Chile’s Structural Fiscal Surplus Rule : : A Model-Based Evaluation / / Michael Kumhof, Douglas Laxton

• Autore: Kumhof Michael
• 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
• 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
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/088