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Fiscal Policy Dynamics with a Public-Debt Guideline

Author

Listed:
  • Hercowitz, Z.
  • Strawczynski, M.

Abstract

This paper analyzes the implications of a cost of deviating upwards from a public-debt/output guideline, as the 0.6 ratio in the Maastricht Treaty, in the context of a fiscal policymaking model. Given a pre-announced timetable for enforcement, the dynamic paths of the tax rate and government spending, which depart from smoothing over time, and the public debt are characterized.

Suggested Citation

  • Hercowitz, Z. & Strawczynski, M., 2001. "Fiscal Policy Dynamics with a Public-Debt Guideline," Papers 2001-1, Tel Aviv.
  • Handle: RePEc:fth:teavfo:2001-1
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    Cited by:

    1. Michel Strawczynski & Joseph Zeira, 2013. "Procyclicality of Fiscal Policy in Emerging Countries: The Cycle is the Trend," Central Banking, Analysis, and Economic Policies Book Series,in: Luis Felipe Céspedes & Jordi Galí (ed.), Fiscal Policy and Macroeconomic Performance, edition 1, volume 17, chapter 11, pages 427-466 Central Bank of Chile.

    More about this item

    Keywords

    PUBLIC DEBT ; TAXATION ; POLICY MAKING;

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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