Macroeconomic uncertainties, prudent debt targets and fiscal rules:
The sharp rise in debt experienced by most OECD countries raises questions about the prudent debt level countries should target. It also raises questions about the fiscal frameworks needed to reach them and to accommodate cyclical fluctuations along the path towards a prudent debt target. The object...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2015
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1230 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The sharp rise in debt experienced by most OECD countries raises questions about the prudent debt level countries should target. It also raises questions about the fiscal frameworks needed to reach them and to accommodate cyclical fluctuations along the path towards a prudent debt target. The objective of this paper is to define long-run prudent debt targets for OECD countries and country-specific fiscal rules. To this end, a semi-structural macroeconomic model for OECD countries and primary balance reaction functions are estimated. The shocks derived from these estimations are used to assess uncertainties surrounding the development of macroeconomic variables. The model is simulated up to 2040 to derive the prudent debt target for each country and design country-specific fiscal rules. |
| Beschreibung: | 1 Online-Ressource (46 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5jrxv0bf2vmx-en |
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| spelling | Fall, Falilou VerfasserIn aut Macroeconomic uncertainties, prudent debt targets and fiscal rules Falilou, Fall and Jean-Marc, Fournier = Incertitudes macroéconomiques, cibles prudentes d'endettement et règles budgétaires / Falilou, Fall et Jean-Marc, Fournier Incertitudes macroéconomiques, cibles prudentes d'endettement et règles budgétaires Paris OECD Publishing 2015 1 Online-Ressource (46 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1230 The sharp rise in debt experienced by most OECD countries raises questions about the prudent debt level countries should target. It also raises questions about the fiscal frameworks needed to reach them and to accommodate cyclical fluctuations along the path towards a prudent debt target. The objective of this paper is to define long-run prudent debt targets for OECD countries and country-specific fiscal rules. To this end, a semi-structural macroeconomic model for OECD countries and primary balance reaction functions are estimated. The shocks derived from these estimations are used to assess uncertainties surrounding the development of macroeconomic variables. The model is simulated up to 2040 to derive the prudent debt target for each country and design country-specific fiscal rules. Economics Fournier, Jean-Marc MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5jrxv0bf2vmx-en Volltext |
| spellingShingle | Fall, Falilou Macroeconomic uncertainties, prudent debt targets and fiscal rules Economics |
| title | Macroeconomic uncertainties, prudent debt targets and fiscal rules |
| title_alt | Incertitudes macroéconomiques, cibles prudentes d'endettement et règles budgétaires |
| title_auth | Macroeconomic uncertainties, prudent debt targets and fiscal rules |
| title_exact_search | Macroeconomic uncertainties, prudent debt targets and fiscal rules |
| title_full | Macroeconomic uncertainties, prudent debt targets and fiscal rules Falilou, Fall and Jean-Marc, Fournier = Incertitudes macroéconomiques, cibles prudentes d'endettement et règles budgétaires / Falilou, Fall et Jean-Marc, Fournier |
| title_fullStr | Macroeconomic uncertainties, prudent debt targets and fiscal rules Falilou, Fall and Jean-Marc, Fournier = Incertitudes macroéconomiques, cibles prudentes d'endettement et règles budgétaires / Falilou, Fall et Jean-Marc, Fournier |
| title_full_unstemmed | Macroeconomic uncertainties, prudent debt targets and fiscal rules Falilou, Fall and Jean-Marc, Fournier = Incertitudes macroéconomiques, cibles prudentes d'endettement et règles budgétaires / Falilou, Fall et Jean-Marc, Fournier |
| title_short | Macroeconomic uncertainties, prudent debt targets and fiscal rules |
| title_sort | macroeconomic uncertainties prudent debt targets and fiscal rules |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5jrxv0bf2vmx-en |
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