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Indicators of Fiscal Policy: A Re-Examination

  • Jean-Claude Chouraqui
  • Robert P. Hagemann
  • Nicola Sartor

During the past decade, the formulation of fiscal policy has been increasingly founded on medium-term considerations associated with public debt and economic efficiency. In this regard, this paper, and the ones by Olivier Blanchard and Edward Gramlich in the same Working Paper Series, considers the implications of this development for the overall appraisal of fiscal policy in OECD countries. The paper begins with a review of the existing measure of discretionary change in budget positions and proposes refinements to it. The paper then introduces and illustrates several new indicators designed to help assess the sustainability of policies in the short- and medium-run and their first-round impacts on aggregate demand ... Au cours de la dernière décennie, la formulation des politiques budgétaires a reposé de façon croissante sur des considérations à moyen terme prenant en compte l'endettement du secteur public et le souci d'efficacité économique. A cet égard, cette étude, ainsi que celles d'Olivier Blanchard et d'Edward Gramlich qui paraissent dans cette même série des Documents de Travail de l'OCDE, examine les conséquences qu'une telle évolution implique pour l'appréciation globale des politiques budgétaires menées dans les pays Membres de l'OCDE. L'étude commence par un rappel des méthodes visant à mesurer la part attribuable à l'action des pouvoirs publics dans les variations de soldes budgétaires, et suggère d'y apporter certaines améliorations. Elle présente ensuite un certain nombre d'indicateurs nouveaux permettant d'évaluer, d'une part, le caractère soutenable ou non dans le court et moyen terme des politiques suivies et, d'autre part, les effets immédiats de ces politiques sur la demande ...

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Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 78.

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Date of creation: Apr 1990
Date of revision:
Handle: RePEc:oec:ecoaaa:78-en
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