A Better Budget Rule

Autor/inn/en	Dothan, Michael; Thompson, Fred
Titel	A Better Budget Rule
Quelle	In: Journal of Policy Analysis and Management, 28 (2009) 3, S.463-478 (16 Seiten) PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0276-8739
DOI	10.1002/pam.20441
Schlagwörter	Finance Reform; Financial Policy; Fiscal Capacity; Tax Effort; Expenditures; Budgeting; Tax Rates; Tax Credits; Monetary Systems; Economic Factors; Microeconomics; Debt (Financial); Policy Analysis; Mathematical Models + Suchen Sie Ihr Suchwort? Financial reform; Finanzreform; Fiscal policy; Finanzpolitik; Finanzmittel; Ausgaben; Steuergruppe; Steuerermäßigung; Monetary system; Währungssystem; Ökonomischer Faktor; Mikroökonomie; Politikfeldanalyse; Mathematical model; Mathematisches Modell
Abstract	Debt limits, interest coverage ratios, one-off balanced budget requirements, pay-as-you-go rules, and tax and expenditure limits are among the most important fiscal rules for constraining intertemporal transfers. There is considerable evidence that the least costly and most effective of such rules are those that focus directly on the rate of spending growth, even with their seemingly ad hoc nature and possibilities for circumvention. In this paper, we use optimal control theory and martingale methods to justify a transparent, nonarbitrary rule governing maximum sustainable rate of spending growth, treating the revenue structure of a jurisdiction as a given continuous-time stochastic process. Our results can be used to determine whether a proposed rate of spending growth is sustainable or not. (Contains 1 figure, 1 table, and 9 footnotes.) (As Provided).
Anmerkungen	John Wiley & Sons, Inc. Subscription Department, 111 River Street, Hoboken, NJ 07030-5774. Tel: 800-825-7550; Tel: 201-748-6645; Fax: 201-748-6021; e-mail: subinfo@wiley.com; Web site: http://www3.interscience.wiley.com/browse/?type=JOURNAL
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2017/4/10