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Discretionary Policy versus Non-Discretionary Policy in the Economic Adjustment Process

  • Dinga, Emil

    ()

    (Center for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

  • Ionescu, Cornel

    (Center for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

  • Padurean, Elena

    (Center for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

The study aims to examine the concept of automatic fiscal stabilization in the context of macroeconomic adjustment policies. To this end, first a conceptual distinction between discretionary public adjustment policies and non-discretionary ones is achieved. Second, sufficient and necessary attributes for an automatic fiscal stabilizer are identified and examined, in order to obtain a definition of this instrument. The whole research approach is characterized by a logical and abstract way of thinking, to provide a general and non-contextual result. Finally, a general mechanism of action of automatic fiscal stabilizers is proposed, by introducing the basic concepts of action base and of action rate of such an instrument.

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Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): (2010)
Issue (Month): 4 (December)
Pages: 184-207

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Handle: RePEc:rjr:romjef:v::y:2010:i:4:p:184-207
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  1. Suescun, Rodrigo, 2007. "The size and effectiveness of automatic fiscal stabilizers in Latin America," Policy Research Working Paper Series 4244, The World Bank.
  2. Hiebert, Paul & Pérez, Javier J. & Rostagno, Massimo, 2002. "Debt reduction and automatic stabilisation," Working Paper Series 0189, European Central Bank.
  3. Darrel Cohen & Glenn Follette, 1999. "The automatic fiscal stabilizers: quietly doing their thing," Finance and Economics Discussion Series 1999-64, Board of Governors of the Federal Reserve System (U.S.).
  4. Maria Antoinette Silgoner & Jesús Crespo-Cuaresma & Gerhard Reitschuler, 2003. "The Fiscal Smile; The Effectiveness and Limits of Fiscal Stabilizers," IMF Working Papers 03/182, International Monetary Fund.
  5. Javier Andrés & Rafael Doménech, 2003. "Automatic stabilizers, fiscal rules and macroeconomic stability," Banco de Espa�a Working Papers 0314, Banco de Espa�a.
  6. Alan J. Auerbach, 2002. "Is there a role for discretionary fiscal policy?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 109-150.
  7. Barrell, Ray & Pina, Alvaro M., 2004. "How important are automatic stabilisers in Europe? A stochastic simulation assessment," Economic Modelling, Elsevier, vol. 21(1), pages 1-35, January.
  8. Schabert, Andreas, 2005. "Discretionary policy, multiple equilibria, and monetary instruments," Working Paper Series 0533, European Central Bank.
  9. Alan J. Auerbach & Daniel Feenberg, 2000. "The Significance of Federal Taxes as Automatic Stabilizers," NBER Working Papers 7662, National Bureau of Economic Research, Inc.
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