Abstract
This article surveys different approaches to the construction of government budget projections, illustrated with procedures from the United States Office of Management and Budget (OMB) and Congressional Budget Office (CBO). It sets out the several distinct steps that are required in budget projections, from macroeconomic forecasting to comparing projections with outcomes and analysing the sources of deviations.
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Bibliography
CBO (Congressional Budget Office). 2002. CBO testimony: Federal budget estimating. Statement of Dan L. Crippen, Director, before the Committee on the Budget, U.S. House of Representatives, 2 May. Online. Available at https://www.cbo.gov/sites/default/files/107th-congress-2001-2002/reports/05-02-testimony.pdf. Accessed 14 Feb 2007.
Joint Committee on Taxation. 2006. Exploring issues in the development of macroeconomic models for use in tax policy analysis (JCX-19–06), 16 June. Online. Available at http://www.jct.gov/x-19-06.pdf. Accessed 14 Feb 2007.
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Holtz-Eakin, D. (2018). Budget Projections. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2464
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2464
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Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
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