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150128 ||| eng |
| 020 |
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|a 9781463933814
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| 100 |
1 |
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|a Gruss, Bertrand
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| 245 |
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0 |
|a Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances
|c Bertrand Gruss, Jose L. Torres
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2012
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| 300 |
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|a 35 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Wealth
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| 653 |
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|a Economics
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| 653 |
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|a Public debt
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| 653 |
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|a Labour
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Saving
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| 653 |
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|a Self-employed
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| 653 |
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|a Debt Management
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Debts, Public
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| 653 |
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|a Fiscal consolidation
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| 653 |
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|a Debt
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| 653 |
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|a Fiscal policy
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| 653 |
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|a National accounts
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| 653 |
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|a Labor
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data)
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| 653 |
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|a Labor Economics: General
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| 653 |
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|a Self-employment
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| 653 |
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|a Labor Demand
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| 653 |
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|a Consumption
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| 653 |
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|a Forecasts of Budgets, Deficits, and Debt
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Economic Growth and Aggregate Productivity: General
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| 653 |
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|a Macroeconomics: Consumption
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| 653 |
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|a Public Finance
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| 653 |
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|a Income economics
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| 653 |
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|a Fiscal Policies and Behavior of Economic Agents: General
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| 653 |
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|a Labor economics
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| 700 |
1 |
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|a Torres, Jose L.
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781463933814.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2012/038/001.2012.issue-038-en.xml?cid=25691-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that failing to address the fiscal imbalances associated with current federal fiscal policies for a prolonged period would result in a significant crowding-out of private investment and a severe drag on growth. Compared to adopting a reform that gradually reduces federal debt to its pre-crisis level, postponing debt stabilization for two decades would entail a permanent output loss of about 17 percent and a welfare loss of almost 7 percent of lifetime consumption. Moreover, the long-run welfare gains from the adjustment would more than compensate the initial losses associated with the consolidation period
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