G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9155
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
URLhttps://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.
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