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Autore: |
Kumhof Michael
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Titolo: |
Chile’s Structural Fiscal Surplus Rule : : A Model-Based Evaluation / / Michael Kumhof, Douglas Laxton
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Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2009 |
Descrizione fisica: | 1 online resource (56 p.) |
Soggetto topico: | Fiscal policy - Chile |
Finance, Public - Chile | |
Investments: Metals | |
Inflation | |
Macroeconomics | |
Public Finance | |
Metals and Metal Products | |
Cement | |
Glass | |
Ceramics | |
Macroeconomics: Consumption | |
Saving | |
Wealth | |
Labor Economics: General | |
Price Level | |
Deflation | |
Taxation, Subsidies, and Revenue: General | |
Investment & securities | |
Labour | |
income economics | |
Public finance & taxation | |
Copper | |
Consumption | |
Labor | |
Revenue administration | |
Economics | |
Labor economics | |
Prices | |
Revenue | |
Soggetto geografico: | Chile |
Altri autori: |
LaxtonDouglas
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Note generali: | Description based upon print version of record. |
Nota di bibliografia: | Includes bibliographical references. |
Nota di contenuto: | Contents; 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 |
6. 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 | |
Sommario/riassunto: | The 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. |
Titolo autorizzato: | Chile’s Structural Fiscal Surplus Rule ![]() |
ISBN: | 1-4623-4770-3 |
1-4527-2585-3 | |
9786612843082 | |
1-282-84308-7 | |
1-4518-7235-6 | |
Formato: | Materiale a stampa ![]() |
Livello bibliografico | Monografia |
Lingua di pubblicazione: | Inglese |
Record Nr.: | 9910788338103321 |
Lo trovi qui: | Univ. Federico II |
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