000			01491naa a2200193uu 4500
001			0041609544637
003			OSt
005			20190211170945.0
008			100416s2009 xx ||||gr |0|| 0 eng d
100	1		_aDOTHAN, Michael _939477
245	1	0	_aA better budget rule
260			_aHoboken : _bWiley-Blackwell, _cSummer 2009
520	3		_aDebt limits, interest coverage ratios, one-off balanced budget requirements, pay-as-you-go rules, and tax and expenditure limits are among the most important fiscal rules for constraining intertemporal transfers. There is considerable evidence that the least costly and most effective of such rules are those that focus directly on the rate of spending growth, even with their seemingly ad hoc nature and possibilities for circumvention. In this paper, we use optimal control theory and martingale methods to justify a transparent, nonarbitrary rule governing maximum sustainable rate of spending growth, treating the revenue structure of a jurisdiction as a given continuous-time stochastic process. Our results can be used to determine whether a proposed rate of spending growth is sustainable or not. © 2009 by the Association for Public Policy Analysis and Management.
700	1		_aTHOMPSON, Fred _916219
773	0	8	_tJournal of Policy Analysis and Management _g28, 3, p. 463-478 _dHoboken : Wiley-Blackwell, Summer 2009 _xISSN 02768739 _w
942			_cS
998			_a20100416 _b0954^b _cDaiane
998			_a20100420 _b1533^b _cCarolina
999			_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c32382 _d32382
041			_aeng