A model of endogenous fiscal deficits and delayed fiscal reforms
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Author
Contributions
- National Bureau of Economic Research. - Contributor
Publication
1997 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
7,750 words, Guess
Page Count
31 pages
Identifiers
- OCLC Control Number38469235
- Open LibraryOL22404083M
Description
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.
Subjects
Topics
Series Statement
- NBER working paper series -- working paper 6336
- Working paper series (National Bureau of Economic Research) -- working paper no. 6336.
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