Fiscal Policy Dynamics with a Public-Debt Guideline
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.
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|Date of creation:||2001|
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