Titlebook: Budget Deficits and Macroeconomic Policy; J. O. N. Perkins Book 1997 Palgrave Macmillan, a division of Macmillan Publishers Limited 1997 e

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General Considerations,This chapter outlines some general considerations relating to the running of budget deficits. In particular, it discusses whether there are any general criteria that can usefully be applied to decisions about the level of government borrowing, and the budget deficit.

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Policy Conclusions,Earlier chapters have argued that it is not helpful to look upon changes in the budget balance as indicators of the macroeconomic effects of fiscal policy changes, mainly because different outlays and revenues may have different effects on important macroeconomic targets for the same effect on the budget balance

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Introduction,t. Attention in the USA has been focused on the alleged need to bring down the budget deficit, and even to ‘balance the budget’. One of the principal criteria for entry into the proposed European Monetary Union is that a member should have a budget deficit no higher than a certain target ratio to it

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Effects on Real Output,nts on each macroeconomic objective. In the present context, it would be convenient to be able to say, for example, that government outlays generally have a more inflationary effect (at any rate for a given stimulus to real output or employment) than do tax cuts with the same effect on the budget ba

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Effects on Inflation,yment (or unemployment). Some account of the relative effects on inflation has to be taken, even though the prevailing rates of inflation have been much lower in recent years than over the preceding two or three decades, if only because of the risk of bringing about a recrudescence of high rates of

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Effects on National Net Wealth,ges in the country’s net wealth’. That is to say, changes in its stock of useful productive capital plus or minus its net liabilities owed to or assets held in other countries. It is reasonable for a government to include this as one macroeconomic objective, for it measures the contribution of polic

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Effects of Different Combinations of Fiscal Measures,ypes of taxation, and also of different types of government outlays. The present chapter draws these threads together by looking at the policy implications for various macroeconomic objectives of different combinations of various taxes with one another and also with various types of government outla

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