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The Standardized Budget: Revised Historical Estimates [i] (June 2000)

handle is hein.congrec/cbo0664 and id is 1 raw text is: THE STANDARDIZED BUDGET: REVISED HISTORICAL ESTIMATES June 2000 ERRA TA The second column of data in Tables I and 2 has been revised in this electronic version to correct the column heading. PREFACE This Congressional Budget Office (CBO) memorandum presents revised historical estimates of CBO's measure of fiscal policy--the standardized budget. The main innovations in the revisions are adjustments for special factors that were not addressed in previously published calculations. Frank Russek of CBO's Macroeconomic Analysis Division wrote the memorandum under the supervision of Robert Dennis, Kim Kowalewski, and John Peterson. A number of other people at CBO provided helpful comments; they include Mark Booth, Arlene Holen, Jeff Holland, Rick Kasten, Preston Miller, Larry Ozanne, David Weiner, and Tom Woodward. David Arnold provided research assistance. Leah Mazade edited the memorandum, and Christine Bogusz proofread it. Linda Lewis prepared the document for publication. Laurie Brown produced the electronic versions for CBO's World Wide Web site (www.cbo.gov). Questions about the memorandum may be addressed to Frank Russek. CONTENTS SUMMARY AND INTRODUCTION THEORETICAL ASSUMPTIONS UNDERLYING THE STANDARDIZED BUDGET ASSESSING FISCAL EFFECTS * Accounting Adjustments * Economic Feedbacks to the Budget * Expectations and Dynamic Factors CONCLUSIONS TARI 1q

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