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Fair-Value Budgeting: Practical Issues: Working Paper 2021-08

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  • Michael Falkenheim

Abstract

Fair-value budgeting represents a more comprehensive measure of cost for government activities than the measure required under current law. However, fair-value budgeting raises practical questions: Which government activities would benefit from fair-value estimates? How might they be used? How can agencies estimate fair value without observing market prices for government risks? The use of fair value could depend on three criteria:Commitment, whether the government makes commitments that it cannot shed through future legislation;

Suggested Citation

  • Michael Falkenheim, 2021. "Fair-Value Budgeting: Practical Issues: Working Paper 2021-08," Working Papers 57264, Congressional Budget Office.
    • Handle: RePEc:cbo:wpaper:57264
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    File URL: https://www.cbo.gov/system/files/2021-07/57264-Fair-Value-Budgeting.pdf
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    More about this item

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration

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