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Fiscal Discipline and Rules for Controlling the Deficit: Some Unpleasant Keynesian Arithmetic

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  • Neil Bruce
  • Douglas D. Purvis

Abstract

In this paper we argue that rules are desirable in the conduct of fiscal policy. Since the market does not constrain federal borrowing, policy-imposed constraints are necessary to maintain fiscal prudence. A simple rule such as the annually balanced budget is sufficient for fiscal prudence but is extremely pro-cyclical. We explore the problem of specifying a rule which maintains fiscal prudence and permits counter-cyclical policy.

Suggested Citation

  • Neil Bruce & Douglas D. Purvis, 1983. "Fiscal Discipline and Rules for Controlling the Deficit: Some Unpleasant Keynesian Arithmetic," Working Paper 536, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:536
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    Cited by:

    1. T. A. Wilson, 1985. "Lessons of Resession," Canadian Journal of Economics, Canadian Economics Association, vol. 18(4), pages 693-722, November.

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