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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP9155 |
DP9155 Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes | |
Jesper Linde; Christopher Erceg | |
发表日期 | 2012-09-30 |
出版年 | 2012 |
语种 | 英语 |
摘要 | This paper uses a two country DSGE model to examine the effects of tax-based versus expenditure-based fiscal consolidation in a currency union. We find three key results. First, given limited scope for monetary accommodation, tax-based consolidation tends to have smaller adverse effects on output than expenditure-based consolidation in the near-term, though is more costly in the longer-run. Second, a large expenditure-based consolidation may be counterproductive in the near-term if the zero lower bound is binding, reflecting that output losses rise at the margin. Third, a "mixed strategy" that combines a sharp but temporary rise in taxes with gradual spending cuts may be desirable in minimizing the output costs of fiscal consolidation. |
主题 | International Macroeconomics |
关键词 | Dsge model Fiscal policy Liquidity trap monetary policy Open economy macroeconomics Zero bound constraint |
URL | https://cepr.org/publications/dp9155 |
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/537990 |
推荐引用方式 GB/T 7714 | Jesper Linde,Christopher Erceg. DP9155 Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes. 2012. |
条目包含的文件 | 条目无相关文件。 |
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