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This working paper presents an alternative approach for estimating cyclically adjusted budget balances, correcting actual government budget balances for economic fluctuations. The method incorporates a disaggregated calculation of the cyclical components of budget items, utilizing the Hodrick-Prescott filter and new estimates of fiscal elasticities. The approach aims to provide a more accurate representation of the budgetary impact of economic cycles, addressing shortcomings in existing methods used by inst

Author

guilherme.putini.14

Language

EN