| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9476 |
| 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 |
| URL | https://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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