LEADER 04732oam 22011054 450 001 9910788698203321 005 20230828235749.0 010 $a1-4623-5283-9 010 $a1-4527-5014-9 010 $a1-283-51613-6 010 $a1-4519-0884-9 010 $a9786613828583 035 $a(CKB)3360000000443785 035 $a(EBL)3014365 035 $a(SSID)ssj0000942999 035 $a(PQKBManifestationID)11523872 035 $a(PQKBTitleCode)TC0000942999 035 $a(PQKBWorkID)10974966 035 $a(PQKB)10303033 035 $a(OCoLC)712989255 035 $a(MiAaPQ)EBC3014365 035 $a(IMF)WPIEE2006089 035 $a(EXLCZ)993360000000443785 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