LEADER 03748nam 2200613Ia 450 001 9910452775403321 005 20200520144314.0 010 $a1-4639-8823-0 010 $a1-4639-5149-3 035 $a(CKB)2550000000106145 035 $a(EBL)1606554 035 $a(SSID)ssj0000942153 035 $a(PQKBManifestationID)11502225 035 $a(PQKBTitleCode)TC0000942153 035 $a(PQKBWorkID)10972884 035 $a(PQKB)10775405 035 $a(MiAaPQ)EBC1606554 035 $a(Au-PeEL)EBL1606554 035 $a(CaPaEBR)ebr10566315 035 $a(OCoLC)776151926 035 $a(EXLCZ)992550000000106145 100 $a20130221d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMacroeconomic and welfare costs of U.S. fiscal imbalances$b[electronic resource] /$fprepared by Bertrand Gruss and Jose? L. Torres 210 $a[Washington D.C.] $cInternational Monetary Fund$d[2012] 215 $a1 online resource (37 p.) 225 0 $aIMF working paper ;$vWP/12/38 300 $a"January 2012". 311 $a1-4639-8889-3 311 $a1-4639-3381-9 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. The Model; A. Preferences; B. Occupational Choice; C. Consumer's Problem; D. Entrepreneur's Problem and Financial Intermediation; E. The Government; F. Aggregates; G. Market Clearance; H. Timing of Events; I. Equilibrium; III. Calibration; IV. The Policy Experiments; A. The Delay Scenario; B. The Adjust Scenarios; V. Results; A. The Long-Run Effects; B. The Transitional Dynamics; C. Overall Welfare Cost of Delaying Fiscal Consolidation; VI. Conclutions; Tables; 1. Calibration 327 $a2. Non-Interest Expenditures from the U.S. Federal Government as a percentage of GDP (2007)3. Steady State Comparison; Figures; 1. Projections from CBO alternative scenario, Long Term Budget Outlook of 2011; 2. Primary expenditures in the delay and adjust scenarios; 3. Primary deficit in the delay scenario and CBO's forecasts; 4. CBO's Alternative Fiscal Scenario and the Bowles-Simpson Commission's plan; 4. Differences in the percentage of total wealth held by the top percentiles in the delay and passive adjust scenarios 327 $a5. Discounted sum of utility in steady state by wealth percentiles in delay and passive adjust scenarios6. Model Simulations-Fiscal Variables; 7. Model Simulations-Main Macroeconomic Variables; 8. Share of Entrepreneurs in Economy; 9. Present Discounted Sum of Utility by Deciles; References 330 $aIn this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that failing to address the fiscal imbalances associated with current federal fiscal policies for a prolonged period would result in a significant crowding-out of private investment and a severe drag on growth. Compared to adopting a reform that gradually reduces federal debt to its pre-crisis level, postponing debt stabilization for two decades would entail a permanent output loss of ab 410 0$aIMF Working Papers 606 $aFiscal policy$zUnited States 606 $aBalance of payments$zUnited States 608 $aElectronic books. 615 0$aFiscal policy 615 0$aBalance of payments 700 $aGruss$b Bertrand$0864450 701 $aTorres$b Jose? L$0918976 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910452775403321 996 $aMacroeconomic and welfare costs of U.S. fiscal imbalances$92148154 997 $aUNINA