财政稳定规则#

IF 1.3 3区经济学 Q3 ECONOMICS

Journal of Macroeconomics Pub Date : 2023-09-01 DOI:10.1016/j.jmacro.2023.103528

Hovick Shahnazarian

{"title":"财政稳定规则#","authors":"Hovick Shahnazarian","doi":"10.1016/j.jmacro.2023.103528","DOIUrl":null,"url":null,"abstract":"<div><p>The optimal fiscal stabilization rule presented in this paper is derived from a loss function where the government is assumed to keep the structural balance close to its target level and simultaneously stabilize the GDP and inflation gaps. The rule yields the size of the discretionary stabilization measures needed, in addition to automatic stabilizers, to be able to stabilize the business cycle, without compromising the sustainability of public finances. Using this policy rule and a first-order Taylor expansion of the fiscal balance, we decompose the automatic stabilizers and the discretionary fiscal policy conditional on business cycle conditions.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":1.3000,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Fiscal stabilization rule\",\"authors\":\"Hovick Shahnazarian\",\"doi\":\"10.1016/j.jmacro.2023.103528\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>The optimal fiscal stabilization rule presented in this paper is derived from a loss function where the government is assumed to keep the structural balance close to its target level and simultaneously stabilize the GDP and inflation gaps. The rule yields the size of the discretionary stabilization measures needed, in addition to automatic stabilizers, to be able to stabilize the business cycle, without compromising the sustainability of public finances. Using this policy rule and a first-order Taylor expansion of the fiscal balance, we decompose the automatic stabilizers and the discretionary fiscal policy conditional on business cycle conditions.</p></div>\",\"PeriodicalId\":47863,\"journal\":{\"name\":\"Journal of Macroeconomics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.3000,\"publicationDate\":\"2023-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Macroeconomics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0164070423000289\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Macroeconomics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0164070423000289","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

本文提出的最优财政稳定规则是由一个损失函数推导而来的，该损失函数假设政府保持结构性平衡接近其目标水平，同时稳定GDP和通胀缺口。除了自动稳定器之外，该规则还提供了能够在不损害公共财政可持续性的情况下稳定商业周期所需的自由裁量稳定措施的规模。利用这一政策规则和财政平衡的一阶泰勒展开式，我们分解了经济周期条件下的自动稳定器和自由裁量财政政策。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Fiscal stabilization rule

The optimal fiscal stabilization rule presented in this paper is derived from a loss function where the government is assumed to keep the structural balance close to its target level and simultaneously stabilize the GDP and inflation gaps. The rule yields the size of the discretionary stabilization measures needed, in addition to automatic stabilizers, to be able to stabilize the business cycle, without compromising the sustainability of public finances. Using this policy rule and a first-order Taylor expansion of the fiscal balance, we decompose the automatic stabilizers and the discretionary fiscal policy conditional on business cycle conditions.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Macroeconomics ECONOMICS-

CiteScore

2.50

自引率

7.10%

发文量

审稿时长

76 days

期刊介绍： Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.