The Public Finances and the Economic Cycle

Ed Balls and Gus O’Donnell

Chapter 11 in Reforming Britain’s Economic and Financial Policy, 2002, pp 203-229 from Palgrave Macmillan

Abstract: Abstract This chapter describes how the Treasury measures the level of trend output, the output gap, and the economic cycle. The chapter shows how estimates of the output gap can be used to estimate the responsiveness of the main components of tax revenues and public expenditure, and consequently the fiscal aggregates, to the economic cycle.

Keywords: Employment Rate; Economic Cycle; Labour Productivity Growth; Automatic Stabiliser; Trend Output (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59983-3_12

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DOI: 10.1057/9780230599833_12

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