Back to top anchor
Working paper

Manual for the Long Term Fiscal Model (WP 00/02)

Issue date: 
Wednesday, 1 March 2000
Status: 
Current
Author: 
View point: 
Document Date: 
Publication category: 
JEL classification: 
E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
Fiscal year: 
1999/00

Formats and related files

Abstract

The paper sets out a generic approach to the Long Term Fiscal Model (LTFM). The main purpose of the LTFM is to produce Progress Outlooks for Fiscal Strategy Reports. Progress Outlooks of the fiscal position are required by the Fiscal Responsibility Act 1994. The LTFM uses demographic, economic and policy assumptions to project expenses, revenue, assets and liabilities. The projections start from the end of the three-year forecasts in Economic and Fiscal Updates. Projections are usually presented as scenarios to highlight the uncertainty around the projections. The manual contains a technical description of the model and discusses procedures for using the model. A copy of the model is attached to the paper. It is a large spreadsheet run on Excel 97.

Last updated: 
Wednesday, 24 October 2007