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100   $a20020129d2006      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aOptions for Fiscal Consolidation in the United Kingdom /$fDennis Botman, Keiko Honjo
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (24 p.)
225 1 $aIMF Working Papers
300   $a"March 2006."
311   $a1-4518-6349-7 
320   $aIncludes bibliographical references.
327   $a""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL AND CALIBRATION""; ""III. MACROECONOMIC EFFECTS OF ALTERNATIVE FORMS OF FISCAL CONSOLIDATION""; ""IV. SENSITIVITY ANALYSIS AND FISCAL POLICIES IN THE REST OF THE WORLD""; ""V. COMBINING FISCAL ADJUSTMENT AND TAX REFORM""; ""VI. CONCLUSIONS""; ""REFERENCES""
330 3 $aThis paper examines the macroeconomic effects of different timing and composition of fiscal adjustment in the United Kingdom using the IMF?s Global Fiscal Model. Early consolidation dampens aggregate demand in the short term, but increases output in the long term as smaller primary surpluses are needed as a result of lower interest payments. Reducing government transfers or current government spending provides larger gains than increasing taxes, in particular compared to raising corporate or personal income taxes. We show that these conclusions are robust under alternative behavioral assumptions and parameterizations. A reduction in global saving would make early consolidation more urgent from both cyclical and long-term perspectives. Finally, we show that tax reform aimed at increasing incentives to save could provide support to fiscal consolidation measures.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/089
606   $aFiscal policy$zGreat Britain$xEconometric models
606   $aFinance, Public$zGreat Britain$xEconometric models
606   $aMacroeconomics$2imf
606   $aPersonal Finance -Taxation$2imf
606   $aPublic Finance$2imf
606   $aTaxation$2imf
606   $aPersonal Income and Other Nonbusiness Taxes and Subsidies$2imf
606   $aDebt$2imf
606   $aDebt Management$2imf
606   $aSovereign Debt$2imf
606   $aFiscal Policy$2imf
606   $aNational Government Expenditures and Related Policies: General$2imf
606   $aPublic finance & taxation$2imf
606   $aWelfare & benefit systems$2imf
606   $aPublic debt$2imf
606   $aFiscal consolidation$2imf
606   $aLabor taxes$2imf
606   $aPersonal income tax$2imf
606   $aExpenditure$2imf
606   $aIncome tax$2imf
606   $aDebts, Public$2imf
606   $aFiscal policy$2imf
606   $aExpenditures, Public$2imf
607   $aUnited Kingdom$2imf
615  0$aFiscal policy$xEconometric models.
615  0$aFinance, Public$xEconometric models.
615  7$aMacroeconomics
615  7$aPersonal Finance -Taxation
615  7$aPublic Finance
615  7$aTaxation
615  7$aPersonal Income and Other Nonbusiness Taxes and Subsidies
615  7$aDebt
615  7$aDebt Management
615  7$aSovereign Debt
615  7$aFiscal Policy
615  7$aNational Government Expenditures and Related Policies: General
615  7$aPublic finance & taxation
615  7$aWelfare & benefit systems
615  7$aPublic debt
615  7$aFiscal consolidation
615  7$aLabor taxes
615  7$aPersonal income tax
615  7$aExpenditure
615  7$aIncome tax
615  7$aDebts, Public
615  7$aFiscal policy
615  7$aExpenditures, Public
700   $aBotman$b Dennis$0901784
701   $aHonjo$b Keiko$01558714
712 02$aInternational Monetary Fund.$bEuropean Dept.
712 02$aInternational Monetary Fund.$bFiscal Affairs Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788698203321
996   $aOptions for Fiscal Consolidation in the United Kingdom$93823309
997   $aUNINA