Procyclical Fiscal Policy: Shocks, Rules, and Institutions: A View From Mars
This paper assesses the roles of shocks, rules, and institutions as possible sources of procyclicality in fiscal policy. By employing parametric and nonparametric techniques, I reach the following four main conclusions. First, policymakers'' reactions to the business cycle is different dep...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2006
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 06/27 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper assesses the roles of shocks, rules, and institutions as possible sources of procyclicality in fiscal policy. By employing parametric and nonparametric techniques, I reach the following four main conclusions. First, policymakers'' reactions to the business cycle is different depending on the state of the economy-fiscal policy is ""acyclical"" during economic bad times, while it is largely procyclical during good times. Second, fiscal rules and fiscal responsibility laws tend to reduce the deficit bias on average, and seem to enhance, rather than to weaken, countercyclical policy. However, the evidence also suggests that fiscal frameworks do not exert independent effects when the quality of institutions is accounted for. Third, strong institutions are associated to a lower deficit bias, but their effect on procyclicality is different in good and bad times, and it is subject to decreasing returns. Fourth, unlike developed countries, fiscal policy in developing countries is procyclical even during (moderate) recessions; in ""good times,"" however, fiscal policy is actually more procyclical in developed economies |
| Beschreibung: | 1 Online-Ressource (41 p) |
| ISBN: | 1451862873 9781451862874 |
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| index_date | 2024-07-03T20:13:28Z |
| indexdate | 2024-07-10T09:35:36Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Manasse, Paolo Verfasser aut Procyclical Fiscal Policy Shocks, Rules, and Institutions: A View From Mars Manasse, Paolo Washington, D.C International Monetary Fund 2006 1 Online-Ressource (41 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 06/27 This paper assesses the roles of shocks, rules, and institutions as possible sources of procyclicality in fiscal policy. By employing parametric and nonparametric techniques, I reach the following four main conclusions. First, policymakers'' reactions to the business cycle is different depending on the state of the economy-fiscal policy is ""acyclical"" during economic bad times, while it is largely procyclical during good times. Second, fiscal rules and fiscal responsibility laws tend to reduce the deficit bias on average, and seem to enhance, rather than to weaken, countercyclical policy. However, the evidence also suggests that fiscal frameworks do not exert independent effects when the quality of institutions is accounted for. Third, strong institutions are associated to a lower deficit bias, but their effect on procyclicality is different in good and bad times, and it is subject to decreasing returns. Fourth, unlike developed countries, fiscal policy in developing countries is procyclical even during (moderate) recessions; in ""good times,"" however, fiscal policy is actually more procyclical in developed economies Online-Ausg http://elibrary.imf.org/view/IMF001/05443-9781451862874/05443-9781451862874/05443-9781451862874.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Manasse, Paolo Procyclical Fiscal Policy Shocks, Rules, and Institutions: A View From Mars |
| title | Procyclical Fiscal Policy Shocks, Rules, and Institutions: A View From Mars |
| title_auth | Procyclical Fiscal Policy Shocks, Rules, and Institutions: A View From Mars |
| title_exact_search | Procyclical Fiscal Policy Shocks, Rules, and Institutions: A View From Mars |
| title_exact_search_txtP | Procyclical Fiscal Policy Shocks, Rules, and Institutions: A View From Mars |
| title_full | Procyclical Fiscal Policy Shocks, Rules, and Institutions: A View From Mars Manasse, Paolo |
| title_fullStr | Procyclical Fiscal Policy Shocks, Rules, and Institutions: A View From Mars Manasse, Paolo |
| title_full_unstemmed | Procyclical Fiscal Policy Shocks, Rules, and Institutions: A View From Mars Manasse, Paolo |
| title_short | Procyclical Fiscal Policy |
| title_sort | procyclical fiscal policy shocks rules and institutions a view from mars |
| title_sub | Shocks, Rules, and Institutions: A View From Mars |
| url | http://elibrary.imf.org/view/IMF001/05443-9781451862874/05443-9781451862874/05443-9781451862874.xml |
| work_keys_str_mv | AT manassepaolo procyclicalfiscalpolicyshocksrulesandinstitutionsaviewfrommars |