G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7130
DP7130 Fiscal Policy for the Crisis
olivier blanchard; Steven Symansky; Carlo Cottarelli; Antonio Spilimbergo
发表日期2009-01-23
出版年2009
语种英语
摘要The current crisis calls for two main sets of policy measures. First, measures to repair the financial system. Second, measures to increase demand and restore confidence. While some of these measures overlap, the focus of this note is on the second set of policies, and more specifically, given the limited room for monetary policy, on fiscal policy. The optimal fiscal package should be timely, large, lasting, diversified, contingent, collective, and sustainable: timely, because the need for action is immediate; large, because the current and expected decrease in private demand is exceptionally large; lasting because the downturn will last for some time; diversified because of the unusual degree of uncertainty associated with any single measure; contingent, because the need to reduce the perceived probability of another ?Great Depression? requires a commitment to do more, if needed; collective, since each country that has fiscal space should contribute; and sustainable, so as not to lead to a debt explosion and adverse reactions of financial markets. Looking at the content of the fiscal package, in the current circumstances, spending increases, and targeted tax cuts and transfers, are likely to have the highest multipliers. General tax cuts or subsidies, either for consumers or for firms, are likely to have lower multipliers.
主题International Macroeconomics ; International Trade and Regional Economics
关键词Financial crisis Fiscal stimulus
URLhttps://cepr.org/publications/dp7130
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535967
推荐引用方式
GB/T 7714
olivier blanchard,Steven Symansky,Carlo Cottarelli,et al. DP7130 Fiscal Policy for the Crisis. 2009.
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