Chile’s Structural Fiscal Surplus Rule : : A Model-Based Evaluation / / Michael Kumhof, Douglas Laxton
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| Autore: |
Kumhof Michael
|
| Titolo: |
Chile’s Structural Fiscal Surplus Rule : : A Model-Based Evaluation / / Michael Kumhof, Douglas Laxton
|
| Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2009 |
| Edizione: | 1st ed. |
| Descrizione fisica: | 1 online resource (56 p.) |
| Disciplina: | 332.152 |
| Soggetto topico: | Fiscal policy - Chile |
| Finance, Public - Chile | |
| Cement | |
| Ceramics | |
| Consumption | |
| Copper | |
| Deflation | |
| Economics | |
| Glass | |
| Income economics | |
| Inflation | |
| Investment & securities | |
| Investments: Metals | |
| Labor economics | |
| Labor Economics: General | |
| Labor | |
| Labour | |
| Macroeconomics | |
| Macroeconomics: Consumption | |
| Metals and Metal Products | |
| Price Level | |
| Prices | |
| Public finance & taxation | |
| Public Finance | |
| Revenue administration | |
| Revenue | |
| Saving | |
| Taxation, Subsidies, and Revenue: General | |
| Wealth | |
| 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: | 9786612843082 |
| 9781462347704 | |
| 1462347703 | |
| 9781452725857 | |
| 1452725853 | |
| 9781282843080 | |
| 1282843087 | |
| 9781451872354 | |
| 1451872356 | |
| Formato: | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione: | Inglese |
| Record Nr.: | 9910961807303321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers; Working Paper ; ; No. 2009/088