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Notes on "A Code for Fiscal Stability"

Willem Buiter

No 6522, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This note comments on two central issues for fiscal policy design in the UK, highlighted in the recent Code for Fiscal Stability' proposed by the new Labour government. The first concerns the merits of the so-called golden rule of public sector investment' -- the proposition that, over the cycle, government borrowing should not exceed government capital formation. The second concerns the case for attempting to construct a more comprehensive balance sheet of public sector assets and liabilities, including tangible public sector assets and certain contingent claims. The two main conclusions are that the golden rule is without merit but that, subject to some important caveats, the construction of a more comprehensive government balance sheet is a worthwhile enterprise.

JEL-codes: E62 H62 (search for similar items in EconPapers)
Date: 1998-04
Note: ME
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Published as Buiter, Willem H. "Notes On 'A Code For Fiscal Stability'," Oxford Economic Papers, 2001, v53(1,Jan), 1-19.

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Related works:
Journal Article: Notes on 'A Code for Fiscal Stability.' (2001)
Working Paper: Notes on 'A Code for Fiscal Stability' (1998) Downloads
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