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

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Abstract: This paper evaluates from a welfare perspective three policy alternatives for dealing with Dutch disease problems originating from cyclical movements in commodity prices: fiscal rules for government expenditures, capital controls, and taxes on domestic lending. A DSGE model of a small open...

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Autores principales: García-Cicco, Javier, Kawamura, Enrique
Formato: Artículo
Lenguaje:Inglés
Inglés
Publicado: Inter American Development Bank Working Paper 2019
Materias:
POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
Acceso en línea:https://repositorio.uca.edu.ar/handle/123456789/2326
Aporte de:
Repositorio Institucional de la Universidad Católica Argentina (UCA) de Universidad Católica Argentina
id I33-R139123456789-2326
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
POLITICA ECONOMICA
MERCADO DE CAPITALES
spellingShingle POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
García-Cicco, Javier
Kawamura, Enrique
Dealing with the dutch disease : fiscal rules and macro-prudential policies
topic_facet POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
description Abstract: This paper evaluates from a welfare perspective three policy alternatives for dealing with Dutch disease problems originating from cyclical movements in commodity prices: fiscal rules for government expenditures, capital controls, and taxes on domestic lending. A DSGE model of a small open economy is developed, 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 model is calibrated using Chilean data. For each policy tool, optimal simple rules are analyzed from a welfare (Ramsey) perspective, describing how different households rank the several policy alternatives, and studying how each of the models features shapes the optimal policy design. A general conclusion of the analysis is that the included Dutch disease inefficiencies are of quantitatively limited relevance in analyzing the desirability of these policies from a welfare perspective.
format Artículo
author García-Cicco, Javier
Kawamura, Enrique
author_facet 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 Inter American Development Bank Working Paper
publishDate 2019
url https://repositorio.uca.edu.ar/handle/123456789/2326
work_keys_str_mv AT garciaciccojavier dealingwiththedutchdiseasefiscalrulesandmacroprudentialpolicies
AT kawamuraenrique dealingwiththedutchdiseasefiscalrulesandmacroprudentialpolicies
bdutipo_str Repositorios
_version_ 1764820526301184001

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