Series: IMF Working Papers
Author(s): Ludger Schuknecht , and Albert Jaeger
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 April 2004
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...