scholarly journals Determining the fiscal Rule of the Budget Balance for the Iran Economy, Stochastic Dynamic General Balance Approach (DSGE)

2020 ◽  
Vol 28 (95) ◽  
pp. 7-53
Author(s):  
Hossien tavakolian ◽  
◽  
T Mohammadi ◽  
Ebrahim Siami Araghi ◽  
◽  
...  
Keyword(s):  
Stochastic Dynamic ◽  
Budget Balance ◽  
Balance Approach ◽  
Fiscal Rule ◽  
General Balance

Taylor's Fiscal Rule: An Exit to the Stability and Growth Pact Dead-end?

2006 ◽  
Vol 56 (3) ◽  
pp. 323-340 ◽  
Author(s):  
Etienne Farvaque ◽  
Florence Huart ◽  
Clément Vaneecloo
Keyword(s):  
Output Gap ◽  
Stability And Growth Pact ◽  
Budget Balance ◽  
Fiscal Discipline ◽  
Total Budget ◽  
Growth Pact ◽  
Dead End ◽  
Fiscal Rule ◽  
The Stability ◽  
Structural Budget

This study applies Taylor's (2000) proposed fiscal rule to EU-15 countries. We show that such a simple, flexible and transparent fiscal rule, if applied to individual EMU countries, could improve the enforceability of the Stability and Growth Pact. This rule is used to compute the structural budget balance consistent with a total budget position in balance, given national specificities concerning automatic stabilisers and the output gap. It is thus designed for being consistent with both fiscal discipline and flexibility.

scholarly journals The German Debt Brake Approaches for an Improvement of the Technical Design

2020 ◽  
Vol 89 (1) ◽  
pp. 31-44
Author(s):  
Thomas Lenk ◽  
Christian Bender ◽  
Philipp Glinka
Keyword(s):  
Central Element ◽  
Point Of View ◽  
Budget Balance ◽  
Structural Components ◽  
Technical Point ◽  
Debt Brake ◽  
Basic Law ◽  
Production Function Approach ◽  
Fiscal Rule ◽  
The Eu

Summary: This article examines the German debt brake from a technical point of view. By designing the debt brake on the basis of the EU method, it should be possible to achieve an adequate division between the cyclical and structural components of the budget balance, while at the same time pursuing a countercyclical fiscal policy. However, recent studies suggest that the mechanics of the debt brake are of a rather pro-cyclical in nature. This paper focuses on the behavior of the NAWRU – a central element of the production function approach – as well as revisions, which both seem to be a source of a pro-cyclical influence towards the German debt brake. Additionally, reform proposals are outlined which show that a change of the Basic Law is not necessary in order to improve the dynamics of the fiscal rule at hand.

Extended-Range Prediction with Low-Dimensional, Stochastic-Dynamic Models: A Data-driven Approach

2012 ◽  
Author(s):  
Michael Ghil ◽  
Mickael D. Chekroun ◽  
Dmitri Kondrashov ◽  
Michael K. Tippett ◽  
Andrew Robertson ◽  
...  
Keyword(s):  
Dynamic Models ◽  
Data Driven ◽  
Stochastic Dynamic ◽  
Extended Range ◽  
Data Driven Approach ◽  
Low Dimensional
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