dc.contributor.author | Iacono, Roberto | |
dc.date.accessioned | 2017-11-10T14:49:39Z | |
dc.date.available | 2017-11-10T14:49:39Z | |
dc.date.created | 2017-09-15T12:42:04Z | |
dc.date.issued | 2017 | |
dc.identifier.citation | Economic Analysis and Policy. 2017, 55 179-193. | nb_NO |
dc.identifier.issn | 0313-5926 | |
dc.identifier.uri | http://hdl.handle.net/11250/2465612 | |
dc.description.abstract | This paper produces a normative evaluation of fiscal rules for a resource-rich economy. Ad hoc fiscal rules might imply substantial welfare costs; the goal is to analyze the magnitude of these costs by quantitatively evaluating the relative welfare sub-optimality of these rules. I posit a closed form solution for the infinite horizon consumption problem of the planner of a resource-rich economy with resource price uncertainty and precautionary saving. The model is subsequently calibrated and simulated to provide a welfare-based comparison between the fiscal rules based on the Permanent Income Hypothesis and on the ad hoc Bird-in-Hand policy. The results of the simulation indicate the presence of a positive and substantial welfare loss suffered from switching to the Bird-in-Hand rule. This result is shown to be robust under different parameterizations. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Elsevier | nb_NO |
dc.title | A comparison of fiscal rules for resource-rich economies | nb_NO |
dc.type | Journal article | nb_NO |
dc.description.version | submittedVersion | nb_NO |
dc.source.pagenumber | 179-193 | nb_NO |
dc.source.volume | 55 | nb_NO |
dc.source.journal | Economic Analysis and Policy | nb_NO |
dc.identifier.doi | 10.1016/j.eap.2017.05.004 | |
dc.identifier.cristin | 1494084 | |
dc.description.localcode | This is a submitted manuscript of an article published by Elsevier Ltd in Economic Analysis and Policy, 26 May 2017. | nb_NO |
cristin.unitcode | 194,67,30,0 | |
cristin.unitcode | 194,67,20,0 | |
cristin.unitname | Institutt for samfunnsøkonomi | |
cristin.unitname | Institutt for sosialt arbeid og helsevitenskap | |
cristin.ispublished | true | |
cristin.fulltext | preprint | |
cristin.qualitycode | 1 | |