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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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TL;DR: In this article, Anrig reasserts his position that the Golden Rule settlement was a mistake and argues that its application in Illinois has not improved the passing rate for black candidates relative to white candidates.
Abstract: In this response to “Golden Rule on ‘Golden Rule,’” Greg Anrig reasserts his position that the “Golden Rule settlement” was a mistake. He argues that its application in Illinois has not improved the passing rate for black candidates relative to white candidates and that it has inappropriately been used as a precedent for proposed legislature mandates in other states.
5 citations
TL;DR: In this paper, the authors verify the introduction of the golden rule of public finance under an active monetary stance for a developing economy using a dynamic stochastic general equilibrium model, and the simulation results have validated the visible crowding-out of private consumption and investment in the short run and a positive impact of the productive government spending on long run growth, but with some important caveats.
Abstract: The paper aims to verify the introduction of the golden rule of public finance under an active monetary stance for a developing economy using a dynamic stochastic general equilibrium model. Besides the two rigidities, namely the deep habit formation and Calvo-style price stickiness, the model structure incorporates real money holdings and welfare-enhancing government purchases in the utility-generating function and a modified Taylor rule. The simulation results have validated the visible crowding-out
of private consumption and investment in the short run and a positive impact of the productive government spending on long-run growth, but with some important caveats. In the case of a developing economy that usually has low efficiency and high returns to public capital, the given factors prove significant in addressing the study issue. The results are robust in terms of the structure of utility-generating function, a relatively high share of liquidity-constrained households, and a degree of price stickiness. Moreover, to offset the debt accumulation as a result of increased public investment financing by persistent output growth, in the long run, the central bank should not only rely on response to the fluctuation of inflation and output but also account for a move of public debt.
5 citations
TL;DR: The Golden Rule is no fantastic dream in the use and control of water as mentioned in this paper, it is the only rule that makes good law and good policy, and it is also the only principle that can guide the formulation of a water policy.
Abstract: ed by Martin E. Jansson The use and control of water resources presents a bewildering array of problems, some technological, some economic, some social, in which, without a guiding principle, it is easy to lose one's way. The vastness of our country, the wide range of climate and topography, the abrupt seasonal changes affecting most of our watersheds, all tend to make the formulation of a national water policy difficult. At the same time they make it essential. Nothing short of a national policy can deal effectively, justly, and democratically with the situation. It is no longer possible to regard either water or land as purely private property, unaffected with a public interest. Whatever the legal rights, no owner has the moral right to waste a national resource or to put it to uses which are generally harmful. He is not entitled to burn his own forests, allow his own land to be forever impoverished through the washing away of the fertile topsoil, or permit his streams to contribute an unnecessary drop to a major flood. Similarly, no neighborhood has a moral right to follow water policies which will injure other neighborhoods, nor has any State or region a right to impair the general good. The Golden Rule is no fantastic dream in the use and control of water. It is the only rule that makes good law and good policy. PRINCIPLES AND POLICIES OF USE AND CONTROL OF WATER RESOURCES
5 citations
01 Jan 1982
TL;DR: A set of simple, interrelated propositions, based on premises widely accepted by bourgeois economists, are presented in this article. But they are based on a different set of assumptions than ours.
Abstract: A set of simple, interrelated propositions, based on premises widely accepted by bourgeois economists.
5 citations
5 citations