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      The effects of fiscal and monetary discipline on budgetary outcomes

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      Author
      Neyapti, B.
      Ozgur, S.
      Date
      2007
      Source Title
      Contemporary Economic Policy
      Print ISSN
      1074-3529
      Electronic ISSN
      1465-7287
      Publisher
      Wiley-Blackwell Publishing, Inc.
      Volume
      25
      Issue
      2
      Pages
      146 - 155
      Language
      English
      Type
      Article
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      Abstract
      This article extends the model of Von Hagen and Harden that analyzed the impact of fiscal discipline on budgetary outcomes. We modify the model by adding monetary discipline to interact with fiscal discipline in order to analyze the effects of both on budgetary outcomes. The model predicts that while both inflation and budget deficits are negatively associated with fiscal discipline, they may be positively associated with monetary discipline, proxied by central bank independence. This result obtains due to optimizing agents internalizing the burden of spending: inflation. Although not conclusive due to data limitations, empirical findings also support these predictions. (JEL D73, E58, H61, H72). © 2007 Western Economic Association International.
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      http://hdl.handle.net/11693/23491
      Published Version (Please cite this version)
      http://dx.doi.org/10.1111/j.1465-7287.2007.00034.x
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      • Department of Economics 649
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