Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/201293 
Title (translated): 
Structural Budget Balance
Authors: 
Year of Publication: 
2013
Series/Report no.: 
ETLA Report No. 11
Publisher: 
The Research Institute of the Finnish Economy (ETLA), Helsinki
Abstract (Translated): 
Euro Area member states have agreed to introduce a structural budget balance target to their national legislation (Treaty on Stability, Coordination and Governance). However, there exists no commonly agreed methodology to calculate this macroeconomic indicator. This report presents the conceptual framework underlying the calculation of structural fiscal balances as suggested by different international organizations such as the European Commission and the IMF. We emphasize that the methodology indeed affects both the quantitative estimates and the interpretation of the indicator for policy analysis. In addition we discuss some of the possible limitations of the indicator within real-time macroeconomic surveillance.
Subjects: 
Cyclically-adjusted budget balance
Structural balance
Fiscal policy
Macroeconomic surveillance
JEL: 
H60
E62
E32
Document Type: 
Research Report

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