| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1597 |
| DP1597 Economic Integration, Factor Mobility, and Wage Convergence | |
| Gilles Saint-Paul | |
| 发表日期 | 1997-03-27 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | This paper examines the consequences for the sustainability of fiscal policy of imposing restrictive ceilings on deficits and debt. Our theoretical framework is a generalization of the government intertemporal budget constraint which allows for time-varying interest rates, endogenous primary deficits, a finite planning horizon and future policy shifts. We show how published forecasts can be used and we derive a measure of fiscal pressure suitable for the medium term. We find that fiscal policy is not sustainable for most industrialized countries over an infinite horizon, but is sustainable in the medium term in the absence of ceilings. Imposing ceilings, however, generates unsustainability. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal criteria Fiscal policy forecasts Stochastic discount rate Sustainability |
| URL | https://cepr.org/publications/dp1597 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530738 |
| 推荐引用方式 GB/T 7714 | Gilles Saint-Paul. DP1597 Economic Integration, Factor Mobility, and Wage Convergence. 1997. |
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