| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP8749
|
| DP8749 Fiscal Policy as a Stabilization Tool |
| Antonio Fatas; Ilian Mihov
|
| 发表日期 | 2012
|
| 出版年 | 2012
|
| 语种 | 英语
|
| 摘要 | We analyze empirically the cyclical behavior of fiscal policy among a group of 23 OECD countries. We introduce a framework to capture fiscal policy stance in a way that brings together automatic stabilizers and discretionary fiscal policy. We show that, for most countries, automatic changes in the budget balance play a stronger role in stabilizing output than discretionary fiscal policy. When compared across countries, changes in fiscal policy stance are predominantly linked to differences in government size. Tax revenues are close to being proportional to GDP and, combined with a relatively stable government spending, this leads to a countercyclical budget balance, which in turn helps stabilize aggregate demand. Furthermore, countries with less responsive automatic stabilizers, like the United States, tend to use countercyclical discretionary fiscal policy more aggressively. For all countries discretionary policy has become more aggressive in recent decades. |
| 主题 | International Macroeconomics
|
| 关键词 | Business cycles
Fiscal policy
Stabilization
|
| URL | https://cepr.org/publications/dp8749
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537585
|
推荐引用方式
GB/T 7714 |
Antonio Fatas,Ilian Mihov. DP8749 Fiscal Policy as a Stabilization Tool. 2012.
|
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