules, and Institutions: A View From Mars /Paolo Manasse1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (41 p.)IMF Working Papers"January 2006."9781451862874 1451862873 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 modelsComparative or Joint Analysis of Fiscal and Monetary PolicyimfDebt ManagementimfDebtimfDebts, PublicimfEconomic theoryimfFiscal PolicyimfFiscal policyimfFiscal rulesimfFiscal stanceimfMacroeconomicsimfMacroeconomics: ProductionimfNational Deficit SurplusimfNeural Networks and Related TopicsimfOutput gapimfPositive Analysis of Policy-Making and ImplementationimfProduction and Operations ManagementimfProductionimfPublic debtimfPublic finance & taxationimfPublic FinanceimfSovereign DebtimfStabilizationimfTreasury PolicyimfCzech RepublicimfFiscal policyEconometric models.Business cyclesEconometric models.Comparative or Joint Analysis of Fiscal and Monetary PolicyDebt ManagementDebtDebts, PublicEconomic theoryFiscal PolicyFiscal policyFiscal rulesFiscal stanceMacroeconomicsMacroeconomics: ProductionNational Deficit SurplusNeural Networks and Related TopicsOutput gapPositive Analysis of Policy-Making and ImplementationProduction and Operations ManagementProductionPublic debtPublic finance & taxationPublic FinanceSovereign DebtStabilizationTreasury PolicyManasse Paolo118988International Monetary Fund.Fiscal Affairs Dept.DcWaIMFBOOK9910972477603321Procyclical Fiscal Policy4372033UNINA