Cyclical Fiscal Rules for Oil-Exporting Countries:
Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on the...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2013
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Schriftenreihe: | IMF Working Papers
Working Paper No. 13/229 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on the source of oil price fluctuations and the oil exporters' structural characteristics. The output-inflation tradeoff is of particular concern for oil exporters relative to non-oil exporters due to the pass through of oil prices into headline inflation. Fiscal rules are best when coordinated with inflation targeting monetary policy, but are still desirable for fixed exchange rate regimes |
Beschreibung: | 1 Online-Ressource (45 p) |
ISBN: | 1475514018 9781475514018 |
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spelling | Snudden, Stephen Verfasser aut Cyclical Fiscal Rules for Oil-Exporting Countries Snudden, Stephen Washington, D.C International Monetary Fund 2013 1 Online-Ressource (45 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/229 Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on the source of oil price fluctuations and the oil exporters' structural characteristics. The output-inflation tradeoff is of particular concern for oil exporters relative to non-oil exporters due to the pass through of oil prices into headline inflation. Fiscal rules are best when coordinated with inflation targeting monetary policy, but are still desirable for fixed exchange rate regimes Online-Ausg http://elibrary.imf.org/view/IMF001/20885-9781475514018/20885-9781475514018/20885-9781475514018.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Snudden, Stephen Cyclical Fiscal Rules for Oil-Exporting Countries |
title | Cyclical Fiscal Rules for Oil-Exporting Countries |
title_auth | Cyclical Fiscal Rules for Oil-Exporting Countries |
title_exact_search | Cyclical Fiscal Rules for Oil-Exporting Countries |
title_exact_search_txtP | Cyclical Fiscal Rules for Oil-Exporting Countries |
title_full | Cyclical Fiscal Rules for Oil-Exporting Countries Snudden, Stephen |
title_fullStr | Cyclical Fiscal Rules for Oil-Exporting Countries Snudden, Stephen |
title_full_unstemmed | Cyclical Fiscal Rules for Oil-Exporting Countries Snudden, Stephen |
title_short | Cyclical Fiscal Rules for Oil-Exporting Countries |
title_sort | cyclical fiscal rules for oil exporting countries |
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