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Suggestions for a New Set of Fiscal Indicators

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  • Olivier Jean Blanchard

Abstract

There are four sets of questions that fiscal indicators can help answer: (1) Of the changes in the fiscal position, what part is due to changes in the economic environment and what part is due to policy? (2) Can the current course of fiscal policy be sustained, or will the government have to adjust taxes or spending? (3) What is the effect of fiscal policy on activity, through its effects on relative prices, be it the price of labour or the price of capital? (4) What is the macroeconomic impact of fiscal policy, through deficit and debt finance? This paper is one of three in this Working Paper Series, along with those by Chouraqui et al. and Gramlich, in which the assessment of fiscal policy is reconsidered. It argues that no single indicator can give even rough answers to all those questions. It then develops four (sets of) indicators, aimed at answering each of the questions ... Les indicateurs de politique budgétaire sont susceptibles d'apporter des éléments de réponse à quatre séries de questions : (1) Quelle part doit-on attribuer respectivement à l'environnement économique et aux mesures dites "discrétionnaires" dans les variations observées du solde budgétaire ? (2) La politique budgétaire dans sa forme actuelle peut-elle être poursuivie, ou bien les autorités devront-elles procéder à un réajustement des recettes fiscales ou des dépenses publiques ? (3) Quel impact la politique budgétaire exerce-t-elle sur l'activité, par le biais de ses effets sur les prix relatifs, tant du travail que du capital ? (4) Dans quelle mesure le déficit et le financement de la dette publique affectent-ils l'impact de la politique budgétaire ? L'étude qui suit fait partie intégrante de trois contributions sur les méthodes d'évaluation des politiques budgétaires, publiées dans cette série des Documents de Travail de l'OCDE; les deux autres contributions, de Chouraqui et ...

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  • Olivier Jean Blanchard, 1990. "Suggestions for a New Set of Fiscal Indicators," OECD Economics Department Working Papers 79, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:79-en
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    File URL: http://dx.doi.org/10.1787/435618162862
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