| 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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