TY - BOOK ID - 84659244 TI - Cyclical Fiscal Rules for Oil-Exporting Countries AU - Snudden, Stephen. AU - International Monetary Fund. PY - 2013 VL - WP/13/229 SN - 147551669X 1475513380 147551574X PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Petroleum industry and trade KW - Fiscal policy. KW - Energy industries KW - Oil industries KW - Tax policy KW - Taxation KW - Economic policy KW - Finance, Public KW - Economic aspects. KW - Government policy KW - Investments: Energy KW - Inflation KW - Macroeconomics KW - Public Finance KW - Fiscal Policy KW - Comparative or Joint Analysis of Fiscal and Monetary Policy KW - Stabilization KW - Treasury Policy KW - Open Economy Macroeconomics KW - National Deficit Surplus KW - Energy and the Macroeconomy KW - Energy: Government Policy KW - Energy: General KW - Energy: Demand and Supply KW - Prices KW - Price Level KW - Deflation KW - Investment & securities KW - Oil KW - Oil prices KW - Fiscal rules KW - Fiscal policy KW - Commodities KW - Chile UR - https://www.unicat.be/uniCat?func=search&query=sysid:84659244 AB - Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on the source of oil price fluctuations and the oil exporters’ structural characteristics. The output-inflation tradeoff is of particular concern for oil exporters relative to non-oil exporters due to the pass through of oil prices into headline inflation. Fiscal rules are best when coordinated with inflation targeting monetary policy, but are still desirable for fixed exchange rate regimes. ER -