Dealing with the dutch disease : fiscal rules and macro-prudential policies

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Abstract: We evaluate from a welfare perspective three policy alternatives frequently proposed to deal with Dutch-disease problems originated from cyclical movements in commodity prices. Namely, fiscal rules for government expenditures, capital controls, and taxes to domestic lending. To this end, w...

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Detalles Bibliográficos
Autores principales: García-Cicco, Javier, Kawamura, Enrique
Otros Autores: Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
Formato: Documento de trabajo
Lenguaje:Inglés
Inglés
Publicado: Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi" 2019
Materias:
POLITICA FISCAL
MACROECONOMIA
POLITICA ECONOMICA
GASTO PUBLICO
Acceso en línea:https://repositorio.uca.edu.ar/handle/123456789/2229
Aporte de:
Repositorio Institucional de la Universidad Católica Argentina (UCA) de Universidad Católica Argentina
id I33-R139123456789-2229
record_format dspace
institution Universidad Católica Argentina
institution_str I-33
repository_str R-139
collection Repositorio Institucional de la Universidad Católica Argentina (UCA)
language Inglés
Inglés
topic POLITICA FISCAL
MACROECONOMIA
POLITICA ECONOMICA
GASTO PUBLICO
spellingShingle POLITICA FISCAL
MACROECONOMIA
POLITICA ECONOMICA
GASTO PUBLICO
García-Cicco, Javier
Kawamura, Enrique
Dealing with the dutch disease : fiscal rules and macro-prudential policies
topic_facet POLITICA FISCAL
MACROECONOMIA
POLITICA ECONOMICA
GASTO PUBLICO
description Abstract: We evaluate from a welfare perspective three policy alternatives frequently proposed to deal with Dutch-disease problems originated from cyclical movements in commodity prices. Namely, fiscal rules for government expenditures, capital controls, and taxes to domestic lending. To this end, we develop a DSGE model of a small open economy with a sectoral decomposition that features three distinctive characteristics: financial frictions, a learning-by-doing externality in the industrial sector, and a fraction of households being non-Ricardian (credit constrained). The first two features induce inefficient relocations after commodity shocks, while the later is relevant to study the role of fiscal rules. We calibrate the model using Chilean data, applying an impulse-response-matching approach. For each of the policy tools, we analyze optimal simple rules from a welfare (Ramsey) perspective, describing how different households rank the several policy alternatives, and studying how each of the models features shape the optimal policy design. A general conclusion of the analysis is that the included Dutch-disease inefficiencies are of limited quantitatively relevance in analyzing the desirability of these policies from a welfare perspective
author2 Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
author_facet Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
García-Cicco, Javier
Kawamura, Enrique
format Documento de trabajo
author García-Cicco, Javier
Kawamura, Enrique
author_sort García-Cicco, Javier
title Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_short Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_full Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_fullStr Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_full_unstemmed Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_sort dealing with the dutch disease : fiscal rules and macro-prudential policies
publisher Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
publishDate 2019
url https://repositorio.uca.edu.ar/handle/123456789/2229
work_keys_str_mv AT garciaciccojavier dealingwiththedutchdiseasefiscalrulesandmacroprudentialpolicies
AT kawamuraenrique dealingwiththedutchdiseasefiscalrulesandmacroprudentialpolicies
bdutipo_str Repositorios
_version_ 1764820526184792065

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