LEADER 05535oam 22012374 450 001 9910788338103321 005 20230721045620.0 010 $a1-4623-4770-3 010 $a1-4527-2585-3 010 $a9786612843082 010 $a1-282-84308-7 010 $a1-4518-7235-6 035 $a(CKB)3170000000055235 035 $a(EBL)1608236 035 $a(SSID)ssj0000940086 035 $a(PQKBManifestationID)11576138 035 $a(PQKBTitleCode)TC0000940086 035 $a(PQKBWorkID)10946363 035 $a(PQKB)10711506 035 $a(OCoLC)466422400 035 $a(MiAaPQ)EBC1608236 035 $a(IMF)WPIEE2009088 035 $a(EXLCZ)993170000000055235 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aChile?s Structural Fiscal Surplus Rule : $eA Model-Based Evaluation /$fMichael Kumhof, Douglas Laxton 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (56 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1670-1 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. The Model; Figures; 1. Goods and Factor Flows in GIMF; A. Overlapping Generations Households; B. Liquidity Constrained Households; C. Manufacturers; D. Copper Producers; E. Unions; F. Import Agents; G. Distributors; H. Retailers; I. Government; J. Equilibrium and Balance of Payments; III. Calibration; IV. Choice of Countercyclical Coefficients; Tables; 1. Fiscal Policy Rules and Macroeconomic Volatility; 2. Policy Efficiency Frontiers; V. Choice of Surplus Target; 3. SFS Rule - Survey; 4. SFS Rule - Fiscal Accounts; 5. Balanced Budget Rule - Survey 327 $a6. Balanced Budget Rule - Fiscal Accounts7. Aggressive Countercyclical Rule - Survey; 8. Aggressive Countercyclical Rule - Fiscal Accounts; 9. Surplus Target Shock - Survey; 10. Surplus Target Shock - Fiscal; VI. Summary; References; Appendices; 1. Population Growth; 2. Optimality Conditions for OLG Households; 3. Consumption and Wealth; 4. Optimality for Manufacturing Firms 330 3 $aThe paper analyzes Chile's structural balance fiscal rule in the face of copper price shocks originating in foreign copper demand. It uses a version of the IMF's Global Integrated Monetary and Fiscal Model (GIMF) that includes a copper sector. Two results are obtained. First, Chile's current fiscal rule performs well if the policymaker puts a small weight on output volatility (relative to inflation volatility) in his/her objective function. A more aggressive countercyclical fiscal rule can attain lower output volatility, but there is a trade-off with (somewhat) higher inflation volatility and (much) higher volatility of fiscal variables. Second, given its current stock of government assets, Chile's adoption of a 0.5% surplus target starting in 2008 is desirable from a business cycle perspective. This is because the earlier 1% target would have required significant further asset accumulation that could only have been accomplished at the expense of greater volatility in fiscal instruments and therefore in GDP. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/088 606 $aFiscal policy$zChile 606 $aFinance, Public$zChile 606 $aInvestments: Metals$2imf 606 $aInflation$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aMetals and Metal Products$2imf 606 $aCement$2imf 606 $aGlass$2imf 606 $aCeramics$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aLabor Economics: General$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aInvestment & securities$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aPublic finance & taxation$2imf 606 $aCopper$2imf 606 $aConsumption$2imf 606 $aLabor$2imf 606 $aRevenue administration$2imf 606 $aEconomics$2imf 606 $aLabor economics$2imf 606 $aPrices$2imf 606 $aRevenue$2imf 607 $aChile$2imf 615 0$aFiscal policy 615 0$aFinance, Public 615 7$aInvestments: Metals 615 7$aInflation 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aMetals and Metal Products 615 7$aCement 615 7$aGlass 615 7$aCeramics 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aLabor Economics: General 615 7$aPrice Level 615 7$aDeflation 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aInvestment & securities 615 7$aLabour 615 7$aincome economics 615 7$aPublic finance & taxation 615 7$aCopper 615 7$aConsumption 615 7$aLabor 615 7$aRevenue administration 615 7$aEconomics 615 7$aLabor economics 615 7$aPrices 615 7$aRevenue 700 $aKumhof$b Michael$01472664 701 $aLaxton$b Douglas$01462103 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788338103321 996 $aChile?s Structural Fiscal Surplus Rule$93685586 997 $aUNINA