Front Matter
Author:
Mr. Alejandro D Guerson
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Fiscal Affairs Department

Contents

  • Abstract

  • I. Introduction

  • II. Fiscal Policy Context

  • III. Model Overview

    • A. Key Model Features

    • B. Economy Sectors

  • IV. Calibration

  • V. Policy Simulation: Fiscal Consolidation Instruments

    • Consolidation of Government Investment

    • Consolidation of Government Consumption

    • Consolidation of Government Transfers—General and Targeted

    • Consolidation with Consumption Taxes

    • Consolidation with Corporate Income Taxes

    • Consolidation with Labor Taxes

  • VI. Conclusions

  • References

  • Tables

  • 1. Calibration

  • 2. Trade Matrix

  • 3. Policy Rules

  • 4: Maximum Declines Relative to Baseline after 1 Percent of GDP Consolidation

  • Figures

  • 1. Simplified Presentation of GIMF Sectors 1/

  • 2: Permanent Fiscal Consolidation Using Alternative Fiscal Instruments

  • 3: Impact of 1 Percent of GDP Permanent Fiscal Consolidation on National Accounts

  • 4: Impact of 1 Percent of GDP Permanent Fiscal Consolidation on Inflation, Exchange Rates and Interest Rates

  • Appendixes

  • 1. Dynamic Parameters Calibrations

  • Table A.1. Preferences and Population Related

  • Table A.2. Production, Distribution and Finance

  • Table A.3. Corporate Sector Calibration

  • Collapse
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The Composition of Fiscal Consolidation Matters: Policy Simulations for Hungary
Author:
Mr. Alejandro D Guerson