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Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy1

Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy1 »

Source: Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy

Volume/Issue: 2010/197

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2010

ISBN: 9781455205271

Keywords: Bayesian Analysis, New Keynesian Phillips Curve, Cyclically-Adjusted Balance, Fiscal Stance, Fiscal Impulse, fiscal balance,

This paper employs several econometric techniques to estimate the Armenian output gap. The findings indicate that the output gap is significantly positive in 2007 and 2008 and decreased dramatically in 2009. The pa...

Computing Cyclically-Adjusted Balances and Automatic Stabilizers

Computing Cyclically-Adjusted Balances and Automatic Stabilizers »

Source: Computing Cyclically-Adjusted Balances and Automatic Stabilizers

Volume: 2009

Series: Technical Notes and Manuals

Author(s): Annalisa Fedelino , Mark Horton , and Anna Ivanova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2009

ISBN: 9781462359622

Keywords: fiscal policy, automatic stabilizers, business cycle fluctuations, cyclical adjustment, interest payments, interest, primary balance, fiscal balance

This technical note focuses on computing cyclically adjusted balances and automatic stabilizers. The note provides guidance on how to decompose overall fiscal balances into cyclical and cyclically adjusted componen...

Structural Balance Targeting and Output Gap Uncertainty

Structural Balance Targeting and Output Gap Uncertainty »

Source: Structural Balance Targeting and Output Gap Uncertainty

Volume/Issue: 2014/107

Series: IMF Working Papers

Author(s): Eugen Tereanu , Anita Tuladhar , and Alejandro Simone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2014

ISBN: 9781498305167

Keywords: structural balance, cyclically adjusted balance, budget year, budget preparation, fiscal effort, structural fiscal, General,

Potential output estimation plays a crucial role in conducting fiscal policy based on structural balances. Difficulties in estimating potential output could lead to an erroneous policy stance with a consequent impa...

Boom-Bust Phases in Asset Prices and Fiscal Policy Behavior

Boom-Bust Phases in Asset Prices and Fiscal Policy Behavior »

Source: Boom-Bust Phases in Asset Prices and Fiscal Policy Behavior

Volume/Issue: 2004/54

Series: IMF Working Papers

Author(s): Ludger Schuknecht , and Albert Jaeger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2004

ISBN: 9781451847543

Keywords: Boom-bust cycles, cyclical adjustment, deficit bias, fiscal balances, expenditure, fiscal balance, expenditure growth,

Boom and bust phases in asset prices have become a pervasive feature of macroeconomic developments in many advanced economies. This paper studies fiscal policy during boom-bust phases in asset prices and draws seve...

Absorption Boom and Fiscal Stance

Absorption Boom and Fiscal Stance »

Source: Absorption Boom and Fiscal Stance : What Lies Ahead in Eastern Europe?

Volume/Issue: 2010/97

Series: IMF Working Papers

Author(s): Jesmin Rahman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2010

ISBN: 9781451982749

Keywords: Pro-cyclicality, cyclically-adjusted fiscal balance, expenditure, capital expenditure, social expenditure, National Government Expenditures and Related Policies: General, National Budget, Deficit, and Debt: General,

This paper estimates revenue and expenditure pro-cyclicality with respect to output and domestic absorption in new member states of the European Union and Croatia to assess whether these countries used the boom yea...

When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances

When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances »

Source: When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances

Volume: 11

Series: Technical Notes and Manuals

Author(s): Fabian Bornhorst , Annalisa Fedelino , Jan Gottschalk , and Gabriela Dobrescu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2011

ISBN: 9781475510201

Keywords: Commodity prices, fiscal policy, cyclical adjustment, structural fiscal balance, business cycle fluctuations, asset prices, output composition, output, tax, prices

Technical Notes and Manuals are produced by IMF departments to expand the dissemination of their technical assistance advice. These papers present general advice and guidance, drawn in part from unpublished techni...

Flexible Fiscal Rules and Countercyclical Fiscal Policy1

Flexible Fiscal Rules and Countercyclical Fiscal Policy1 »

Source: Flexible Fiscal Rules and Countercyclical Fiscal Policy

Volume/Issue: 2016/8

Series: IMF Working Papers

Author(s): Martine Guerguil , Pierre Mandon , and Rene Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2016

ISBN: 9781513581460

Keywords: Fiscal Policy Rules, Flexibility, Investment-friendly Rules, Cyclically-adjusted Balance Rules, Propensity Scores-matching, fiscal policy, fiscal rules, public spending, fiscal rule, public investment

This paper assesses the impact of different types of flexible fiscal rules on the procyclicality of fiscal policy with propensity scores-matching techniques, thus mitigating traditional self-selection problems. It...

Automatic Stabilizers and the Size of Government

Automatic Stabilizers and the Size of Government »

Source: Automatic Stabilizers and the Size of Government : Correcting a Common Misunderstanding

Volume/Issue: 2010/155

Series: IMF Working Papers

Author(s): Carlo Cottarelli , and Annalisa Fedelino

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455201389

Keywords: cyclical adjustment, expenditure, fiscal balances, budget balance, public spending, Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General, National Deficit Surplus, National Budget

The size of government is a commonly used variable in many analytical studies on the effects of fiscal policy. An accepted practice is to measure it as the ratio of government spending to GDP. However, this is not...

Policy Coordination in Fiscal Federalism

Policy Coordination in Fiscal Federalism »

Source: Policy Coordination in Fiscal Federalism : Drawing Lessons From the Dubai Debt Crisis

Volume/Issue: 2011/147

Series: IMF Working Papers

Author(s): Serhan Cevik

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

ISBN: 9781455269457

Keywords: cyclically-adjusted budget balance, fiscal federalism, statement of fiscal risks, debt, deficit, budget, public sector, General Outlook and Conditions, Fiscal Policies and Behavior of Economic Agents: General, National Government Expenditures and Related Policies: General

Using the cyclically adjusted non-hydrocarbon primary balance, this paper investigates the evolution of the fiscal policy stance in the United Arab Emirates at consolidated and sub-national levels in the run-up and...

Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy

Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy »

Volume/Issue: 2010/197

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2010

DOI: http://dx.doi.org/10.5089/9781455205271.001

ISBN: 9781455205271

Keywords: Bayesian Analysis, New Keynesian Phillips Curve, Cyclically-Adjusted Balance, Fiscal Stance, Fiscal Impulse, fiscal balance,

This paper employs several econometric techniques to estimate the Armenian output gap. The findings indicate that the output gap is significantly positive in 2007 and 2008 and decreased dramatically in 2009. The pa...