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Economic Commentary

Generational Accounts: A New Approach to Fiscal Policy Evaluation

Despite recent attempts to impose discipline on the federal budget-making process, federal budget deficits have continued to escalate over the past several years. The prospect of still larger deficits over the next few years has stimulated discussion about how to bring them under control. Some have suggested reforms that would enable the federal government to achieve balanced budgets, not necessarily in every year in the future, but at least on average over a number of years.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Auerbach, Alan, Jagadeesh Gokhale, and Laurence Kotlikoff. 1991. “Generational Accounts: A New Approach to Fiscal Policy Evaluation.” Federal Reserve Bank of Cleveland, Economic Commentary 11/15/1991.