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El carácter procíclico de la política fiscal: notas sobre la ley de prudencia y transparencia fiscal


  • Félix Jiménez

    (Pontificia Universidad Católica del Perú - Departamento de economía)


This paper is aimed to describe the basic limitations of the current fiscal responsibility law to deal with the economic recession due to its pro cyclical character. Section 2 contains a theoretical model, which relates the aggregate demand to the pro cyclical fiscal rule. Two cases of static comparative analysis are developed in section 3: external shock and monetary policy shock; and the possibility of a fiscal and monetary policy mix to reactivate the economy is also analyzed. In section 4 contains the empirical evidence of the fiscal policy character in the last decade. Finally, a brief review on the application of the fiscal rules experiences is developed in the last section, and some changes on the law are suggested in order to make it more credible and efficient for public budget management.

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  • Félix Jiménez, 2003. "El carácter procíclico de la política fiscal: notas sobre la ley de prudencia y transparencia fiscal," Revista Economía, Fondo Editorial - Pontificia Universidad Católica del Perú, issue 51-52, pages 101-140.
  • Handle: RePEc:pcp:pucrev:y:2005:i:51-52:p:101-140

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    1. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
    2. Granger, C. W. J. & Newbold, Paul, 1986. "Forecasting Economic Time Series," Elsevier Monographs, Elsevier, edition 2, number 9780122951831 edited by Shell, Karl.
    3. Adolfo Figueroa, 1991. "Transformación en la Agricultura de América Latina: Capitalismo y Campesinado," Capítulos de Libros PUCP / Chapters of PUCP books,in: La agricultura latinoamericana: crisis, transformaciones y perspectivas, edition 1 Fondo Editorial - Pontificia Universidad Católica del Perú.
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