LEADER 04783oam 22011054 450 001 9910812627503321 005 20200520144314.0 010 $a1-4623-7699-1 010 $a1-4527-5110-2 010 $a1-282-84041-X 010 $a1-4518-6931-2 010 $a9786612840418 035 $a(CKB)3170000000054990 035 $a(EBL)1607805 035 $a(SSID)ssj0000943965 035 $a(PQKBManifestationID)11503314 035 $a(PQKBTitleCode)TC0000943965 035 $a(PQKBWorkID)10982749 035 $a(PQKB)10356343 035 $a(OCoLC)647099025 035 $a(MiAaPQ)EBC1607805 035 $a(IMF)WPIEE2008069 035 $a(IMF)WPIEA2008069 035 $a(EXLCZ)993170000000054990 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAchieving a Soft Landing : $eThe Role of Fiscal Policy /$fDaniel Leigh 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (25 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/69 300 $aDescription based upon print version of record. 311 $a1-4519-1384-2 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Methodology; III. Results: Macroeconomic Effects of Fiscal Policy Tightening; Figures; 1. Domestic Risk Premium and the Debt-to-GDP Ratio; 2. Exogenous Permanent Cut in Public Consumption of 0.5 Percent of GDP; 3. Exogenous Permanent Cut in Public Investment of 0.5 Percent of GDP; IV. Results: Fiscal Policy and Macroeconomic Stability; 4. Private Savings Shock and Strength of Fiscal Policy Response; 5. Markup Shock and Strength of Fiscal Policy Response; 6. Efficiency Frontier: Markup Shock 327 $a7. Efficiency Frontier for Different Monetary Policy Response Parameters8. Temporary Fall in Risk Premium by 100 Basis Points; 9. Risk Premium Shock and Strength of Fiscal Policy Response; V. Conclusions; References 330 3 $aThis paper utilizes an open-economy New Keynesian overlapping generations model to assess the extent to which fiscal policy, along side an inflation-forecast-based monetary policy, could enhance macroeconomic stability in Colombia. The model simulations indicate that, in addition to stabilizing output and inflation, a stronger response of the fiscal balance to excess tax revenue would reduce the burden on the central bank of adjusting interest rates, lessen the associated degree of exchange rate volatility, and contribute to a more stable external current account balance. The analysis also assesses how the success of fiscal policy in enhancing macroeconomic stability depends on the type of shock, the response of monetary policy, and the length of fiscal policy implementation lags. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/069 606 $aFiscal policy$zColombia$xEconometric models 606 $aMonetary policy$zColombia$xEconometric models 606 $aCapacity$2imf 606 $aCapital$2imf 606 $aDeflation$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aFiscal stance$2imf 606 $aInflation$2imf 606 $aIntangible Capital$2imf 606 $aInvestment$2imf 606 $aInvestments: General$2imf 606 $aMacroeconomics$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aReturn on investment$2imf 606 $aRevenue administration$2imf 606 $aRevenue$2imf 606 $aSaving and investment$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 607 $aColombia$2imf 615 0$aFiscal policy$xEconometric models. 615 0$aMonetary policy$xEconometric models. 615 7$aCapacity 615 7$aCapital 615 7$aDeflation 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aFiscal stance 615 7$aInflation 615 7$aIntangible Capital 615 7$aInvestment 615 7$aInvestments: General 615 7$aMacroeconomics 615 7$aPrice Level 615 7$aPrices 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aReturn on investment 615 7$aRevenue administration 615 7$aRevenue 615 7$aSaving and investment 615 7$aTaxation, Subsidies, and Revenue: General 676 $a336.861 700 $aLeigh$b Daniel$01603511 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812627503321 996 $aAchieving a Soft Landing$94122536 997 $aUNINA