Hostname: page-component-586b7cd67f-dlnhk Total loading time: 0 Render date: 2024-11-23T22:29:22.587Z Has data issue: false hasContentIssue false

Approaches to the PSBR

Published online by Cambridge University Press:  26 March 2020

John Odling-Smee
Affiliation:
H M Treasury
Chris Riley*
Affiliation:
H M Treasury
*
We are grateful for helpful assistance and comments from Treasury colleagues, especially Stephen Davies, and participants in the National Institute conference. The views expressed in this paper are those of the authors; they are not necessarily those of the Treasury. This paper is Crown copyright.

Extract

Most economists would doubtless reject the idea that policy makers or the public should judge budgets solely in terms of a single summary concept, surplus or deficit. Yet there is an undoubted demand for a single statistic which provides at least a rough-and-ready summary of the fiscal position. The attempt to specify such a single statistic has given rise to controversy for many years.

Type
Research Article
Copyright
Copyright © 1985 National Institute of Economic and Social Research

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Ashworth, M., Hills, J. and Morris, N. (1984), Public Finances in Perspective, I FS, London.Google Scholar
Barro, R.J. (1974), ‘Are Government Bonds Net Wealth?’, Journal of Political Economy.CrossRefGoogle Scholar
Barro, R.J. (1979), ‘On the Determination of the Public Debt’, Journal of Political Economy.Google Scholar
Barro, R.J. (1981), ‘On the Predictability of Tax Rate Changes’, NBER Working Paper, no. 636.CrossRefGoogle Scholar
Blinder, A.S. and Solow, R.M. (1973), ‘Does Fiscal Policy Matter?’, Journal of Public Finance.CrossRefGoogle Scholar
Budd, A. and Dicks, G. (1983), ‘A Strategy for Stable Prices’, Economic Outlook, LBS, July.CrossRefGoogle Scholar
Budd, A., Dicks, G. and Keating, G. (1985), ‘Fiscal Policy and the Problem of Unemployment’, Economic Outlook, LBS, February.CrossRefGoogle Scholar
Buchanan, J.M. (1958), Public Principles of Public Debt, Homewood.Google Scholar
Buiter, W.H. (1983), ‘Measurement of the Public Sector Deficit and Its Implications For Policy Evaluation and Design’, IMF Staff Papers.CrossRefGoogle Scholar
Capie, F. and Webber, A. (1935), A Monetary History of the United Kingdom, 1870-1982, Volume I: Data, Sources and Methods, London.Google Scholar
Cavaco-Silva, A.A. (1977), Economic Effects of Public Debt, London.Google Scholar
Christ, C.F. (1968), ‘A Simple Macroeconomic Model with a Government Budget Restraint’, Journal of Political Economy.CrossRefGoogle Scholar
Committee on National Debt and Taxation, Chairman: Lord Colwyn (1927), Report, Cmnd 2800.Google Scholar
Congdon, T., (1976), ‘Monetarism and the Budget Deficit’, paper presented to the Money Study Group Seminar, Oxford, September.Google Scholar
Deane, P. and Cole, W.A., (1962), British Economic Growth 1688-1955, Cambridge.Google Scholar
Department of Health and Social Security (1985), ‘Reform of Social Security’, Cmnd 9517, 9518, 9519.Google Scholar
Diamond, P.A. (1965), ‘National Debt in a Neoclassical Growth Model’, American Economic Review.Google Scholar
Feinstein, C.H. (1972), National Income, Expenditure and Output in the United Kingdom, 1855-1965, Cambridge.Google Scholar
Feinstein, C.H. (1965), Domestic Capital Forimation in the United Kingdom, 1920-1938, Cambridge.Google Scholar
Feinstein, C.H., ‘Capital Accumulation in the United Kingdom, 1860-1938’ in C. H. Feinstein and S. Pollard (eds), Capital Formation in Britain, 1750-1938, Oxford (forthcoming).Google Scholar
Ferguson, J. M. (ed.) (1964), Public Debt and Future Generations, Chapel Hill.Google Scholar
Hargreaves, E. (1930), The National Debt, London.Google Scholar
HM Treasury (1984), ‘The Next Ten Years: Public Expenditure and Taxation into the 1990s’, Cmnd 9189.Google Scholar
International Monetary Fund (1985), World Economic Outlook, Washington, D.C.CrossRefGoogle Scholar
Kottikoff, L.J. (1984), ‘Economic Impact of Deficit Financing’, IMF Staff Papers.Google Scholar
Lerner, A.P. (1948), ‘The Burden of the National Debt’ in Income, Employment and Public Policy, Essays in Honour of Alvin Hanson, New York.Google Scholar
Leroy-Beaulieu, P. (1905), Traité de la Science des Finances, 7th edition, Paris.Google Scholar
Matthews, R.C.O., Feinstein, C.H. and Odling-Smee, J.C., (1982), British Economic Growth 1856-1973, Oxford.CrossRefGoogle Scholar
Miller, M. (1985), ‘Measuring the Stance of Fiscal Policy’, Oxford Review of Economic Policy, Spring.CrossRefGoogle Scholar
Modigliani, F. (1961), ‘Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt’, Economic Journal.CrossRefGoogle Scholar
Muller, P. and Price, R.W.R. (1984), ‘Structural Budget Deficits and Fiscal Stance’, OECD Working Paper, no. 15.Google Scholar
Persson, T. (1983), ‘Deficits and Intergenerational Welfare in Open Economies’, NBER Working Paper, no. 1083.CrossRefGoogle Scholar
Savage, D. (1982), ‘Fiscal Policy 1974/5-1980/1: Description and Measurement’, National Institute Economic Review, no. 99, February.CrossRefGoogle Scholar
United States Department of the Treasury (1984), ‘The Effects of Deficits on Prices and Financial Assets: Theory and Evidence’, mimeo.Google Scholar