Dealing with the dutch disease : fiscal rules and macro-prudential policies
- Autores
- García Cicco, Javier; Kawamura, Enrique
- Año de publicación
- 2014
- Idioma
- inglés
- Tipo de recurso
- documento de trabajo
- Estado
- versión publicada
- Descripción
- Fil: García-Cicco, Javier. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; Argentina
Fil: Kawamura, Enrique. Universidad de San Andrés; Argentina
Abstract: We evaluate from a welfare perspective three policy alternatives frequently proposed to deal with Dutch-disease problems originated from cyclical movements in commodity prices. Namely, fiscal rules for government expenditures, capital controls, and taxes to domestic lending. To this end, we develop a DSGE model of a small open economy with a sectoral decomposition that features three distinctive characteristics: financial frictions, a learning-by-doing externality in the industrial sector, and a fraction of households being non-Ricardian (credit constrained). The first two features induce inefficient relocations after commodity shocks, while the later is relevant to study the role of fiscal rules. We calibrate the model using Chilean data, applying an impulse-response-matching approach. For each of the policy tools, we analyze optimal simple rules from a welfare (Ramsey) perspective, describing how different households rank the several policy alternatives, and studying how each of the models features shape the optimal policy design. A general conclusion of the analysis is that the included Dutch-disease inefficiencies are of limited quantitatively relevance in analyzing the desirability of these policies from a welfare perspective - Fuente
- Documento de Trabajo nº 49, 2014
- Materia
-
POLITICA FISCAL
MACROECONOMIA
POLITICA ECONOMICA
GASTO PUBLICO - Nivel de accesibilidad
- acceso abierto
- Condiciones de uso
- https://creativecommons.org/licenses/by-nc-sa/4.0/
- Repositorio
- Institución
- Pontificia Universidad Católica Argentina
- OAI Identificador
- oai:ucacris:123456789/2229
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Dealing with the dutch disease : fiscal rules and macro-prudential policiesGarcía Cicco, JavierKawamura, EnriquePOLITICA FISCALMACROECONOMIAPOLITICA ECONOMICAGASTO PUBLICOFil: García-Cicco, Javier. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; ArgentinaFil: Kawamura, Enrique. Universidad de San Andrés; ArgentinaAbstract: We evaluate from a welfare perspective three policy alternatives frequently proposed to deal with Dutch-disease problems originated from cyclical movements in commodity prices. Namely, fiscal rules for government expenditures, capital controls, and taxes to domestic lending. To this end, we develop a DSGE model of a small open economy with a sectoral decomposition that features three distinctive characteristics: financial frictions, a learning-by-doing externality in the industrial sector, and a fraction of households being non-Ricardian (credit constrained). The first two features induce inefficient relocations after commodity shocks, while the later is relevant to study the role of fiscal rules. We calibrate the model using Chilean data, applying an impulse-response-matching approach. For each of the policy tools, we analyze optimal simple rules from a welfare (Ramsey) perspective, describing how different households rank the several policy alternatives, and studying how each of the models features shape the optimal policy design. A general conclusion of the analysis is that the included Dutch-disease inefficiencies are of limited quantitatively relevance in analyzing the desirability of these policies from a welfare perspectiveUniversidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"2014info:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_8042info:ar-repo/semantics/documentoDeTrabajoapplication/pdfhttps://repositorio.uca.edu.ar/handle/123456789/2229García Cicco, J., Kawamura, E. (2014, diciembre). Dealing with the dutch disease : fiscal rules and macro-prudential Documento de trabajo No. 49 de la Escuela de Economía “Francisco Valsecchi”. Facultad de Ciencias Económicas. Universidad Católica Argentina. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2229Documento de Trabajo nº 49, 2014reponame:Repositorio Institucional (UCA)instname:Pontificia Universidad Católica Argentinaengenginfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/4.0/2025-07-03T10:55:27Zoai:ucacris:123456789/2229instacron:UCAInstitucionalhttps://repositorio.uca.edu.ar/Universidad privadaNo correspondehttps://repositorio.uca.edu.ar/oaiclaudia_fernandez@uca.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:25852025-07-03 10:55:27.465Repositorio Institucional (UCA) - Pontificia Universidad Católica Argentinafalse |
dc.title.none.fl_str_mv |
Dealing with the dutch disease : fiscal rules and macro-prudential policies |
