Chile's Structural Fiscal Surplus Rule: A Model-Based Evaluation
The paper analyzes Chile''s structural balance fiscal rule in the face of copper price shocks originating in foreign copper demand. It uses a version of the IMF''s Global Integrated Monetary and Fiscal Model (GIMF) that includes a copper sector. Two results are obtained. First, C...
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| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 09/88 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | The paper analyzes Chile''s structural balance fiscal rule in the face of copper price shocks originating in foreign copper demand. It uses a version of the IMF''s Global Integrated Monetary and Fiscal Model (GIMF) that includes a copper sector. Two results are obtained. First, Chile''s current fiscal rule performs well if the policymaker puts a small weight on output volatility (relative to inflation volatility) in his/her objective function. A more aggressive countercyclical fiscal rule can attain lower output volatility, but there is a trade-off with (somewhat) higher inflation volatility and (much) higher volatility of fiscal variables. Second, given its current stock of government assets, Chile''s adoption of a 0.5% surplus target starting in 2008 is desirable from a business cycle perspective. This is because the earlier 1% target would have required significant further asset accumulation that could only have been accomplished at the expense of greater volatility in fiscal instruments and therefore in GDP |
| Beschreibung: | 1 Online-Ressource (54 p) |
| ISBN: | 1451872356 9781451872354 |
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| id | DE-604.BV048349066 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:35Z |
| institution | BVB |
| isbn | 1451872356 9781451872354 |
| language | English |
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| oclc_num | 1337131584 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
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| physical | 1 Online-Ressource (54 p) |
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| publishDate | 2009 |
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| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Kumhof, Michael Verfasser aut Chile's Structural Fiscal Surplus Rule A Model-Based Evaluation Kumhof, Michael Washington, D.C International Monetary Fund 2009 1 Online-Ressource (54 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/88 The paper analyzes Chile''s structural balance fiscal rule in the face of copper price shocks originating in foreign copper demand. It uses a version of the IMF''s Global Integrated Monetary and Fiscal Model (GIMF) that includes a copper sector. Two results are obtained. First, Chile''s current fiscal rule performs well if the policymaker puts a small weight on output volatility (relative to inflation volatility) in his/her objective function. A more aggressive countercyclical fiscal rule can attain lower output volatility, but there is a trade-off with (somewhat) higher inflation volatility and (much) higher volatility of fiscal variables. Second, given its current stock of government assets, Chile''s adoption of a 0.5% surplus target starting in 2008 is desirable from a business cycle perspective. This is because the earlier 1% target would have required significant further asset accumulation that could only have been accomplished at the expense of greater volatility in fiscal instruments and therefore in GDP Online-Ausg Laxton, Douglas Sonstige oth http://elibrary.imf.org/view/IMF001/10025-9781451872354/10025-9781451872354/10025-9781451872354.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Kumhof, Michael Chile's Structural Fiscal Surplus Rule A Model-Based Evaluation |
| title | Chile's Structural Fiscal Surplus Rule A Model-Based Evaluation |
| title_auth | Chile's Structural Fiscal Surplus Rule A Model-Based Evaluation |
| title_exact_search | Chile's Structural Fiscal Surplus Rule A Model-Based Evaluation |
| title_exact_search_txtP | Chile's Structural Fiscal Surplus Rule A Model-Based Evaluation |
| title_full | Chile's Structural Fiscal Surplus Rule A Model-Based Evaluation Kumhof, Michael |
| title_fullStr | Chile's Structural Fiscal Surplus Rule A Model-Based Evaluation Kumhof, Michael |
| title_full_unstemmed | Chile's Structural Fiscal Surplus Rule A Model-Based Evaluation Kumhof, Michael |
| title_short | Chile's Structural Fiscal Surplus Rule |
| title_sort | chile s structural fiscal surplus rule a model based evaluation |
| title_sub | A Model-Based Evaluation |
| url | http://elibrary.imf.org/view/IMF001/10025-9781451872354/10025-9781451872354/10025-9781451872354.xml |
| work_keys_str_mv | AT kumhofmichael chilesstructuralfiscalsurplusruleamodelbasedevaluation AT laxtondouglas chilesstructuralfiscalsurplusruleamodelbasedevaluation |