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Measuring Aspects of Fiscal and Financial Policy

  • Willem H. Buiter

The paper develops a forward-looking comprehensive accounting framework for the public sector.By integrating the public sector budget constraint forward in time the government's present value budget constraint (PVBC) is obtained. In addition to the familiar financial assets and liabilities, comprehensive public sector networth contains the following items: the value of the public sector capital stock; the value of public sector property rights in landand natural resources; the present value of future seigniorage, the present value of future taxes net of transfers and subsidies and the present value of future planned public sector capital formation, privatization or nationalization programmes. From the "stock" PVBC a number of different "flow" deficit concepts are derived; each one emphasizes a different aspect of the"sustainability" of current and/or prospective fiscal and financial plans. Together they provide a framework for organizing facts and plans about fiscal, financial and monetary policy and for evaluating the consistency of spending and revenue projections or scenarios,public sector debt objectives and monetary targets.

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File URL: http://www.nber.org/papers/w1332.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1332.

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Date of creation: Apr 1984
Date of revision:
Handle: RePEc:nbr:nberwo:1332
Note: ITI IFM
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  1. Thomas J. Sargent, 1981. "Stopping moderate inflations: the methods of Poincaré and Thatcher," Working Papers 1, Federal Reserve Bank of Minneapolis.
  2. Willem H. Buiter & Marcus Miller, 1983. "Changing the Rules: Economic Consequences of the Thatcher Regime," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 14(2), pages 305-380.
  3. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  4. Olivier J. Blanchard, 1991. "Current and Anticipated Deficits, Interest Rates and Economic Activity," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 361-390 National Bureau of Economic Research, Inc.
  5. Willem H. Buiter, 1983. "Deficits, Crowding Out and Inflation: The Simple Analytics," NBER Working Papers 1078, National Bureau of Economic Research, Inc.
  6. Siegel, Jeremy J, 1979. "Inflation-Induced Distortions in Government and Private Saving Statistics," The Review of Economics and Statistics, MIT Press, vol. 61(1), pages 83-90, February.
  7. Buiter, Willem H., 1984. "Allocative and Stabilisation Aspects of Budgetary and Financial Policy," CEPR Discussion Papers 2, C.E.P.R. Discussion Papers.
  8. Boskin, Michael J, 1982. "Federal Government Deficits: Some Myths and Realities," American Economic Review, American Economic Association, vol. 72(2), pages 296-303, May.
  9. Willem H. Buiter, 1982. "Comment on T. J. Sargent and N. Wallace: "Some Unpleasant Monetarist Arithmetic"," NBER Working Papers 0867, National Bureau of Economic Research, Inc.
  10. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc.
  11. Carmichael, Jeffrey, 1982. "On Barro's Theorem of Debt Neutrality: The Irrelevance of Net Wealth," American Economic Review, American Economic Association, vol. 72(1), pages 202-13, March.
  12. Jump, Gregory V, 1980. "Interest Rates, Inflation Expectations, and Spurious Elements in Measured Real Income and Saving," American Economic Review, American Economic Association, vol. 70(5), pages 990-1004, December.
  13. Willem H. Buiter, 1983. "The Theory of Optimum Deficits and Debt," NBER Working Papers 1232, National Bureau of Economic Research, Inc.
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