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Financial Management White Papers

Deficit Limits, Budget Rules, and Fiscal Policy

Overview The paper presents a simple model for discussing the effects of deficit limits and budget rules on fiscal policy. It is found that limits on deficit-output ratios provide incentives to implement procyclical policies when the economy is in intermediate states, and countercyclical policies only in very "good" and very "bad" economic times. As a result, fiscal "reaction functions" are not monotonically related to the state of the economy. Deficit limits are found to exert discipline only provided the limit is tight and the expected sanction large, albeit at a relatively large welfare cost.

Further White Paper Details
Publisher	International Monetary Fund	File Format	PDF
Date Published	June 2005	Downloads	88
Format	White Papers
Topics	Financial Management, Performance Budgeting and Management

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