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Demographic changes, economic growth and fiscal Rules in a general equilibrium model of overlapping generations

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Frame of Image demographic changes due to population aging and slow workforce growth as well as slow long-run economic growth. In turn, sustainable public finances will matter. According to the existing fiscal projections, the debt-to-GDP ratio is expected to be higher than 100% in 2050. We could consider fiscal rules to achieve medium- and long-term fiscal soundness. Fiscal rules impose a long-lasting constraint on fiscal policy through numerical limits on budgetary aggregates.
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Moon and Lee
Fiscal Rules
June 7, 2013
2 / 32
Introduction
Introduction
In political economy, as fiscal rules are introduced,
1. we could improve fiscal soundness because we don’t have to change fiscal rules even though a new government is elected, and 2. we could reach social or political consensus on fiscal sustainability.
The purpose of this study is to investigate the long-run and transitional impacts of different fiscal rules:
(1) A debt rule is a rule that sets an explicit limit for public debt as percent of GDP (2) A budget balance rule is a rule that literally requires a balanced budget
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Moon and Lee
Fiscal Rules
June 7, 2013
3 / 32
Introduction
Introduction
We construct a general equilibrium model of overlapping generations to capture the demographic changes, in which the household’s lifespan is uncertain, and may vary. To examine the effect of sl


Full Text
Title Demographic changes, economic growth and fiscal Rules in a general equilibrium model of overlapping generations
Similar Titles
Material Type Proceedings
Author(English)

Moon, Weh-Sol; Lee, Dongwon

Author(Korean)

문외솔; 이동원

Publisher

[Seoul]:Seoul Women's University

Date 2013-08
Pages 32
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Economy < Economic System
Social Development < Population
Holding KDI; KDI School