Adapting Budgetmaking to Inflation, Icelandic Municipalities in a Volatile Economic

Þórólfur Matthíasson

Útdráttur


Inflation was a growing problem during the 1960’s and the 1970’s in Iceland. Inflation represents a problem for any entity that tries to write up a budget, whether an individual, a company or a governmental entity. Many governmental entities do not have right to spend money unless what has been prescribed in the budget. The purpose of this paper is to map out how inflation affected different parts of municipality budgets in Iceland during the 1960’s and the 1970’s. Furthermore, to look at how well budget makers in the Icelandic municipality sector managed the task of forecasting inflation during the high inflation period of the 1970s.

Efnisorð


Municipalities budgeting; Inflation budgeting; Expectation formation.

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JEL


E31; E37; H68


DOI: https://doi.org/10.24122/tve.a.2008.6.2.8

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Útgefandi er viðskiptafræðideild og hagfræðideild Háskóla Íslands, viðskiptafræðideild Háskólans í Reykjavík og Seðlabanki Íslands.

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