IMF paper criticises UK's golden rule
The International Monetary Fund (IMF) has published a working paper which suggests improvements the United Kingdom's measure of fiscal performance - the golden rule.
According to the paper, the golden rule's use of ex-post values to measure fiscal performance "can lead to significant controversy".
It also argues that "the need to aim for current balance or better 'over the cycle' may force fiscal policy to be procyclical towards the end of the cycles."
The paper suggests using dynamic stochastic
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