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Restraining Yourself: Fiscal Rules and Stabilization

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  • Barry J. Eichengreen
  • Tamim Bayoumi

Abstract

State budgets in the United States played a significant macroeconomic role in the 1970s and 1980s, and the level of cyclical responsiveness was affected by the severity of statutory and constitutional fiscal restraints. Moving from no fiscal restraints to the most stringent restraints lowered the fiscal offset to income fluctuations by around 40%. Simulations indicate that a reduction in aggregate fiscal stabilizers of this size could lead to a significant increase in the variance of aggregate output.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 94/82.

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Length: 24
Date of creation: 01 Jul 1994
Date of revision:
Handle: RePEc:imf:imfwpa:94/82

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Cited by:
  1. Anamaria Pieschacon, 2008. "Implementable Fiscal Rules for an Oil-Exporting Small Open Economy Facing Depletion," OxCarre Working Papers 019, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  2. Felicity C Barker & Robert A Buckle & Robert W St Clair, 2008. "Roles of Fiscal Policy in New Zealand," Treasury Working Paper Series 08/02, New Zealand Treasury.
  3. James M. Poterba & Kim S. Rueben, 1997. "State Fiscal Institutions and the U.S. Municipal Bond Market," NBER Working Papers 6237, National Bureau of Economic Research, Inc.
  4. Robert Amano & Don Coletti & Tiff Macklem, 1998. "Monetary rules when economic behaviour changes," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
  5. Lane, Philip R., 2003. "The cyclical behaviour of fiscal policy: evidence from the OECD," Journal of Public Economics, Elsevier, vol. 87(12), pages 2661-2675, December.
  6. Robert Holzmann & Yves Hervé & Roland Demmel, 1996. "The maastricht fiscal criteria: Required but ineffective?," Empirica, Springer, vol. 23(1), pages 25-58, February.

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