I assess a novel rule that was introduced in the UK in 2015. It gave the British government fiscal flexibility whenever GDP growth warranted it. This rule lasted just a year, but it had features worth exploring. I apply solution methods for models with occasionally-binding constraints to assess the demand stabilisation properties of state-contingent fiscal rules. First it is shown that fiscal flexibility can make recessions shallower. Second, it is suggested that GDP growth, rather than measures of the output gap, is a better indicator for triggering fiscal flexibility.

中文翻译：

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在英国模拟各州的财政规则

我评估了 2015 年在英国引入的一项新规则。它在 GDP 增长需要时赋予英国政府财政灵活性。这条规则只持续了一年，但它有一些值得探索的特点。我将求解方法应用于具有偶尔约束性约束的模型，以评估国家或有财政规则的需求稳定特性。首先表明，财政灵活性可以使衰退变浅。其次，建议 GDP 增长而不是产出缺口的衡量指标是触发财政灵活性的更好指标。