1 option
A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms / Andres Velasco.
- Format:
- Book
- Author/Creator:
- Velasco, Andres.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w6336.
- NBER working paper series no. w6336
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1997.
- Summary:
- This paper develops a political-economic model of fiscal policy one in which" government resources are a common property' out of which interest groups can finance" expenditures on their preferred items. This setup has striking macroeconomic implications. " First, fiscal deficits and debt accumulation occur even when there are no reasons for intertemporal smoothing. Second deficits can be eliminated through a fiscal reform, but such a reform may only take place after a" delay during which government debt is built up.
- Notes:
- December 1997.
- Print version record
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