Accounting for one-off operations when assessing underlying fiscal positions

13-Oct-2008

Isabelle Joumard, Makoto Minegishi, Christophe André, Chantal Nicq and Robert Price

Frequent recourse to large one-off operations in a number of OECD countries has undermined the accuracy of cyclically adjusted fiscal balances as a measure of both the sustainability of public finance and the fiscal stance.