| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2503 |
| DP2503 Subjective Discount Factors | |
| Thomas Mariotti; Erzo G J Luttmer | |
| 发表日期 | 2000-07-25 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | Under the Stability and Growth Pact, countries are committed to achieving medium-term budget positions of ?close to balance or in surplus?. The rationale for this commitment is that such budgetary positions would allow for the full working of the built-in stabilizers without triggering the sanction procedures of the Pact. The paper sets out to show how quantifications of the medium-term (?structural?) requirement can accommodate the desired aim and suggests how fiscal measurement and forecasting errors as well as the budgetary effects of ageing may be allowed for. All in all, broadly balanced budgets in the medium term appear to be ?roughly right? for most euro-area countries. Of course, as the cyclical behaviour of the euro-area economy adapts to the new EMU environment, the medium-term targets will need to be re-addressed. |
| 主题 | International Macroeconomics |
| 关键词 | Emu Fiscal policy Budgetary discipline Automatic stabilizers Cyclically-adjusted budget balances Sustainability of public finances |
| URL | https://cepr.org/publications/dp2503 |
| 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/531578 |
| 推荐引用方式 GB/T 7714 | Thomas Mariotti,Erzo G J Luttmer. DP2503 Subjective Discount Factors. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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