全球智库信息集成服务系统(G2TT): DP7130 Fiscal Policy for the Crisis

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7130
	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
URL	https://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.