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Is the deficit under control? A generational accounting perspective on fiscal policy and labour market trends in Spain

According to the 2001 Spanish budgetary figures, the government deficit is about to disappear. Within a generational accounting framework we analyse if current fiscal policy is also intertemporally balanced. Furthermore, we extend the standard methodology incorporating tax and transfer age profiles by employment status in order to analyse the intertemporal impact of several future employment developments. First, the effect of the reduction in unemployment is disentangled from the effect of fiscal policy reforms during the period 1996-2000. Second, we assess the fiscal effects of an expected future increase in female labour force participation. Finally, we evaluate the impact of a decline in unemployment to the natural rate of unemployment

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Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 27 (2003)
Issue (Month): 2 (May)
Pages: 309-341

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Handle: RePEc:iec:inveco:v:27:y:2003:i:2:p:309-341
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  1. Alan J. Auerbach, 1997. "Quantifying the Current U.S. Fiscal Imbalance," NBER Working Papers 6119, National Bureau of Economic Research, Inc.
  2. Willem H. Buiter, 1996. "Generational Accounts, Aggregate Savings, and Intergenerational Distribution," IMF Working Papers 96/76, International Monetary Fund.
  3. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational accounting: a new approach for understanding the effects of fiscal policy on saving," Working Paper 9107, Federal Reserve Bank of Cleveland.
  4. Holger Bonin & Joan Gil & Concepció Patxot, 2001. "Beyond the Toledo agreement: the intergenerational impact of the Spanish Pension Reform," Spanish Economic Review, Springer, vol. 3(2), pages 111-130.
  5. Raffelhuschen, B., 1999. "Generational Accounting in Europe," Norway; Department of Economics, University of Bergen 196, Department of Economics, University of Bergen.
  6. Holger Bonin & Bernd Raffelhüschen & Jan Walliser, 2000. "Can Immigration Alleviate the Demographic Burden?," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 57(1), pages 1-, September.
  7. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts - A Meaningful Alternative to Deficit Accounting," NBER Working Papers 3589, National Bureau of Economic Research, Inc.
  8. Robert Haveman, 1994. "Should Generational Accounts Replace Public Budgets and Deficits?," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 95-111, Winter.
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