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Measuring Aspects of Fiscal and Financial Policy

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Author Info
Willem H. Buiter

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Abstract

The paper develops a forward-looking comprehensive accounting framework for the public sector.By integrating the public sector budget constraint forward in time the government's present value budget constraint (PVBC) is obtained. In addition to the familiar financial assets and liabilities, comprehensive public sector networth contains the following items: the value of the public sector capital stock; the value of public sector property rights in landand natural resources; the present value of future seigniorage, the present value of future taxes net of transfers and subsidies and the present value of future planned public sector capital formation, privatization or nationalization programmes. From the "stock" PVBC a number of different "flow" deficit concepts are derived; each one emphasizes a different aspect of the"sustainability" of current and/or prospective fiscal and financial plans. Together they provide a framework for organizing facts and plans about fiscal, financial and monetary policy and for evaluating the consistency of spending and revenue projections or scenarios,public sector debt objectives and monetary targets.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1332.

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Date of creation: Apr 1984
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Handle: RePEc:nbr:nberwo:1332

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  1. Blanchard, Olivier J., 1984. "Current and anticipated deficits, interest rates and economic activity," European Economic Review, Elsevier, vol. 25(1), pages 7-27, June. [Downloadable!] (restricted)
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  2. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall. [Downloadable!]
  4. Carmichael, Jeffrey, 1982. "On Barro's Theorem of Debt Neutrality: The Irrelevance of Net Wealth," American Economic Review, American Economic Association, vol. 72(1), pages 202-13, March.
  5. Siegel, Jeremy J, 1979. "Inflation-Induced Distortions in Government and Private Saving Statistics," The Review of Economics and Statistics, MIT Press, vol. 61(1), pages 83-90, February. [Downloadable!] (restricted)
  6. Boskin, Michael J, 1982. "Federal Government Deficits: Some Myths and Realities," American Economic Review, American Economic Association, vol. 72(2), pages 296-303, May. [Downloadable!] (restricted)
  7. Willem H. Buiter, 1982. "Comment on T. J. Sargent and N. Wallace: "Some Unpleasant Monetarist Arithmetic"," NBER Working Papers 0867, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Jump, Gregory V, 1980. "Interest Rates, Inflation Expectations, and Spurious Elements in Measured Real Income and Saving," American Economic Review, American Economic Association, vol. 70(5), pages 990-1004, December. [Downloadable!] (restricted)
  9. Willem H. Buiter & Marcus Miller, 1983. "Changing the Rules: Economic Consequences of the Thatcher Regime," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 14(1983-2), pages 305-380. [Downloadable!]
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