LEADER 04955oam 22011534 450 001 9910817304103321 005 20200520144314.0 010 $a1-4623-2862-8 010 $a1-4519-9845-7 010 $a1-283-51602-0 010 $a1-4519-0823-7 010 $a9786613828477 035 $a(CKB)3360000000443774 035 $a(EBL)3014359 035 $a(SSID)ssj0000943022 035 $a(PQKBManifestationID)11505581 035 $a(PQKBTitleCode)TC0000943022 035 $a(PQKBWorkID)10975308 035 $a(PQKB)10069329 035 $a(OCoLC)712989253 035 $a(MiAaPQ)EBC3014359 035 $a(IMF)WPIEE2006027 035 $a(IMF)WPIEA2006027 035 $a(EXLCZ)993360000000443774 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aProcyclical Fiscal Policy : $eShocks, Rules, and Institutions: A View From Mars /$fPaolo Manasse 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (41 p.) 225 1 $aIMF Working Papers 300 $a"January 2006." 311 $a1-4518-6287-3 320 $aIncludes bibliographical references (p. 36-39). 327 $a""Contents""; ""I. INTRODUCTION""; ""II. REVIEW OF THE LITERATURE""; ""III. METHODOLOGY""; ""IV. THE DATA""; ""V. ESTIMATION RESULTS""; ""VI. CONCLUSIONS""; ""References"" 330 3 $aThis paper assesses the roles of shocks, rules, and institutions as possible sources of procyclicality in fiscal policy. By employing parametric and nonparametric techniques, I reach the following four main conclusions. First, policymakers' reactions to the business cycle is different depending on the state of the economy-fiscal policy is "acyclical" during economic bad times, while it is largely procyclical during good times. Second, fiscal rules and fiscal responsibility laws tend to reduce the deficit bias on average, and seem to enhance, rather than to weaken, countercyclical policy. However, the evidence also suggests that fiscal frameworks do not exert independent effects when the quality of institutions is accounted for. Third, strong institutions are associated to a lower deficit bias, but their effect on procyclicality is different in good and bad times, and it is subject to decreasing returns. Fourth, unlike developed countries, fiscal policy in developing countries is procyclical even during (moderate) recessions; in "good times," however, fiscal policy is actually more procyclical in developed economies. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/027 606 $aFiscal policy$xEconometric models 606 $aBusiness cycles$xEconometric models 606 $aComparative or Joint Analysis of Fiscal and Monetary Policy$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aEconomic theory$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aFiscal rules$2imf 606 $aFiscal stance$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Production$2imf 606 $aNational Deficit Surplus$2imf 606 $aNeural Networks and Related Topics$2imf 606 $aOutput gap$2imf 606 $aPositive Analysis of Policy-Making and Implementation$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSovereign Debt$2imf 606 $aStabilization$2imf 606 $aTreasury Policy$2imf 607 $aCzech Republic$2imf 615 0$aFiscal policy$xEconometric models. 615 0$aBusiness cycles$xEconometric models. 615 7$aComparative or Joint Analysis of Fiscal and Monetary Policy 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aEconomic theory 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aFiscal rules 615 7$aFiscal stance 615 7$aMacroeconomics 615 7$aMacroeconomics: Production 615 7$aNational Deficit Surplus 615 7$aNeural Networks and Related Topics 615 7$aOutput gap 615 7$aPositive Analysis of Policy-Making and Implementation 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSovereign Debt 615 7$aStabilization 615 7$aTreasury Policy 700 $aManasse$b Paolo$0118988 712 02$aInternational Monetary Fund.$bFiscal Affairs Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910817304103321 996 $aProcyclical Fiscal Policy$93937825 997 $aUNINA