Should Measures of Fiscal Stance be Adjusted for Terms of Trade Effects?
收藏Organisation for Economic Co-operation and Development2026-04-11 收录
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This paper considers the case for adjusting measures of the cyclically-adjusted fiscal balance for exceptional
movements in the terms of trade for those countries where production of commodities is a substantial share of output.
For such countries exceptional movements in commodity prices, such as have occurred in recent years, are likely to
lead...
