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If debt constraints arise endogenously for reasons of limited commitment, then the optimal (balanced budget) fiscal policy looks radically different.
The city is essentially postponing its day of reckoning with this budget, fiscal experts warned yesterday.
To find the numbers, turn to page 16 of the Concurrent Resolution on the Budget – Fiscal Year 2013.
He also oversees the department's budget, fiscal operations, customer service, human resources, labor relations, information systems and training.
The optimal (balanced budget) fiscal policy in this context entails the joint provision of an education subsidy for the young and a pension program for the old, financed with a tax on those in their peak earning years.
Nearly as soon as the ink dried on this year's budget, fiscal monitors warned that it could be out of balance.
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He works on issues of budget transparency, performance-informed budgeting, fiscal sustainability, and reform of fiscal institutions.
Policy proposals for budgetary austerity, the micromanagement of national budgets, fiscal federalism, bailouts, or large funds to stave off speculators are insufficient to solve this problem.
This framework amounts to permanent off-budget fiscal policy, with even less accountability than exists now.
Fiscal Accounts: Under the government's 2005 budget, the fiscal surplus would drop to 1.2% of GDP, from an estimated 2.0% in 2004.
His current research focuses on U.S. budget and fiscal policy, social security, and health care.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com