title |
Dealing with the dutch disease : fiscal rules and macro-prudential policies |
spellingShingle |
Dealing with the dutch disease : fiscal rules and macro-prudential policies García Cicco, Javier POLITICA FISCAL MACROECONOMIA POLITICA ECONOMICA GASTO PUBLICO |
title_short |
Dealing with the dutch disease : fiscal rules and macro-prudential policies |
title_full |
Dealing with the dutch disease : fiscal rules and macro-prudential policies |
title_fullStr |
Dealing with the dutch disease : fiscal rules and macro-prudential policies |
title_full_unstemmed |
Dealing with the dutch disease : fiscal rules and macro-prudential policies |
title_sort |
Dealing with the dutch disease : fiscal rules and macro-prudential policies |
dc.creator.none.fl_str_mv |
García Cicco, Javier Kawamura, Enrique |
author |
García Cicco, Javier |
author_facet |
García Cicco, Javier Kawamura, Enrique |
author_role |
author |
author2 |
Kawamura, Enrique |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi" |
dc.subject.none.fl_str_mv |
POLITICA FISCAL MACROECONOMIA POLITICA ECONOMICA GASTO PUBLICO |
topic |
POLITICA FISCAL MACROECONOMIA POLITICA ECONOMICA GASTO PUBLICO |
dc.description.none.fl_txt_mv |
Fil: García-Cicco, Javier. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; Argentina Fil: Kawamura, Enrique. Universidad de San Andrés; Argentina Abstract: We evaluate from a welfare perspective three policy alternatives frequently proposed to deal with Dutch-disease problems originated from cyclical movements in commodity prices. Namely, fiscal rules for government expenditures, capital controls, and taxes to domestic lending. To this end, we develop a DSGE model of a small open economy with a sectoral decomposition that features three distinctive characteristics: financial frictions, a learning-by-doing externality in the industrial sector, and a fraction of households being non-Ricardian (credit constrained). The first two features induce inefficient relocations after commodity shocks, while the later is relevant to study the role of fiscal rules. We calibrate the model using Chilean data, applying an impulse-response-matching approach. For each of the policy tools, we analyze optimal simple rules from a welfare (Ramsey) perspective, describing how different households rank the several policy alternatives, and studying how each of the models features shape the optimal policy design. A general conclusion of the analysis is that the included Dutch-disease inefficiencies are of limited quantitatively relevance in analyzing the desirability of these policies from a welfare perspective |
description |
Fil: García-Cicco, Javier. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; Argentina |
publishDate |
2014 |
dc.date.none.fl_str_mv |
2014 |
dc.type.none.fl_str_mv |
info:eu-repo/semantics/workingPaper info:eu-repo/semantics/publishedVersion http://purl.org/coar/resource_type/c_8042 info:ar-repo/semantics/documentoDeTrabajo |
format |
workingPaper |
status_str |
publishedVersion |
dc.identifier.none.fl_str_mv |
https://repositorio.uca.edu.ar/handle/123456789/2229 García Cicco, J., Kawamura, E. (2014, diciembre). Dealing with the dutch disease : fiscal rules and macro-prudential Documento de trabajo No. 49 de la Escuela de Economía “Francisco Valsecchi”. Facultad de Ciencias Económicas. Universidad Católica Argentina. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2229 |
url |
https://repositorio.uca.edu.ar/handle/123456789/2229 |
identifier_str_mv |
García Cicco, J., Kawamura, E. (2014, diciembre). Dealing with the dutch disease : fiscal rules and macro-prudential Documento de trabajo No. 49 de la Escuela de Economía “Francisco Valsecchi”. Facultad de Ciencias Económicas. Universidad Católica Argentina. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2229 |
dc.language.none.fl_str_mv |
eng eng |
language |
eng |
dc.rights.none.fl_str_mv |
info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-sa/4.0/ |
eu_rights_str_mv |
openAccess |
rights_invalid_str_mv |
https://creativecommons.org/licenses/by-nc-sa/4.0/ |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi" |
publisher.none.fl_str_mv |
Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi" |
dc.source.none.fl_str_mv |
Documento de Trabajo nº 49, 2014 reponame:Repositorio Institucional (UCA) instname:Pontificia Universidad Católica Argentina |
reponame_str |
Repositorio Institucional (UCA) |
collection |
Repositorio Institucional (UCA) |
instname_str |
Pontificia Universidad Católica Argentina |
repository.name.fl_str_mv |
Repositorio Institucional (UCA) - Pontificia Universidad Católica Argentina |
repository.mail.fl_str_mv |
claudia_fernandez@uca.edu.ar |
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1836638331931197440 |
score |
13.13397 |