Notes on "A Code for Fiscal Stability"
AbstractThis note comments on two central issues for fiscal policy design in the UK, highlighted in the recent Code for Fiscal Stability' proposed by the new Labour government. The first concerns the merits of the so-called golden rule of public sector investment' -- the proposition that, over the cycle, government borrowing should not exceed government capital formation. The second concerns the case for attempting to construct a more comprehensive balance sheet of public sector assets and liabilities, including tangible public sector assets and certain contingent claims. The two main conclusions are that the golden rule is without merit but that, subject to some important caveats, the construction of a more comprehensive government balance sheet is a worthwhile enterprise.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6522.
Date of creation: Apr 1998
Date of revision:
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Other versions of this item:
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Jerome Creel, 2003. "Ranking Fiscal Policy Rules: the Golden Rule of Public Finance vs. the Stability and Growth Pact," Documents de Travail de l'OFCE 2003-04, Observatoire Francais des Conjonctures Economiques (OFCE).
- repec:idb:brikps:4198 is not listed on IDEAS
- Jerome Creel & Paola Monperrus-Veroni & Francesco Saraceno, 2007. "Has the Golden Rule of Public Finance Made a Difference in the UK ?," Documents de Travail de l'OFCE 2007-13, Observatoire Francais des Conjonctures Economiques (OFCE).
- Rafal Benecki & Jens Hölscher & Mariusz Jarmuzek, 2006.
"Fiscal Transparency and Policy Rules in Poland,"
CASE Network Studies and Analyses
0327, CASE-Center for Social and Economic Research.
- Jeff Huther, 1999. "An Integrated Approach to Government Financial Policy," Treasury Working Paper Series 99/08, New Zealand Treasury.
- Buti, M. & Eijffinger, S.C.W. & Franco, D., 2005.
"The Stability pact Pains: A Forward-Looking Assessment of the Reform Debate,"
2005-101, Tilburg University, Center for Economic Research.
- Buti, Marco & Eijffinger, Sylvester C W & Franco, Daniele, 2005. "The Stability Pact Pains: A Forward-Looking Assessment of the Reform Debate," CEPR Discussion Papers 5216, C.E.P.R. Discussion Papers.
- Philip Arestis & Malcolm Sawyer, 2003.
"The Case for Fiscal Policy,"
General Economics and Teaching
- Creel, Jérôme & Hubert, Paul & Saraceno, Francesco, 2013.
"An assessment of the Stability and Growth Pact reform in a small-scale macro-framework,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 37(8), pages 1567-1580.
- Jerome Creel & Paul Hubert & Francesco Saraceno, 2012. "An assessment of Stability and Growth Pact Reform Proposals in a Small-Scale Macro Framework," Documents de Travail de l'OFCE 2012-04, Observatoire Francais des Conjonctures Economiques (OFCE).
- José Roberto Rodrigues Afonso & Erika Amorim Araújo & Geraldo Biasoto Júnior, 2005. "Fiscal Space and Public Sector Investments in Infrastructure: A Brazilian Case-Study," Discussion Papers 1141, Instituto de Pesquisa Econômica Aplicada - IPEA.
- Köhler-Töglhofer, Walpurga & Prammer, Doris & Diebalek, Leopold, 2006. "Reform of the Stability and Growth Pact," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 78â109.
- Ismihan, Mustafa & Ozkan, F Gulcin, 2007. "Public investment: a remedy or a curse? Examining the Role of Public Investment for Macroeconomic Performance," CEPR Discussion Papers 6139, C.E.P.R. Discussion Papers.
- Jerome Creel & Etienne Farvaque, 2009. "The political economy of balanced-budget rules," Documents de Travail de l'OFCE 2009-06, Observatoire Francais des Conjonctures Economiques (OFCE).
- John Stephenson & Grant Scobie, 2002. "The Economics of Population Ageing," Treasury Working Paper Series 02/04, New Zealand Treasury.
- P R Agénor & D Yilmaz, 2006. "The Tyranny of Rules: Fiscal Discipline, Productive Spending, and Growth," Centre for Growth and Business Cycle Research Discussion Paper Series 73, Economics, The Univeristy of Manchester.
- Paul Hubert & Jérôme Creel & Francesco Saraceno, 2012. "An assessment of stability and growth pact reform proposals in a small-scale macro framework," Sciences Po publications 2012-04, Sciences Po.
- Christian Saint-Etienne, 1999. "Une stratégie européenne de policy-mix pour les années 2000," Revue d'Économie Financière, Programme National Persée, vol. 55(5), pages 37-47.
- Chris Chan & Danny Forwood & Heather Roper & Chris Sayers, 2009. "Public Infrastructure Financing: An International Perspective," Staff Working Papers 0902, Productivity Commission, Government of Australia.
- Alexandru Minea & Patrick Villieu, 2011. "Dette publique, croissance et bien-être : une perspective de long terme," Working Papers halshs-00829647, HAL.
- Ghosh, Sugata & Mourmouras, Iannis A., 2004. "Endogenous growth, welfare and budgetary regimes," Journal of Macroeconomics, Elsevier, vol. 26(4), pages 623-635, December.
- Mintz, Jack M. & Smart, Michael, 2006. "Incentives for public investment under fiscal rules," Policy Research Working Paper Series 3860, The World Bank.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.