| Titre | Pacte de stabilité et efficacité de la politique budgétaire | |
|---|---|---|
| Auteur | Bertrand Martinot | |
 |
Revue | Economie et prévision |
| Numéro | no 146, 2000/5 | |
| Page | 15-30 | |
| Résumé anglais |
Stability Pact and Fiscal Policy Efficiency by Bertrand Martinot
This paper presents the effects of the stability pact on consumption in a small, calibrated model in which one fraction of the households has a Blanchard finite horizon while the other adopts liquidity-constrained behaviour. This model is used to simulate the non-Keynesian fiscal policy effects that could be generated by the stability pact at cruising speed. Simulations are made to measure the impact of the stability pact's 3% deficit ceiling on the variance in consumption for different structural deficit targets and parameter values. The findings suggest that, in this context and in France, a deficit target close to the pact's authorised ceiling could result in extremely high consumption variance. Conversely, consumption variance with a structural deficit of around 1% would be barely affected by the pact. Source : Éditeur (via Persée) |
|
| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_2000_num_146_5_6125 |
