Inflation and the Impact of Budgets

This article focuses on the adjustment of budget figures for the effect of inflation on the value of government debt. It asks whether such adjustment improves their performance as a measure of 'fiscal impact'. If inflation significantly influences the impact of budgets on the real economy, policy-makers may make inappropriate fiscal policy decisions if they are guided by unadjusted budget figures. The article argues that if agents perceive holdings of government debt as part of their wealth, changes in the real value of debt will have an effect on consumption behaviour. Therefore to assess the impact of fiscal policy on consumption it may be necessary to adjust budget figures so that they accurately indicate changes in the real value of debt held by the private sector. This article adjusts a series of structural public sector borrowing requirements (PSBR) for the effect of inflation on the real value of government debt held by the private sector. An empirical analysis concludes that the inflation-adjusted budget series provides a superior measure of fiscal impact on consumption, and hence the real economy.     

财务与营销的平衡术

想要成为一个成功的财务部门,就必须要告诉公司的营销部门一些他们所不了解的信息,帮助他们做出更多务实的决定,进而取得更好的成绩.营销部门一般有着较高的预算,如果这笔费用使用得当,必然会给公司带来相应的销售额以及利润,反之,则无疑是一笔巨大的浪费.