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Please use this identifier to cite or link to this item: http://hdl.handle.net/2262/60124

Title: Discretion and cyclicality in Irish budgetary management 1969-2003
Author: Hunt, Colin
Keywords: Cyclicality
Fiscal policy
Ireland
Budgetary management
Issue Date: 2005
Publisher: Economic & Social Research Institute
Citation: Hunt, Colin. 'Discretion and cyclicality in Irish budgetary management 1969-2003'. - Economic & Social Review, Vol. 36, No. 3, Winter, 2005, pp. 295-321,Dublin: Economic & Social Research Institute
Abstract: This paper addresses the topic of cyclicality and discretion in Irish fiscal policy. In particular, we show that the level and nature of cyclicality varies across different expenditure components and we introduce a new definition of feasible discretion to take account of political imperatives in budgetary management. We find that overall government expenditure is acyclical and is most heavily influenced by a fiscal parsimony objective. Automatic stabilisers are efficiently counter-cyclical, feasible discretionary government consumption growth is orthogonal to economic fundamentals while feasible discretionary investment growth is strongly pro-cyclical. Using official growth forecasts, we show that feasible discretionary investment growth is deliberately pro-cyclical.
URI: http://hdl.handle.net/2262/60124
ISSN: 00129984
Appears in Collections:Economic and Social Review Archive: Complete Collection 1969-
The Economic and Social Review, Vol. 36, No. 3, Winter, 2005

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