LEADER 05529oam 22012134 450 001 9910788337403321 005 20230721045649.0 010 $a1-4623-5981-7 010 $a1-4527-8438-8 010 $a1-4518-7223-2 010 $a9786612842979 010 $a1-282-84297-8 035 $a(CKB)3170000000055240 035 $a(EBL)1608240 035 $a(SSID)ssj0000943063 035 $a(PQKBManifestationID)11503271 035 $a(PQKBTitleCode)TC0000943063 035 $a(PQKBWorkID)10994196 035 $a(PQKB)10205806 035 $a(OCoLC)608248529 035 $a(MiAaPQ)EBC1608240 035 $a(IMF)WPIEE2009076 035 $a(EXLCZ)993170000000055240 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aSimple, Implementable Fiscal Policy Rules /$fMichael Kumhof, Douglas Laxton 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (43 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1658-2 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Literature Survey; III. The Model; A. Households; 1. Infinitely Lived Households; 2. Liquidity Constrained Households; B. Manufacturing; C. Copper Production; D. Distribution; E. Government; 1. Monetary Policy; 2. Fiscal Policy; F. Fiscal Policy Rules; 1. Chile's Structural Surplus Rule; 2. A Tax Revenue Gap Targeting Rule; 3. A Tax Revenue Gap Instrument Rule; G. Shocks; H. Equilibrium and Balance of Payments; I. Computation of Welfare; IV. Calibration; A. Steady State; B. Policy Rules, Adjustment Costs and Shocks; Tables; 1. Key Moments of the Data; V. Results 327 $aA. Monetary RulesB. Impulse Responses; C. Welfare; D. Fiscal Instrument Volatility; E. Welfare - Fiscal Instrument Volatility Efficiency Frontiers; F. Macroeconomic Volatility; G. Other Real Activity Gaps?; H. Openness; I. Alternative Fiscal Instruments; VI. Conclusion; Figures; 1. IRF for Technology Shock; 2. IRF for Investment Shock; 3. IRF for Copper Demand Shock; 4. Welfare for Tax Revenue Gap Rule; 5. Fiscal Instrument Volatility for Tax Revenue Gap Rule; 6. Efficiency Frontiers; 7. Macroeconomic Volatility for Tax Revenue Gap Rule; 8. Openness; 9. Welfare and Fiscal Instruments 327 $a10. Fiscal Volatility for Different Fiscal InstrumentsAppendices; 1. Optimality Conditions of the Model; 2. Welfare Computations; References 330 3 $aThis paper analyzes the scope for systematic rules-based fiscal activism in open economies. Relative to a balanced budget rule, automatic stabilizers significantly improve welfare. But they minimize fiscal instrument volatility rather than business cycle volatility. A more aggressively countercyclical tax revenue gap rule increases welfare gains by around 50 percent, with only modest increases in fiscal instrument volatility. For raw materials revenue gaps the government should let automatic stabilizers work. The best fiscal instruments are targeted transfers, consumption taxes and labor taxes, or, if it enters private utility, government spending. The welfare gains are significantly lower for more open economies. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/076 606 $aFiscal policy 606 $aEconomic policy 606 $aInvestments: Metals$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aFiscal Policy$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aMetals and Metal Products$2imf 606 $aCement$2imf 606 $aGlass$2imf 606 $aCeramics$2imf 606 $aLabor Economics: General$2imf 606 $aPublic finance & taxation$2imf 606 $aInvestment & securities$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aFiscal policy$2imf 606 $aRevenue administration$2imf 606 $aConsumption$2imf 606 $aCopper$2imf 606 $aLabor$2imf 606 $aRevenue$2imf 606 $aEconomics$2imf 606 $aLabor economics$2imf 607 $aChile$2imf 615 0$aFiscal policy. 615 0$aEconomic policy. 615 7$aInvestments: Metals 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aFiscal Policy 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aMetals and Metal Products 615 7$aCement 615 7$aGlass 615 7$aCeramics 615 7$aLabor Economics: General 615 7$aPublic finance & taxation 615 7$aInvestment & securities 615 7$aLabour 615 7$aincome economics 615 7$aFiscal policy 615 7$aRevenue administration 615 7$aConsumption 615 7$aCopper 615 7$aLabor 615 7$aRevenue 615 7$aEconomics 615 7$aLabor economics 700 $aKumhof$b Michael$01472664 701 $aLaxton$b Douglas$01462103 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788337403321 996 $aSimple, Implementable Fiscal Policy Rules$93685579 997 $aUNINA LEADER 00997nas 2200313 a 450 001 9910145998203321 005 20240413014146.0 035 $a(OCoLC)38734048 035 $a(CKB)1000000000429719 035 $a(CONSER) 2001230961 035 $a(EXLCZ)991000000000429719 100 $a19980317a19979999 sa 101 0 $aeng 135 $aurmn|||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aSmall farm digest 210 $aWashington, DC $cCooperative State Research, Education, and Extension Service, U.S. Dept. of Agriculture$d[1997]- 300 $aTitle from caption. 300 $aNot distributed to depository libraries in physical form, 2001- 517 1 $aSFD 606 $aFarms, Small$vPeriodicals 615 0$aFarms, Small 712 02$aUnited States.$bCooperative State Research, Education, and Extension Service. 906 $aJOURNAL 912 $a9910145998203321 996 $aSmall farm digest$92061472 997 $aUNINA