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Subject: Ten Commandments for a Fiscal Rule in the E(M)U
Colleagues,
I have just completed a non-technical piece on the desirable and undesirable properties of public sector deficit rules, with special reference to the Stability and Growth Pact rules adopted by the EU, the Golden Rule and Sustainable Investment Rule adopted by the UK's Labour government, and the Permanent Balance rule advocated by Clemens Grafe and myself. The title of the paper is: Ten Commandments for a Fiscal Rule in the E(M)U. This should not be taken to imply that I claim divine backing for the views expressed in it.
An abstract of the paper can be found (in pdf format) at: http://www.nber.org/~wbuiter/orepab.pdf
The paper itself can be found (also in pdf format) at: http://www.nber.org/~wbuiter/orep.pdf
Willem H. Buiter
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