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Golden Rule (fiscal policy)

About: Golden Rule (fiscal policy) is a research topic. Over the lifetime, 661 publications have been published within this topic receiving 9789 citations.


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Book ChapterDOI
01 Jan 2016
TL;DR: In this article, the authors follow Kalecki's "golden rules" under which historical materialism and econometrics can be reconciled provided that changes in the superstructure are not of such a magnitude as to invalidate the use of econometric to estimate the relationships between the economic variables in the sector of productive activity and that productive relations are explicitly included in the model.
Abstract: The paper follows Kalecki’s ‘golden rules’ under which historical materialism and econometrics can be reconciled provided that changes in the superstructure are not of such a magnitude as to invalidate the use of econometrics to estimate the relationships between the economic variables in the sector of productive activity and that productive relations are explicitly included in the model. Econometric estimates of the determinants of non-farm, non-financial capital goods in the USA 1992–2010 are presented. Statistically significant relationships are found between investment orders and cyclical variations in output, the interest rate spread, net cash flows, the net increase in financial liabilities, the net increase in financial assets, and the value of non-defense manufacturing shipments.
Book ChapterDOI
01 Jan 2017
TL;DR: In this paper, a positive attitude towards conflict resolution is good for a hospital, and the golden rules for conducting conflict resolution are discussed, and why a hospital need an internal dispute culture and why should you avoid discussions in the drama triangle.
Abstract: Goals Why is a positive attitude towards a conflict resolution good for a hospital? Why does a hospital need an internal dispute culture? Why should you avoid discussions in the drama triangle? What are the golden rules for conducting conflict resolution?
Journal ArticleDOI
TL;DR: In this article, the effect of accepting more immigrants on welfare in the presence of a pay-as-you-go social security system is analyzed qualitatively and quantitatively, and it is shown that if initially there exist intergenerational government transfers from the young to the old, the government can lead an economy to the (modified) golden rule level within a finite time in a Pareto improving way by increasing the percentage of immigrants to natives (PITN).
Abstract: The effect of accepting more immigrants on welfare in the presence of a pay-as-you-go social security system is analyzed qualitatively and quantitatively. First, it is shown that if initially there exist intergenerational government transfers from the young to the old, the government can lead an economy to the (modified) golden rule level within a finite time in a Pareto-improving way by increasing the percentage of immigrants to natives (PITN). Second, using the computational overlapping generation model, the welfare gain is calculated of increasing the PITN from 15.5 percent to 25.5 percent and years needed to reach the (modified) golden rule level in a Pareto-improving way in a model economy. The simulation shows that the present value of the welfare gain of increasing the PITN comprises 23 percent of the initial GDP. It takes 112 years for the model economy to reach the golden rule level in a Pareto-improving way.
Posted Content
TL;DR: In this article, a modified utilitarian objective is presented which embodies the commitment to sustainability, as well as impartiality and the golden rule in the context of the infinite-horizon neoclassical growth model with exponential population growth.
Abstract: A resolution is offered to Koopmans’ (1965, 1967a) "paradox of the indefinitely postponed splurge"-i.e. the incompatibility of undiscounted utilitarianism and population weighting in the context of the infinite-horizon neoclassical growth model with exponential population growth. The resolution builds on the conflict between splurging (i.e. dissaving) and sustainability. Consumption paths which contain splurges are not sustained, because they involve reductions in consumption at some point. Thus disallowing unsustained paths removes the incentive to save for a splurge. A modified utilitarian objective is presented which embodies the commitment to sustainability, as well as impartiality and the golden rule. Maximization over the neoclassical technology yields a monotonically increasing path to the golden rule. The underlying ethical position is described as an intergenerational contract: early generations are willing to sacrifice some consumption to build up the capital stock while future generations are morally obligated to limit consumption to the golden rule.

Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20218
202024
201922
201821
201733
201626