01827cas a2200241 a 4500 AALejournalIMF005858 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451872736 1018-5941 BD-DhAAL BD-DhAAL Maliszewski, Wojciech. Fiscal Policy Rules for Oil-Producing Countries : A Welfare-Based Assessment / Wojciech Maliszewski. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The paper presents numerical simulations of various fiscal rules for oil-producing countries. Welfare implications are sensitive to the choice of the social welfare function, initial conditions, and non-oil growth prospects. The distribution of non-oil wealth is important for countries with relatively low oil reserves. Corrections for adjustment costs and uncertainty with respect to oil prices should be applied carefully. While avoiding sharp changes in the fiscal policy stance may be appealing, it is not necessarily optimal if the initial position is unsustainable. Ad hoc rules are shown to perform poorly. The analysis abstracts from several issues critical for developing a practical policy advice and should not be treated as a complete framework. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2009/126 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/126/001.2009.issue-126-en.xml IMF e-Library