OECD Economics Department Working Papers

Adjusting Fiscal Balances for Asset Price Cycles

DOI:https://doi.org/10.1787/5kgc42t3zqkl-en

This paper develops a method for adjusting structural budget balances for asset price cycles and presents estimates of structural budget balances corrected for house-price and equity-price cycles for OECD countries. The traditional cyclically adjusted budget balance indicator, which is the...



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