Adapting Budgetmaking to Inflation, Icelandic Municipalities in a Volatile Economic

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 pres...

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Bibliographic Details
Published in:Tímarit um viðskipti og efnahagsmál
Main Author: Matthiasson, Thorolfur
Other Authors: Hagfræðideild (HÍ), Faculty of Economics (UI), Félagsvísindasvið (HÍ), School of Social Sciences (UI), Háskóli Íslands, University of Iceland
Format: Article in Journal/Newspaper
Language:English
Published: Viðskiptafræðideild og hagfræðideild Háskóla Íslands, viðskiptafræðideild Háskólans í Reykjavík og Seðlabanki Íslands. 2008
Subjects:
Municipalities budgeting
Inflation budgeting
Expectation formation
Verðbólga
Fjárhagsáætlanir
Sveitarfélög
Iceland
Online Access:https://hdl.handle.net/20.500.11815/204
https://doi.org/10.24122/tve.a.2008.6.2.8
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Summary: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. Peer Reviewed Ritrýnt tímarit

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