Reglas fiscales y ciclos económico. Ventajas e inconvenientes fiscales en la perspectiva de los fines y la efectividad de la política fiscal y experiencia en EE.UU

In this article the author studies the advantages and disadvantages of the adoption of fiscal rules as compared to the application of a discretionary fiscal policy. The analysis starts with the identification of the main purposes of fiscal policy and the author then examines in what degree fiscal rules favour the attainment of such purposes, concentrating fundamentally on the stabilisation of cyclical fluctuations. The author also analyses the degree of efficiency of fiscal policy in terms of reducing the oscillations of the economic cycle, the emergence of undesired system biases and other institutional aspects inherent to the application of a discretionary fiscal policy, as well as the expansive effects of a restrictive fiscal policy. On that basis, the author also presents some of the main advantages of the introduction of fiscal rules that limit the discretionary performance in fiscal policy. He than also indicates the most outstanding criticisms received by this instrument in present times, with special attention being paid to the existing interaction between fiscal rules and the controlling of cyclical fluctuations. The author finally also effects a brief revision of the USA experience in the application of fiscal rules, which illustrates some of the aspects treated theoretically and allows us extract certain lessons for the design and application of fiscal rules in the future.