G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9476
DP9476 Fiscal consolidation: austerity and alternatives
Marcus Miller
发表日期2013-05-12
出版年2013
语种英语
摘要We study the path of the debt/output ratio during Fiscal Consolidation first when there is no demand failure and output matches exogenously growing supply throughout; then, in a time of recession, when expenditure cuts reduce demand so growth slows and debt/output ratios rise further and faster. As the correlation between slow growth and high debt arises from demand weakness, faster consolidation would prove counter-productive, ceteris paribus. Better, according to DeLong and Summers, that fiscal consolidation efforts be state contingent | allowing room for economic stabilisation; or, as Shiller has argued, that debt itself be state contingent, being indexed to GDP.
主题International Macroeconomics
关键词Debt Deficits Fiscal consolidation Economic stabilisation
URLhttps://cepr.org/publications/dp9476
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/538311
推荐引用方式
GB/T 7714
Marcus Miller. DP9476 Fiscal consolidation: austerity and alternatives. 2013.
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