Good, Bad Or Ugly?: On the Effects of Fiscal Rules with Creative Accounting
Center for German and European Studies, University of California, 1998 - Accounting - 32 pages
The International Monetary Fund (IMF) presents the full text of an article entitled "Good, Bad or Ugly? On the Effects of Fiscal Rules with Creative Accounting," by Gian Maria Milesi-Ferretti and published October 2000. The article discusses a model that studies the effects on fiscal policy of different fiscal rules, separating structural from cyclical effects, and how these effects depend on the degree of transparency of the budget.
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Appendix assumptions balanced budget rule Barro budget deficit budget surplus budget to shocks budget transparency clearly creative accounting cyclical response cyclical shocks deficit bias deficit is given Deficits and Government degree of transparency desirable response desired by private discount discretionary fiscal policy European Studies example excess spending bias expected value terms fiscal adjustment fiscal deficits fiscal imbalances fiscal rules German and European Germany Gian Maria government is myopic government spending History intertemporal budget constraint level of spending loss function margin for creative meet the rule myopic government optimal rule outcomes Paper policy to deviate Political Economy Political Science private agents Proposition public debt response to shocks Roubini rule on spending Rules with Creative social planner spending G spending rule Tabellini 1990 tax and expenditure taxes and spending transparency implies UC Berkeley UC Irvine UC Los Angeles UC San Diego UC Santa Barbara UC Santa Cruz University window dressing